FORMER MCALLEN TOYS R US SLATED FOR REDEVELOPMENT
Written by admin, Jan 7, 2019, Comments Off
Courtesy Murdoch Capital,
Houston-Based Real Estate Investment Companies Announce Acquisition in McAllen, Texas
MCALLEN, TEXAS (January 2019) – Murdoch Capital LLC and Parkway Partners, two Houston-based privately held real estate investment companies, today announced a joint venture with the acquisition and redevelopment of a former Toys R Us property in McAllen, Texas.
“McAllen has a strong reputation for high retail sales volume, so we jumped at the opportunity to purchase this site as soon as it became available,” said Jonas Fertitta, founder and managing principal of Murdoch Capital.
With significant redevelopment potential, the property sits on 4.5 acres of land and maintains strong visibility at a high traffic intersection in addition to being adjacent to La Plaza Mall, the premier shopping destination in the Rio Grande Valley. Located at 1101 W. Expressway 83, the 45,500-square foot box became available when Toys R Us ceased operations at the premises after declaring bankruptcy earlier this year.
“McAllen is a diverse and complex city with tremendous growth opportunities, thanks to our strong ties to South Texas and northern Mexico, which draws shoppers, visitors, tourists and more to our community,” said City of McAllen Mayor Jim Darling. “As the retail hub for our region, McAllen continues to be a smart choice for investors.”
With major dining and entertainment destinations nearby such as Yard House, H&M, Texas de Brazil and Carlo’s Bakery, the surrounding area is continuing to flourish as a result of its affordability coupled with its close proximity to the Mexican border which is instrumental in driving growth.
“When you see such a vibrant retail market like McAllen, one where existing tenants are opening additional locations and new tenants are constantly entering the trade area, it’s really encouraging,” said Brian Kaplan of Parkway Partners.
Redevelopment plans for the property have not yet been finalized, but Murdoch Capital and Parkway Partners have received positive feedback in the preliminary stages of marketing the property.
