Corpus Christi, TX - Urban Air

Description:

SRS National Net Lease is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in a NNN leased, Urban Air investment property located in Corpus Christi, Texas. The tenant, UA Texas LLC, will sign a brand new 10-year lease at close of escrow with 2 (5-year) options to extend, demonstrating their commitment to the site. The lease features 5% rental increases every 5 years of the initial term and at the beginning of each option period, steadily growing NOI and hedging against inflation. The lease is NNN with minimal landlord responsibilities making it an ideal, low-management investment opportunity for a passive investor. Urban Air Adventure Park is the Nation’s #1 destination for family fun, featuring a variety of attractions perfect for all ages.

The Urban Air is located near the signalized, hard-corner intersection of S Staples St and McArdle Rd, combining to average over 37,600 vehicles passing by daily. S Staples St is a major retail thoroughfare serving the city of Corpus Christi. The Urban Air is ideally situated in close proximity to Moore Plaza, a 474,000+ square foot shopping center, complete with tenants including Target, H-E-B, Marshalls, Hobby Lobby, Burlington, and more. The asset is also located within walking distance to La Palmera Shopping Mall (10M+ annual visitors), a 935,000+ square foot indoor center, including JCPenney, Macy’s, and more. The property is in the center of a primary retail corridor with other nearby national/credit tenants including a Walmart Supercenter, Sam’s Club, Best Buy, Ross, Home Depot, Academy, PetSmart, Rooms To Go, Chick-fil-A, and more, further increasing consumer traffic to the site. Strong tenant synergy increases consumer draw to the immediate trade area and promotes crossover store exposure to the site. The 5-mile trade area is supported by approximately 211,600 residents and 7,100 employees. Residents within 5 miles of the site boast an affluent average household income of $91,042.