Here Is Your Chance To Own An Entire Amarillo Shopping Center
There is a unique investment opportunity that will be going up for auction right here in Amarillo. Starting on Tuesday, October 27, "The Village on Bell" shopping center will go to the highest bidder. This is the strip center that is on the corner of Bell and 34th behind the Toot'n Totum.
There is much more to this shopping center than I realized. For instance, I did realize how big it was with 27 retail units sitting on 7 acres. Over 22,000 vehicles pass by the location each day which is great for storefront traffic. And there are around 152,170 people living within just 5 miles of the center. Along with the building, there are also 360 spaces included with the parking lot.
Even with the closure of Stein Mart, the shopping center still has many tenants that include Party City, Belmar Bakery, the Asian Buffett, Groovy Pop, and more. The current listing states the shopping center is 95% leased. That means there is steady monthly rent money coming into the owner. Plus the area around the center features popular businesses such as Hobby Lobby, Big Lots, Plato's Closet, and others that bring shoppers to the immediate area. Just up the street, the intersection of Bell and I-40 sees around 75,000 vehicles per day.
The shopping center is represented by Philip Levy of Marcus and Millichap out of the Dallas area. Right now, the opening bid for the auction is $1,800,000 with the value of the center being assessed at $5,570,550. Here is the full description and listening from LoopNet.com:
Located in a densely populated and highly trafficked area, Village on Bell presents investors with an excellent opportunity to acquire a cash flowing retail center with significant value enhancement opportunities. Built in 1963, the property has 27 retail units ranging in size from ±800 SF to ±36,344 SF. The property offers ample parking, multiple points of ingress/egress, excellent signage, and unobstructed visibility from the highly trafficked Bell Street with over 22k VPD. The property is currently ±58% occupied and with significant upside via vacancy absorption and strategic repositioning of the former Stein Mart (±34.33% of GLA) at long term market rates. Village on Bell is anchored by Party City (13.07% of GLA) and offers a diverse roster of essential service-based tenants with strong in-place cash flow over ±440k in budgeted NOI at current occupancy. The leases in the Center are structured as a mix of net and gross leases with escalations and options providing stable cash flow. Further upside can be realized by absorbing the small inline vacancies with complimentary essential retailers at long term market rates. Additionally, the property has below-market rents giving the opportunity for the new buyer to push rents upon rollover to further grow NOI. Amarillo is the largest city in the Texas Panhandle and considered the regional economic center for the TX Panhandle, Eastern NM, and the Oklahoma panhandle. Village on Bell is positioned on a premier corner in Amarillo at the northeast corner of Bell Street and SW 34th Avenue, on over 7 acres, less than one mile from Interstate 40 (Exit 66) with nearly 75k VPD. The property is located in a dense retail corridor surrounding numerous QSRs and national retailers including Hobby Lobby, Dollar General, Big Lots, Tuesday Morning, Home Depot, Target, Pier 1, Best Buy, Walmart, and many more. Village on Bell's location in a main commercial district catering to an expanded trade area ensures continued consumer demand and future retailer interest. The property benefits from its location in a dense and growing area. In 2020, the property had approximately ±152,170 individuals residing within a five-mile radius with an average household income of ±$78,575. Additionally, within a 5-mile radius of the property, the total annual specified consumer spending accounts for ±$1,492,565,000 and there are ±9,180 businesses and ±102,466 employees. While the city of Amarillo is just over 200,000 residents, over 414,500 residents travel to Amarillo for retail, medical, grocery, and restaurant services from across the panhandle and the tri-state area. This population density makes the site desirable for retaining current tenants and also attracting prospective long term tenants. Village on Bell offers investors the with a prime hard corner infill location priced significantly below replacement cost in a densely populated area of Amarillo, TX. Property tours are will be available by appointment only – to schedule a tour, please contact Philip Levy at firstname.lastname@example.org or 972-755-5225.
If you think this is your next shot at owning a piece of Amarillo, you will need to register for the auction. You can go to LoopNet.com to see the full listing, demographics of the area, and register to participate in the auction. After the auction opens on Tuesday, October 27, it will stay open until Thursday, October 29.