701 E Nolana Loop
Pharr, TX 78577
Santa Lucia · Retail Property For Sale

100% Occupied Retail Strip Center | The property features a strong mix of regional and service-oriented tenants across the rent roll
Minimal Landlord Responsibilities | All tenants are operating on NNN leases, fully reimbursing for taxes, insurance, and CAM, ensuring the full recovery of all operating expenses
High Quality New Construction Asset | The property was delivered in 2019 and features high-grade finishes and exposed brick architecture
Excellent Traffic & Visibility |22,866+ vehicles per day along E Nolana Loop with strong visibility and ease of access
Recently Extended Leases | Six tenants recently extended their leases, demonstrating their commitment to the site
Supply Constrained Market | Pharr boasts a retail vacancy rate of just 2.0%, compared to the McAllen MSA's vacancy rate of 2.9%, both well below the national average of 4.4%
Robust Local Population Growth | Pharr has experienced 6.0% population growth since 2020 within a 5-mile radius
Regional Draw for Cross-Border Shoppers | The Rio Grande Valley attracts shoppers from across South Texas and northern Mexico, with McAllen-area retail sales reaching $17.5 billion in 2023
Nearby Residential Development | Over 4,900 households have been added in the past five years, with an additional 5% growth expected by 2030

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.