Gorman Plaza_Property for Sale
Gorman Plaza_Property for Sale
2044-2048 W Oaklawn Road, Pleasanton, TX, 78064, US

Gorman Plaza

Asset Description

Jones Lang LaSalle (“JLL”) is pleased to offer the exclusive opportunity to purchase Gorman Plaza (the “Property”), a strip retail center in Pleasanton, Texas, south of San Antonio. The Property is ideally located on Texas Highway 97, the main retail corridor in Pleasanton. The Property is also conveniently positioned between a Walmart Super Center and H-E-B grocery store, thus benefitting from the increased traffic and regional draw of these retailers to the corridor. Gorman Plaza’s prominent location has lead to heightened visibility, with close to 23,000 vehicles passing the Property per day. The 18,000-square-foot asset is currently 89% leased to internet-proof and service-oriented tenants, 71% of which are nationally owned and operated. Altogether, the Property has historically demonstrated a durable rent roll, with occupancy rates averaging 96% since it was developed in 2015. With 3.8 years of remaining average lease term, 6.1 years of average lease tenure, and 2,033 square feet of existing vacancy, Gorman Plaza offers investors a rare opportunity to acquire a value-add investment opportunity that also offers existing stable cash flows within a market that has consistently demonstrated strong retail demand.

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Attributes

Building area net
18,000 sf
Occupancy
89%
Year built
2015
Land area gross
1.6 acres
WALT
3.8 years

Media

Investment Highlights

·        Ideally located on main retail corridor, with close to 23,000 vehicles passing the property per day

·        Positioned within a 5-minute drive to the nearby Walmart Super Center and H-E-B grocery store

·        Strong retail market fundamentals within the surrounding area

·        89% leased to internet-proof tenants

·        71% of current tenancy is nationally operated

·        Recent leasing momentum – new lease signed with James Avery in Q2 2024

·        Opportunity to immediately increase revenue by nearly $53k through lease up of vacancy 

Gorman Plaza 4_Property for Sale
Gorman Plaza 4_Property for Sale

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Gorman Plaza (0 Properties)

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Last updated
12 Sep 2024