Asking Price $3,424,000 NOI: $273,930 CAP Rate: 8% Building Size: 15,882 SF Year Built: 2006
Townesouth Plaza is a neighborhood center with Heartland Dental as its anchor tenant and three shadow anchored stores; On The Border, Chuck E. Cheese, and Holiday Inn. The center contains approximately 15,882 square feet of rentable retail space in one single level structure. All leases are NNN with all expenses pass-through to the tenants. The center is made up of concrete masonry with stucco veneer facades.
Townesouth is located on the south west corner Interstate 240 and Walker in Oklahoma City. The center has a strong income stream with a new ten year base term lease with Heartland Dental, which has about 7 years remaining. Hair Rage is locally who owns over 8 salons in OKC metro, with around 6 years remaining on both lease terms. Sams Optical and Dr. Wolf, both with great credit, have continued to renew. The Townesouth development recently had Holiday Inn Express built. With the pad site next to Chuck E. Cheese being purchased recently by a major hotel developer, construction on a five story La Quinta should begin soon.