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JLL presents the opportunity to acquire Carmel Village (the “Property” or “Asset”), a 84,667 square foot neighborhood shopping center located in Corpus Christi, the 7th largest MSA in Texas. Home to over 437K residents, the Corpus Christi MSA is fueled by the petrochemical industry and a thriving port ranked 4th in the nation in total tonnage. Anchored by Crunch Fitness, the center is currently 100% occupied with nearly five years of WALT remaining. The Property sits in the Mid-city submarket along one of the city’s main north/south thoroughfares and perfectly caters to the surrounding residential community with an ideal mix of resilient service oriented tenants. The Property provides
investors the opportunity to purchase stable in-place cash flow in a solid market with extremely low retail vacancy and a strong history of performance even through the COVID-19 pandemic.
- Anchored by fast growing national gym concept Crunch Fitness
- 100% Occupied with a solid line-up of e-commerce resistant tenants
- Well-maintained asset with a history of institutional ownership
- Recent capital improvements include roof, facade, parking area, lease spaces and utilities
- Stable future income with 4.9 Year WALT
- 10.6 Years of weighted average tenant tenure with 32% of GLA leased for over 20 years
- Attractive basis well below replacement cost
- Strong recent leasing traction with 53% of GLA leased in the last 3 years