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Santa Lucia 701 E Nolana Loop 15,152 SF 100% Leased Retail Building Pharr, TX 78577 $4,785,000 ($315.80/SF) 7% Cap Rate
INVESTMENT HIGHLIGHTS
- Santa Lucia, 701 E Nolana Loop, is a high-quality shopping center built in 2019 and almost fully leased to local and regional chain tenants.
- High-traffic area with roadway exposure to an average of 21,000 VPD, 300 residential units behind the center, and a high school across the street.
- One 1,200-square-foot suite remains vacant and given the significant interest in the space, it will likely be leased by the time of sale.
- Leased to a diverse mix of businesses, including a family clinic, meat market, phone store, barber shop, nail salon, bakery, tortilleria, and more.
- Invest in a growing market as households grew by 8.8% from 2020 to 2024 within a 3-mile radius and are expected to rise another 6% by 2029.
EXECUTIVE SUMMARY
The sale of Santa Lucia, 701 E Nolana Loop, is an incredible opportunity to enter this unique and growing market with a top-performing asset at an evergreen location.
Santa Lucia was delivered in 2019 and spans 15,152 square feet on approximately 1.5 acres. Its distinct stucco, tiled canopies, and exposed brick architecture have a striking presence along Nolana Loop, and surrounding destinations provide ulterior draws. Santa Lucia was built above average construction standards. It is a steel structure with cinder blocks around the base of the building and TPO roofing. There is only one vacancy left, and the current tenant mix is made up of local and regional chains; most have recently renewed and have five years remaining on their term.
Pharr and the overall market area form an ideal environment for retail assets. Pharr’s retail vacancy rate is only 2%, compared to the MSA’s rate of 3%, which is still a markedly low figure. Pharr’s retail rents increased by 11.4% from 2021 to 2024, underpinning this locale’s retail prowess. One of the market’s main economic drivers is the US-Mexico border commerce, and indicators show it is on the rise, bringing positive ripple effects. From 2023 to 2024, the region saw its border bridge crossings and number of flights increase by 15.42% and 19.5%, respectively; and year-over-year unemployment is down 6.13%. These market factors paint an optimistic picture for investors and as a recently built, high-quality commercial asset, Santa Lucia is poised for long-term success.
Santa Lucia was delivered in 2019 and spans 15,152 square feet on approximately 1.5 acres. Its distinct stucco, tiled canopies, and exposed brick architecture have a striking presence along Nolana Loop, and surrounding destinations provide ulterior draws. Santa Lucia was built above average construction standards. It is a steel structure with cinder blocks around the base of the building and TPO roofing. There is only one vacancy left, and the current tenant mix is made up of local and regional chains; most have recently renewed and have five years remaining on their term.
Pharr and the overall market area form an ideal environment for retail assets. Pharr’s retail vacancy rate is only 2%, compared to the MSA’s rate of 3%, which is still a markedly low figure. Pharr’s retail rents increased by 11.4% from 2021 to 2024, underpinning this locale’s retail prowess. One of the market’s main economic drivers is the US-Mexico border commerce, and indicators show it is on the rise, bringing positive ripple effects. From 2023 to 2024, the region saw its border bridge crossings and number of flights increase by 15.42% and 19.5%, respectively; and year-over-year unemployment is down 6.13%. These market factors paint an optimistic picture for investors and as a recently built, high-quality commercial asset, Santa Lucia is poised for long-term success.
PROPERTY FACTS
Sale Type
Investment
Property Type
Retail
Property Subtype
Storefront
Building Size
15,152 SF
Building Class
B
Year Built
2019
Price
$4,785,000
Price Per SF
$315.80
Cap Rate
7%
NOI
$334,955
Percent Leased
100%
Tenancy
Multiple
Building Height
1 Story
Building FAR
0.24
Lot Size
1.46 AC
Opportunity Zone
Yes
Zoning
C3 - Commercial
Parking
79 Spaces (5.21 Spaces per 1,000 SF Leased)
Frontage
AMENITIES
- Pylon Sign
- Signage
NEARBY MAJOR RETAILERS
PROPERTY TAXES
| Parcel Number | H0423-00-000-0002-01 | Improvements Assessment | $1,105,149 |
| Land Assessment | $244,851 | Total Assessment | $1,350,000 |
PROPERTY TAXES
Parcel Number
H0423-00-000-0002-01
Land Assessment
$244,851
Improvements Assessment
$1,105,149
Total Assessment
$1,350,000
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Santa Lucia | 701 E Nolana Loop
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