Description

DuWest Realty Investment Services is pleased to present the opportunity to acquire Canyon Creek (“The Property”), a 13,932 square foot (1.59 acres) multi-tenant shopping center in San Antonio, Texas. The center features high quality construction and architecture and has been well-maintained since it was built in 2006. The Property is situated in a dense retail node on the corner of Loop 1604 (85,000 vpd) and Blanco Rd. San Antonio ranks 17th among all U.S. Metro areas with a population of nearly 1.5 million residents, and has experienced tremendous growth particularly in the north and northwest suburbs. To accomodate this growth, TxDot is underway on a $1.3 billion Loop 1604 expansion project that is scheduled to be complete by 2025. This will bring even more traffic to the retailers along 1604 and dramatically improve access and visibility to the site.

The immediate submarket boasts some of the highest incomes in all of San Antonio. The average household income in the 3-mile radius is $129,000, which is 74% over the city’s overall average. There are several unique drivers that have followed the growth to the trade area including Methodist Hospital Stone Oak, North Central Baptist Hospital, Cornerstone Church (20,000 members), and Six Flags Fiesta Texas. Moreover, the 1604/Blanco intersection is a top 5 regional intersection in San Antonio, featuring anchor draws such as Target, Lowe’s, H-E-B plus!, Whole Foods, PGA Tour Superstore, and LA Fitness. The Property shares a parking lot with the well-known Mexican restaurant El Mirasol (same owners as Soluna). This top-rated restaurant is consistently among the top grosssing restaurants (on a per square foot basis) in the area and creates excellent co-tenancy with Canyon Creek, both for daytime and nighttime traffic.

Canyon Creek is currently 100% occupied with a generally service-oriented tenancy. The average rent at the center is ~$26.50, creating a healthy rent floor in a market where the majority of shop tenants are in the $31-35 range. Moreover, four of the six tenants have no options or a “Fair Market Value” option, enabling an investor to significantly push revenue in the first 5 years. The 1604 corridor within a mile on either side of the Property is extremely tight, with next to no vacancy in any of the competing retail. With a healthy rent roll that allows room for growth, Canyon Creek offers investors an excellent core- plus play in an established, top 5 trade area.