Lawrence Marketplace

Lawrence, Kansas

Offering Summary

  • Status: closed
  • Price: $10,555,000
  • CAP Rate: 8.32%
  • GLA: 90,982 SF
  • Net Operating Income: $877,995
  • Price/SF: $120.63
  • Year(s) Built: 1974
  • Year(s) Renovated: 2014
  • Lot Size (Acres): 5.39
  • Major Tenants: Office Depot, Planet Fitness, Up & Away, Mattress Hub, Wagmore Inc
  • 100% Occupied 90,982 Square Foot Shopping Center in Lawrence, Kansas
  • Less Than 1-Mile from University of Kansas – Annual Enrollment Over 28,150
  • 27,000 Cars/Day Passing in Front of Property on Iowa Street
  • Complimentary Tenant Mix – Fitness, Food, Active Entertainment, Office Supplies/Electronics, and Specialty Stores
  • Anchored by Planet Fitness and Office Depot – NNN Leases through 2025 and 2026 Respectively
  • Weighted Average Remaining Lease Term of 6.5 Years
  • Leveraged IRR in Year-10 of 18.42%
  • Minimal Deferred Maintenance: Complete Renovation in 2014 with New Buildouts
  • Ease of Management: Only 7 Tenants – NNN Leases – 94% TAX/INS/CAM Recovery
  • Ideal Site Layout with Over 500 Feet of Frontage Along Iowa Street – Lawrence’s Main Throughway – First Shopping Center South of University of Kansas
  • Located in Southern-Lawrence’s #1 Trade Area; Only Locations for Target, Home Depot, Menard’s and Kohl’s
EXCLUSIVELY LISTED BY:

Zach Turner

Senior Associate