31st Plaza
Amarillo, TX

Property Snapshot | 35,626 SF multi-tenant shopping center in Amarillo, TX consisting of three retail buildings located near South Western Street.

Acquired: 7/28/25

31st Plaza was acquired as part of Criterion’s Texas Portfolio Acquisition and consists of a multi-building retail center serving the Amarillo market. The property is leased to a mix of national and local tenants, including Metro by T-Mobile, Rent-A-Center, Cricket Wireless, salons, service retailers, and neighborhood-oriented businesses.

Criterion acquired the property with a value-add strategy focused on operational improvements, expense recovery, and long-term income growth. At acquisition, several buildings required roof repairs and parking lot improvements, creating an opportunity to improve the overall condition and functionality of the center through targeted capital investment.

A primary component of the business plan involves converting existing gross leases to NNN lease structures over time, reducing expense slippage and improving long-term operating margins. Additional initiatives include leasing the remaining vacant suite, increasing rents toward market levels upon tenant renewals, and completing planned property repairs and tenant improvements.

The center’s mix of necessity-based and service-oriented tenants, combined with its established location within Amarillo, provides stable in-place occupancy with identifiable opportunities to improve future cash flow through active asset management.

31st Plaza reflects Criterion’s investment strategy of acquiring neighborhood retail properties with operational upside and creating long-term value through disciplined leasing execution, lease restructuring, and targeted property improvements.

Slide below to view improvements to the 31st Plaza property since purchasing in July 2025.