Investment Highlights
Irreplaceable Location With Significant Anchor Draw.
At 100% leased, Midway Plaza is located along the southwest corner of Interstate 635 and Midway Rd. in Dallas and is shadow anchored by new high-performing Super Walmart and Sam’s Club stores. Interstate 635 and Midway Rd. produce more than 300,000 cars per day that pass by Midway Plaza with Walmart and Sam’s Club also driving tremendous traffic to the center each day. Midway Plaza’s visibility and access from both major thoroughfares is exceptional.
Upside Opportunity To Recapture Prime End Cap Space.
TitleMax is currently paying rent that is approximately one half of the current market rental rate for its space and this tenant’s lease expires in early 2021 with no renewal options. By releasing the 2,768 square foot end cap space, an investor will be able to materially increase the net operating income by 14% within the first four years of owning Midway Plaza.
Compelling Rent Growth Profile.
Over a 5 hold year period, the compound annual growth rate exceeds 2.86% based on organic rent growth and using conservative market lease rate assumptions to backfill TitleMax’s space.
Significant National Credit Exposure.
Anchored by AT&T, Care Now and TitleMax, Midway Plaza generates more than 91% of its GLA from national credit tenants and more than 89% of its base rent is generated from national credit tenants.
Redevelopment Of Surrounding Retail.
The southwest quadrant of I-635/Midway Rd. has been completely redeveloped during the last two years. Midway Plaza was previously part of a shopping center that was razed and replaced by Walmart and Sam’s Club (and fuel center) in late 2015. Additional new adjacent tenants include Chik-Fil-A, Pollo Tropical, Potbelly Sandwich, Chipotle and In & Out Burger.
Very Dense Population With High Incomes.
Within a 3 mile radius, there are more than 122,000 residents with average household incomes exceeding $96,000 including a tremendous daytime population with more than 202,000 people. Income levels within a one-mile radius exceed $104,500 with a daytime population of more than 56,000 people
Site Plan
* Click to expand
Demographics
* Click to expand
