Cove Parkdale Commons Opportunity 62 DST
Waco, TX
| Asset Class: | Retail |
| Leverage: | 0% - All Cash/Debt-Free |
| Location(s): | Waco, TX |
| Minimum Investment: | $50,000 |
| Current Distribution: | Monthly/Inquire |
| Offering Type: | DST |
| 1031 Exchange Qualified: | Yes |
Property Description
Cove Parkdale Commons Opportunity 62 DST is an all-cash/debt-free 191,559 sq ft Hobby Lobby-anchored center with a diversified tenant base located in an income tax free state. 89% of potential revenue comes from national tenants including Hobby Lobby, dd’s Discounts, Drug Emporium, True Value, and 99¢ Only Stores. The center currently has 22,502 sq ft in vacancy which allows for meaningful upside potential that the sponsor intends to pursue. Rents are believed to be at or below market and leases are diversified and staggered, potentially minimizing volatility to investors returns. The center benefits from daily visibility of over 35,000 cars and is located within 6 miles of Baylor University, which is home to 19,300 full time students. Other major retailers nearby include Target, Walmart, Lowes, and H-E-B. The sponsor principals intend to co-invest alongside investors in the offering creating a potential alignment of interests with investors.
MSA Details
Waco is the county seat of McLennan County. It also offers some major attractions, five historic homes, seven recreational venues, and nine arts organizations staging theatrical and musical productions, as well as art exhibitions. The City is the birthplace of Dr Pepper, the Texas Ranger Hall of Fame and Museum and the Texas Sports Hall of Fame. Waco is also home to the Waco Mammoth National Monument, a 100 plus acre stretch of wooded parkland along the Bosque River. The site provides a glimpse into the lives of Columbian mammoth bones discovered in Waco along the Bosque River and is part of the National Parks System.
Property Highlights
- Shopping center with 191,559 gross leasable square feet situated on 16.28 AC, built in 1973.
- Hobby Lobby anchored shopping center, with term through 2026
- True Value recently committed to a 10-year term with a 10% escalation in years 6-10, DD’s Discounts backed by Ross Stores with term through 2026
- Upside through lease up of the 22,502 SF in vacancy
- Leases are staggered and expire incrementally through 2031
- Parkdale Commons features 191 559 square feet of retail space located at the signalized intersection of N Valley Mills Drive and Bosque Boulevard In addition to the center, the area boasts a large concentration of national retailers in the market including Target, Walmart, Tractor Supply, Academy Sports, Lowe’s and Home Depot
Source: Brochure
The market information provided above may not predict the future performance of the property.
*Distribution is not guaranteed and is subject to available cash flow. For further information about cash flow distributions from operations and capital events, please refer to the offering’s Private Placement Memorandum.
