Deal of the Week: Investor Lands Small Town Retail Center at a Discount

Listed for $1 Million, the Fully Leased Property Fetched $123,000 Less

This small retail center in Georgetown, Texas, was originally listed for $1 million but sold for $877,000. (CoStar)

It's not uncommon to catch a break when buying a retail property these days, given the industry's struggles. But more rare is getting a deal on a fully leased shopping center.

According to CoStar, that's just what one as-yet-undisclosed investor did in Georgetown, Texas, paying $877,000 last week for the 4,800-square-foot Middletown Plaza about 30 miles north of Austin above Round Rock.

That’s a discount of $123,000 for a property filled with four tenants whose businesses have little to fear about being upended by internet upstarts: a sushi restaurant, a nail salon, a tattoo parlor and a hair salon.

LoopNet recently highlighted the listing as one of several retail real estate possibilities you could buy for $1 million.

Miso Sushi owner, Thuan Pham, chose the center after being unable to find an affordable location in Austin. He opened in October 2017, filling space left vacant by a Chinese restaurant.

The center sits just off Interstate 35 in a heavy retail area. Georgetown also is home to Sun City Texas, a 4,100-acre retirement community.

Edwin Schneider, who had a television and appliance business until selling it 1973, built the center in 1999, and it has been in the family ever since, one of several family-owned properties. Schneider died in 2015 at age 97.

LoopNet publishes new "Deals of the Week" every other Monday. Click here for the entire series.

Richard Lawson Reporter

Richard Lawson is an award-winning journalist with nearly three decades of experience. After several years in Washington, D.C., covering the U.S. Navy then the telecommunications industry, Lawson moved to Nashville, Tennessee, where he reported on growth and development.

Deal of the Week: Investor Lands Small Town Retail Center at a Discount

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