Fort Worth, TX - Sleep Number & Texas Health Breeze Urgent Care

Description:

SRS National Net Lease Group is pleased to offer the opportunity to acquire the fee simple (land & building ownership) in a NNN leased, newly constructed, two-tenant retail building investment property located in Fort Worth, Texas (Dallas-Fort Worth MSA). The tenants, Sleep Number and Texas Health Breeze Urgent Care, recently signed brand new 10-year leases with additional options to extend, demonstrating their commitment to the site. All leases feature a 10% rental increase in Year 6 of the initial term and at the beginning of each option period, growing NOI and hedging against inflation. The lease is NNN leased with limited landlord responsibilities making it an ideal, management-free investment opportunity for a passive investor.

The two tenant retail building is strategically located just off Interstate 35 and Rendon Crowley Rd, which are commuter and retail thoroughfares averaging 140,700 and 34,500 vehicles passing by daily respectively. Interstate 35 is a major north-south commuter thoroughfare serving the greater Dallas/Forth Worth metropolitan area. The property will be ideally located within Southgate Marketplace, a mixed-use development at the southeast corner of Rendon Crowley Road and Interstate 35, that will feature a variety of stores and restaurants. Furthermore, the asset is a half mile north of Gateway Station, a 368,000 square foot shopping center with major tenants including Kohl’s, Ross Dress for Less, HomeGoods, PetSmart, and more. In addition, Sleep Number and Texas Health Breeze Urgent Care is located less than
a half mile east of McAlister Square, a 193,000 square foot shopping center anchored by Academy Sports+Outdoors. The property is in the center of a primary retail corridor with other nearby national/credit tenants including a Walmart Supercenter, Lowe’s Home Improvement, AMC Theatres, Dollar Tree, and more, further increasing consumer traffic to the site. Strong tenant synergy promotes crossover shopping to the subject property. The 5-mile local trade area is supported by a population of over 147,300 with an affluent average household income of $100,571.