wycliff retail center · a dentist, chiropractor, physical therapist, and a veterinarian....
TRANSCRIPT
COLLIERS INTERNATIONAL | KANSAS CITY4520 Main Street, Suite 1000Kansas City, Missouri 64111
WYCLIFF RETAIL CENTER10400, 10460 & 10500 W 103RD STREET, OVERLAND PARK, KS
THE PROPERTYWycliff Retail Center (the “Property”) is a 31,974-square-foot inline retail center located along the north side of 103rd Street in Overland Park, Kansas. The Property consists of two retail buildings built in 1980 and a McDonald’s built in 1994. The Property is currently 95% occupied by 11 tenants and has historically been fully-occupied. The offering presents an opportunity for an investor to purchase a stabilized retail center in one of the city’s strongest submarkets with a strong occupancy history and below market rents.
LOCATIONThe Property is located at the 103rd Street interchange with Highway 69, a major north-south trafficway through Johnson County. The immediate area is populated with single-family homes and several large multifamily properties. The Property is positioned parallel along 103rd Street maximizing visibility for tenants. Access into the center is through a signalized intersection at Mastin Street, as well as an additional access point along 103rd Street on the east side of the Property.
STABILIZED INVESTMENTThe Property has historically remained fully-occupied and has an average lease duration of 10 years with seven of the tenants having leased their space for more than 10 years. The average remaining lease term in the center is 4.6 years, providing continued stability for an investor over the next five years.
MCDONALD'S GROUND LEASEThe Property features a McDonald’s ground lease that is the center point of the Property with access from a signalized intersection. McDonald’s has been located at the Property since 1994 and recently exercised an additional five-year option
pushing their lease expiration out until 2024. McDonald’s has two additional five-year options allowing for the potential to remain in their space through 2034.
DIVERSIFIED RENT ROLLThe tenant base in the Property comprises a mix of service-based companies and medical businesses, both of which offer protection from internet-based retailers. The service tenants include a fitness center, a yoga studio, an event planning company and a dry cleaner. The medical tenants include a dentist, chiropractor, physical therapist, and a veterinarian.
PROFESSIONALLY-MAINTAINED PROPERTYThe Property has been professionally-maintained, featuring attractive landscaping and has undergone several major renovations in the last few years. This include a full roof replacement on the western building in 2015 (with a 15-year warranty) and major HVAC replacements in 2016. The condition of the Property affords a new owner the opportunity to acquire a retail center with little to no deferred maintenance.
LONG-TERM GROWTH POTENTIALThe average in-place net rent the Property is generating is $10.28 per square foot, which is below the average net rent of $14.00 per square foot that competing centers in the trade area are achieving. The below market rents allow for the buyer to increase rents as leases roll and push the net operating income higher.
BELOW REPLACEMENT COSTWith the rise in construction costs, the Property offers an opportunity for an investor to purchase a stabilized inline retail center below the replacement cost.
OFFERING SUMMARY
WYCLIFF RETAIL CENTER10400, 10460 & 10500 W 103RD STREET
OVERLAND PARK, KS
SALE TERMSSale Price $4,890,000
Price Per Square Foot $152.94
Net Operating Income $391,016
In-Place Cap Rate 8.00%
Average Rent Per Square Foot $10.28 (NNN)
occupancy
95%
year built
1980
square feet
31,974
tenants
11
parking ratio
5.0:1,000
buildings
3
TERMS OF SALE
OWNERSHIP ENTITYV3R Enterprises, LLC
INTEREST OFFERED100 percent fee simple
OFFERING PRICE$4,890,000
OFFERING PROCEDURESeller and agent will assess the qualifications of any party submitting a non-binding letter of intent in accordance with seller’s objectives. In making this assessment, consideration will be given to a number of factors, including, but not limited to, price, timing of closing, and the perceived ability of the investor to complete the transaction.
GUIDED PROPERTY TOURSProperty inspections will be made by appointment only and arranged through Colliers International | Kansas City. Inquiries should be directed to:
MARK ARENSBERGSenior Vice President+1 816 556 [email protected]
MIKE YEGGYSenior Vice President+1 816 556 [email protected]
AERIAL
80,400 VPD
19,200 VPD19,051 VPD
130,000 VPD 144,000 VPD
103RD STREET
MASTIN STREET
69
69
HIGHLANDS PARKAPARTMENTS
WYCLIFF WEST APARTMENTS
SITE
VIP CLEANERS
19,200 VPD103RD STREET
SWITZER ROAD
AERIAL
METRO MAP
1-MILE: 12,1113-MILE: 98,4475-MILE: 249,914
1-MILE: 7,4293-MILE: 124,5295-MILE: 231,606
1-MILE: $94,5493-MILE: $88,5855-MILE: $109,518
1-MILE: 32.6%3-MILE: 32.7%5-MILE: 34.6%
HOUSEHOLDINCOME
DAYTIMEPOPULATION
TOTALPOPULATION
BACHELOR'SDEGREE
KANSAS CITY, KANSAS
SHAWNEE
OVERLANDPARK
STANLEY
RAYTOWN
BELTON
PECULIAR
RAYMORE
LEE’S SUMMIT
BLUE SPRINGS
INDEPENDENCE
LIBERTY
CLAYCOMO
GLADSTONE
KANSAS CITY
PLATTE CITY
KEARNEY
NORTHKANSAS CITY
KANSAS CITY
GREENWOOD
LENEXA
OLATHE
OVERLAND PARK
SHAWNEE
LENEXA
SITE
SITE PLAN
TENANTS1. Wycliff Veterinary2. Spectrum Paint3. AMES Taping Tools4. A Greater You5. VACANT6. McDonald's7. VIP Cleaners8. Core Strategies Physical Therapy9. Michael Tanner, DDS
10. Active Chiropractic
LOWER LEVEL11. The Yoga Studio12. Motivation Through Incentives
1 2 3 4 5
6
7 8 9 10
1112
10500 BUILDING MCDONALD'S 10400 BUILDING
COLLIERS INTERNATIONAL | KANSAS CITY4520 Main Street, Suite 1000Kansas City, Missouri 64111
MARK ARENSBERGSenior Vice President+1 816 556 [email protected]
MIKE YEGGYSenior Vice President+1 816 556 [email protected]
WYCLIFF RETAIL CENTER10400, 10460 & 10500 W 103RD STREET, OVERLAND PARK, KS