Martindale Shopping Center
Amarillo, TX

A 75,104 square feet shopping center located off of Highway 60 and Martindale Road in Amarillo, TX. The property is anchored by Dollar Tree, Family Dollar, H&R Block, Fred Loya and USPS.

Acquired: 7/26/24

Martindale Shopping Center is a multi-tenant retail center located along the historic Route 66 corridor in Amarillo, Texas. The property benefits from strong visibility and accessibility within an established retail corridor that sees more than 20,000 vehicles per day.

The center is anchored by Dollar Tree, Family Dollar, Fred Loya Insurance, and USPS, along with a mix of local and regional tenants serving the surrounding neighborhood trade area.

Criterion acquired the property significantly below replacement cost with a value-add strategy focused on improving occupancy, upgrading the overall quality of the center, and increasing long-term net operating income through active leasing and operational improvements. The acquisition also included seller credits designated for roof repairs and property upgrades designed to improve the long-term functionality and lease-ability of the center.

Business plan initiatives included repairing and improving roofing systems, enhancing the pylon signage, leasing vacant suites, and improving tenant mix quality over time through strategic renewals and replacement leasing activity. The long-term strategy also contemplated separately parceling portions of the center to create additional flexibility and improve future disposition opportunities.

Since acquisition, Criterion has completed substantial improvements throughout the property, including roof repairs and replacement work, parking lot improvements, exterior paint and façade updates, updated signage, and ongoing leasing and tenant improvement efforts. These upgrades have contributed to improved curb appeal, leasing momentum, and overall property performance.

Martindale Shopping Center reflects Criterion’s investment strategy of acquiring underperforming retail properties with durable underlying real estate fundamentals and creating long-term value through disciplined asset management and targeted capital improvements.

Slide below to view improvements to the Martindale property since purchasing in July 2024.