WACO, TX—The Texas Commission on the Arts has a cultural district designation program that recognizes communities taking an active approach to growing and investing in a creative and artistic life. A cultural district is a designated area within a community that spotlights art, culture and entertainment. It is an area where residents and tourists can experience the unique character of a city. State guidelines recommend that a cultural district be a walkable, connected area with a concentration of cultural activity and incentives for development.
The Waco Downtown Cultural District spans the Brazos River, encompassing Historic and Main Street designated zones on both banks. This area was chosen because it contains the greatest concentration of entertainment venues, retail, restaurants, festivals, museums, public art, and cultural and historic landmarks, as well as incentives to attract new cultural businesses, events and assets.
Key attractions within the district are connected by the DASH free bus service and bike trails/lanes. The district boundaries also benefit from being in Waco's public improvement district and tax incremental fund zones. These incentivize new development and promote opportunities for dining, housing, and retail shopping in a safe central business district, GlobeSt.com learns.
While Creative Waco has been busy gathering cultural organizations and community leaders to help Waco become the cultural hub it deserves to be, an investor seized on the opportunity to get in on the benefits of Waco while the redevelopment process is still in the planning stage.
Waco Commons shopping center, located along Waco's new retail corridor, was recently purchased for just shy of $10 million. The buyer was Johnson Family Shopping Center and the selling entity was B.H. Waco Retail Mills LLC, according to BH Properties president Steve Gozini. Waco Commons presented Johnson Family the opportunity to purchase a strong cash-flowing asset at a basis significantly below replacement cost.
This shopping center is located at 300 North Valley Dr. and 4125 Franklin Ave. at the Southwest corner. The property has a highly visible and easily accessible location along Valley Mills Drive with exposure to more than 36,000 vehicles per day.
The 128,769-square-foot property was 82% occupied at the time of sale and anchored by Dirt Cheap, a discounted clothing and home goods store, Tractor Supply and Planet Fitness. Firehouse Subs, CSL Plasma and Complete Nutrition are a few of the other tenants. Most tenants have a weighted average remaining lease term of 7.5 years, providing a secure and stable income stream for the new investor.
During the past two years, B.H. Waco Mills ownership has negotiated four new leases comprising 41,495 square feet or 32% of the GLA. The recent leasing momentum demonstrates the strength of the location and tenants' desire to be located at the center. Adjacent retail includes Wal-Mart Supercenter, Dollar General, Petsmart and Goody's.
“The disposition of this property reflects our long-term strategy to reposition portions of our portfolio and raise capital for new acquisitions in targeted markets,” Andrew Van Tuyle, chief acquisitions officer of Los Angeles-based BH Properties tells GlobeSt.com.
Pat Farrar with Reid Company was the only broker involved in the sale.
WACO, TX—The Texas Commission on the Arts has a cultural district designation program that recognizes communities taking an active approach to growing and investing in a creative and artistic life. A cultural district is a designated area within a community that spotlights art, culture and entertainment. It is an area where residents and tourists can experience the unique character of a city. State guidelines recommend that a cultural district be a walkable, connected area with a concentration of cultural activity and incentives for development.
The Waco Downtown Cultural District spans the Brazos River, encompassing Historic and Main Street designated zones on both banks. This area was chosen because it contains the greatest concentration of entertainment venues, retail, restaurants, festivals, museums, public art, and cultural and historic landmarks, as well as incentives to attract new cultural businesses, events and assets.
Key attractions within the district are connected by the DASH free bus service and bike trails/lanes. The district boundaries also benefit from being in Waco's public improvement district and tax incremental fund zones. These incentivize new development and promote opportunities for dining, housing, and retail shopping in a safe central business district, GlobeSt.com learns.
While Creative Waco has been busy gathering cultural organizations and community leaders to help Waco become the cultural hub it deserves to be, an investor seized on the opportunity to get in on the benefits of Waco while the redevelopment process is still in the planning stage.
Waco Commons shopping center, located along Waco's new retail corridor, was recently purchased for just shy of $10 million. The buyer was Johnson Family Shopping Center and the selling entity was B.H. Waco Retail Mills LLC, according to BH Properties president Steve Gozini. Waco Commons presented Johnson Family the opportunity to purchase a strong cash-flowing asset at a basis significantly below replacement cost.
This shopping center is located at 300 North Valley Dr. and 4125 Franklin Ave. at the Southwest corner. The property has a highly visible and easily accessible location along Valley Mills Drive with exposure to more than 36,000 vehicles per day.
The 128,769-square-foot property was 82% occupied at the time of sale and anchored by Dirt Cheap, a discounted clothing and home goods store, Tractor Supply and Planet Fitness. Firehouse Subs, CSL Plasma and Complete Nutrition are a few of the other tenants. Most tenants have a weighted average remaining lease term of 7.5 years, providing a secure and stable income stream for the new investor.
During the past two years, B.H. Waco Mills ownership has negotiated four new leases comprising 41,495 square feet or 32% of the GLA. The recent leasing momentum demonstrates the strength of the location and tenants' desire to be located at the center. Adjacent retail includes
“The disposition of this property reflects our long-term strategy to reposition portions of our portfolio and raise capital for new acquisitions in targeted markets,” Andrew Van Tuyle, chief acquisitions officer of Los Angeles-based BH Properties tells GlobeSt.com.
Pat Farrar with Reid Company was the only broker involved in the sale.
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