The Shops at Abilene Village is a new 145,000-square-foot multi-tenant retail center.
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.”
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
