Stephen E Williamson - Commercial Real Estate Showcase
Stephen E Williamson Property Listings
Senior Vice President - Retail Services
5001 Spring Valley Rd
Dallas, TX 75244-3946
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801 Keller Parkway - Milestone Church
Keller, TX 76248 - Watauga/Keller/NRH Ret Submarket
1.96 AC (85,334 SF)
For Sale Price:
Total Space Avail:
Free Surface spaces are available; Ratio of 2.9/1,000 SF
This property provides a unique opportunity for users or developers depending on the intended use.
The property, once a grocery store, is currently owned and occupied by Milestone Church. The church has experienced tremendous growth and is in need of a larger facility. The church has already started construction on their new building in Keller with hopes of occupying in December of 2016. The goal of the church is to sell this building to generate cash for development of the new building project and lease back 801 Keller Parkway through the end of 2016. The church owns the 31,000 space and leases approximately 9,000 sf of adjacent space in the shopping center, which it has the first right of refusal to purchase. The building was completely remodeled in 2009, has been well maintained, and is in excellent condition.
A new roof was installed in 2012 and the several of the 10-ton HVAC units are less than five years old.
The building is located in the thriving Keller/Southlake/Grapevine/Colleyville corridor which continues to experience phenomenal growth. This area is between Fort Worth and Dallas and just west of the D/FW Airport. This area has exploded over the past few years and benefits from high employment growth and residential development and has an average household income of over $120K in the three-mile area around the building. Keller Parkway/Southlake Boulevard is the major west/east thoroughfare between I-35 and D/FW Airport and is a hot market for retail and multi-family development. Keller city leaders have made it priority to encourage further development along Keller Parkway and are offering incentives to developers to particularly encourage retail development.
Investor Opportunity: The church is well-capitalized and has a very strong membership base. The church would lease the space at a market rate for two years, providing time for an investor/developer to generate a 10% rate of return while negotiating a future lease with a retail user.
Based on the financial assumptions provided in the Financial Summary of the OM, this could result in a strong IRR over a 10-year period, even factoring in an allowance for vacancy and redevelopment. It may also be possible to structure a sale to maintain a tax-exempt status during the interim period. Another potential possibility may be to acquire the entire shopping center. The center is 100% leased and owned by a small investment group.
Church, School or Office Opportunity: The building served the church very well during the early years. It features a large, versatile, open-seating auditorium and a number of large classroom spaces. The adjacent space is leased to provide a smaller open area for youth classes and activities.
The facility includes an attractive lobby, a children's play area which is popular feature for large urban church facilities, secured access for the classroom area, and a large gathering area with a coffee bar.
Because most of the rooms are large, the building could easily be converted for office or medical use.
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Stephen E Williamson
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Transwestern Ft Worth
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