Lack of Competition Was Key for Retail Acquisition
Because Academy was already proven in the submarket with no other store locations within 90 to 150 miles, along with new construction and strong buyer interest, multiple offers came from a variety of buyers.
ABILENE, TX—Lack of competition combined with new construction proved to be a winning combination for The Shops at Abilene Village, an approximately 145,000-square-foot newly constructed multi-tenant retail center. It recently sold for $20.1 million to Nooner Holdings Ltd., a private 1031 exchange investor based in Texas.
Brandon Duff, regional director in Stan Johnson Company’s Chicago office, and Tom Fritz, senior director, exclusively marketed the property on behalf of Pillar Capital Group, an Arizona-based private investment firm. The Shops at Abilene Village is fully occupied and includes a new relocation store for anchor Academy Sports + Outdoors, as well as a national tenant lineup that includes Burlington, Petco, Party City and Five Below.
“Since Academy was already proven in the submarket–with this being a relocation for them–combined with no other store locations within 90 to 150 miles for each of the other anchor tenants, as well as the property’s attractive new construction, we were able to generate strong buyer interest and multiple offers from a variety of different buyer profiles, especially private investors,” said Duff. “Private investors are the fastest growing buyer pool and typically have the most aggressive pricing for retail centers today.”
The property is located at 3518-3542 South Clack St., positioned directly off the Winters Freeway and visible by more than 104,000 vehicles per day. A well-educated workforce, low unemployment and consistent investment pouring into the city has created a thriving economy, with the military base having an estimated economic impact of $440 million annually, Duff says.
“The Shops at Abilene Village is one of the largest retail centers in the city,” he tells GlobeSt.com. “With its quality new construction and regional locations for many of the tenants, the property offers the new owner long-term security. Although Abilene isn’t a primary MSA, it boasts incredibly strong demographics, fueled by Dyess Air Force Base–the city’s largest employer–which is just five miles away.”