Michaels & Office Depot

Kansas City | Missouri

Offering Summary

  • Status: closed
  • Price: $5,150,000
  • CAP Rate: 7.73%
  • GLA: 41,011 SF
  • Net Operating Income: $397,991
  • Price/SF: $135.70
  • Year(s) Built: 2011
  • Lot Size (Acres): 3.64 Acres
  • Major Tenants: Micheals, Office Depot
  • 100% Occupied Two-Tenant 41,011-Square-Foot Shopping Center in Kansas City, Missouri (Over 2.34 Million People in MSA)
  • Sandwiched Between Target, Home Depot and Kohl’s – Part of Wilshire Plaza
  • New 10-Year Lease Extension with Michael’s | Over Five Years Remaining on Office Depot Lease
  • Wilshire Plaza Sits Along NE Barry Road with Over 44,700 Vehicles Per Day | Located Directly Off Interstate-35 with Over 53,600 Vehicles Per Day
  • Affluent Demographics: Average Household Income in Excess of $109,000 (1-Mile)
  • Growing Population: Projected Population Growth of 9.0% Over the Next 5 Years within One-Mile Radius | 7.3% Growth Within Three-Miles
  • Exceptionally Low 1% Retail Vacancy in the Immediate Retail Corridor (Source: CoStar)
  • Both Michael’s and Office Depot have been Occupants of the Center for 20+ Years (Since 2001)
  • Both Tenants Operating Under NNN Leases with All Operating Expenses Reimbursed
  • Brand New TPO Roof On Michael’s Installed in 2019 with Transferrable Warranty | Significant Renovation to Office Depot in 2016
  • Projected 8.61% Cash-on-Cash Return, and 15.4% Total Return, with Proposed New Debt
  • Reasonable/Replaceable Average Rent of $10/SF NNN
  • Dense Population: 53,949 Residents Within Three-Miles | 92,349 Residents Within Five-Miles
EXCLUSIVELY LISTED BY:

Craig Fuller

Senior Managing Director