The sale of Santa Lucia, 701 E Nolana Loop, is an incredible opportunity to enter this unique and growing market with a top-performing asset at an evergreen location.

Santa Lucia was delivered in 2019 and spans 15,152 square feet on approximately 1.5 acres. Its distinct stucco, tiled canopies, and exposed brick architecture have a striking presence along Nolana Loop, and surrounding destinations provide ulterior draws. Santa Lucia was built above average construction standards. It is a steel structure with cinder blocks around the base of the building and TPO roofing. There is only one vacancy left, and the current tenant mix is made up of local and regional chains; most have recently renewed and have five years remaining on their term.

Pharr and the overall market area form an ideal environment for retail assets. Pharr’s retail vacancy rate is only 2%, compared to the MSA’s rate of 3%, which is still a markedly low figure. Pharr’s retail rents increased by 11.4% from 2021 to 2024, underpinning this locale’s retail prowess. One of the market’s main economic drivers is the US-Mexico border commerce, and indicators show it is on the rise, bringing positive ripple effects. From 2023 to 2024, the region saw its border bridge crossings and number of flights increase by 15.42% and 19.5%, respectively; and year-over-year unemployment is down 6.13%. These market factors paint an optimistic picture for investors and as a recently built, high-quality commercial asset, Santa Lucia is poised for long-term success.