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Property Sale

Morrison Crossing in Brownsville, TX Sells to Private Shopping Center Investor

Sam House completes sale of retail center in burgeoning Texas border town

Sam House with Secure Net Lease completed the sale of Morrison Crossing in Brownsville, TX. He represented the seller in the transaction, a Texas-based Principal. The buyer was a well-known Texas investor that sought to strategically increase their market share in the South Texas Market. Secure Net Lease’s Sam House recently joined the nationally-recognized brokerage firm, which according to Costar, has sold the most retail property in Texas since 2019.

“This asset appealed to investors seeking a long-term, capital preservation and appreciation play,” said House. “The property is anchored by a host of desirable national retailers that draws customers from local and neighboring submarkets”.  House procured 9 offers for Morrison Crossing by entering the market with a targeted approach, which ultimately landed a renowned retailer as the buyer. This group paid a strong price and closed quickly to secure the strategic acquisition.

Morrison Crossing is comprised of three separate buildings that are configured with twenty-two tenant spaces. The property is strategically positioned along Interstate 69E (US77/83) which acts as the main transportation artery for the dynamic and high-growth market of Brownsville. The superior location allows for the nearby diverse and ever-growing consumer base convenient access to the center. It is 95.1% occupied and anchored by nationally coveted destination tenants such as Conn’s, Cavender’s Boot City, and Dollar Tree with powerful shadow anchors including Home Depot, Kohl’s, and Academy Sports which drive additional drawing power to the center.

“The achievement of the compressed sale cap rate can be credited to our aggressive marketing outreach campaign, strong local relationships, and targeted approach to the market,” said House. “We used a creative, outside the box approach to land on a national retailer/investor who came in as a highly compelling purchaser with a quick close.”

Brownsville is a diverse, rapidly growing city located in the dynamic Rio Grande Valley, which boasts a highly desirable cost of living and a strong retail environment. The Brownsville retail market contains 21.3M SF of inventory with an average vacancy rate of 5.4%. The city of Brownsville has emerged as a top target for investors and tenants looking to take advantage of the favorable demographics and expansive consumer draw in the Rio Grande Valley.

About Secure Net Lease

Secure Net Lease is a nationally recognized brokerage firm with offices in Dallas, TX and Los Angeles, CA that specializes in the acquisition and disposition of investment real estate. With over 100 years of collective experience, over $7.4B in sales, and transaction history in 48 states, Secure Net Lease consistently ranks among the top 10 of all brokerage firms nationally within their niche. Secure Net Lease works with developers, tenants, private and institutional owners to achieve market-setting cap rates for single and multi-tenant retail investments across the nation. Historically, 88% of Secure Net Lease offerings are new construction leased to nationally known tenants with 10+ years remaining on the primary term.

the compressed sale cap rate can be credited to our aggressive marketing outreach campaign, strong local relationships, and targeted approach to the market

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