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LIBERTY COMMONS IS LOCATED AT THE INTERSECTION OF I-35 & HWY 152 BENEFITING FROM 110,000+ VPD
LIBERTY COMMONS
2
OFF BROADWAY
8.50%CAP
$3,294,117PRICE
253 S STEWART RD, LIBERTY, MO 64068
10-year corporate lease
10% rental increases every 5 years plus 4% percentage rent clause
Landlord responsible for roof and structure
Low price per foot of $205/ft
Trade area population 250,000+
This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies.
LEASABLE SF16,000 SF
LEASE EXPIRATION1/31/2028
SUBJECT PROPERTY
YEAR BUILT2017
LEASE TYPECorporate
PARKING4.5 per 1,000
3
Overview
THE OFFERING provides an opportunity to acquire a newly constructed Off Broadway Shoes in the Kansas City metro area. It is located within the newly built 315,000 square foot Liberty Shopping Center that is the premier power center in the trade area. Off Broadway has a 30 year operating history with 75 locations. It is a subsidiary of Deichmann which is a 100 year old retail conglomerate with operations in 26 countries and revenues of over $4.5B. The lease calls for 10% rental increases every 5 years plus percentage rent of 4% based on lease formula providing an investor a boosted return in that scenario. The shopping center has been re-platted so that each tenant suite has its own parcel. The property has limited landlord responsibilities as the shopping center manager handles the management and administration of the common areas, including the parking lot. Tenant is responsible for interior non- structural portions along with HVAC.
THE RETAIL MARKET Additional Liberty Commons Shopping Center Tenants include: Hobby Lobby, Petco, HomeGoods, Ulta, Kirkland’s, Natural Grocers and many others.
Contact the team
IN CONJUNCTION WITH MO LICENSED BROKER: Area Real Estate AdvisorsAdam S. Blue [email protected]
2016 REVENUES OF $4.4 BILLION
This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies.
JOHN [email protected]: 415.274.2715CA BRE# 01440360
W. KANSAS STREET (HIGHWAY 152)
4
Investment Highlights
35
35
291
291
152ST
EWAR
T RO
ADSTEWART
ROAD
35
KANSAS CITY
49,850 VPD
SHOAL CREEK
ELEMENTARY
LIBERTY HIGH
SCHOOL
EPIC ELEMENTARY
DISCOVERY MIDDLE SCHOOL
SOUTH VALLEY MIDDLE SCHOOL
ALEXANDER DONIPHAN
ELEMENTARY
LIBERTY MIDDLE SCHOOL
MANOR HILL ELEMENTARY
RIDGEVIEW ELEMENTARY
HERITAGE MIDDLE SCHOOL
LIBERTY OAKS
ELEMENTARY
SHOAL CREEK GOLF
COURSE
®
60,000+ VPD
16,000+ VPD
This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies.
Aerial
5
Custom Map
Source: ©2017 Esri.
November 08, 2017
©2017 Esri Page 1 of 1
AldiBest BuyChick-fil-ACVS PharmacyDICK’s Sporting Goods Home Depot
Hy-Vee SupermarketJCPennyKohl’s Lowe’sMichaels PetSmart
Ross Dress For LessSam’s ClubSprouts Farmers MarketT.J. Maxx Super TargetWalmart Supercenter
BUSINESS SUMMARY
KEY 1-MILE 3-MILES 5-MILES
Businesses 567 1,591 2,068
Employees 8,324 22,706 29,655
Residential Population 5,654 48,290 82,833
This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies.
Submarket Overview
RETAILERS IN CLOSE PROXIMITY INCLUDE:
SUBJECT PROPERTY
This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies.
SUBJECT PROPERTY
PRICE $3,294,117 Price Per Square Foot: $205.88
Capitalization Rate: 8.50%
Total Rentable Area (SF): 16,000
STABILIZED INCOMEScheduled Rent $280,000
Effective Gross Income $280,000
LESSTaxes NNN $0.00
Insurance NNN $0.00
Total Operating Expenses NNN $0.00
EQUALS NET OPERATING INCOME $280,000
8
Income & Expense
This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies.
TENANT INFO LEASE TERMS RENT SUMMARY
TENANT NAME SQ. FT. CURRENT RENT
MONTHLY RENT
YEARLYRENT
MONTHLY RENT/FT
YEARLYRENT/FT
Off Broadway* 16,000 4/6/2017 4/30/2022 $280,000 $23,333 $280,000 $1.46 $17.50
5/1/2022 1/31/2028 $25,667 $308,004 $1.60 $19.25
Option 1 2/1/2028 1/31/2033 $28,240 $338,880 $1.77 $21.18
Option 2 2/1/2033 1/31/2038 $31,067 $355,824 $1.94 $22.24
TOTALS: 16,000 $280,000 $23,333 $280,000 $1.46 $17.50
*Tenant has a one-time termination right if sales are not $3.2M during months 49-60 of the Lease.
9
Rent Roll
BASE RENT
DATE RANGE MONTHLY RENT ANNUAL RENT
4/6/2017 - 4/30/2022 $23,333 $280,0005/1/2022 - 1/31/2028 $25,667 $308,004
OPTION RENTSDATE RANGE MONTHLY RENT ANNUAL RENT
#1. 2/1/2028 - 1/31/2033 $28,240 $338,880#2. 2/1/2023 - 1/31/2038 $31,067 $355,824
RENT
TENANT Off Broadway Shoe WarehouseBUILDING SF 16,000 SFLEASE TYPE LL Responsible for Roof & StructureTERM 10+ YearsRENT COMMENCEMENT April 6, 2017EXPIRATION January 31, 2028OPTIONS Two 5-year Options
PREMISE& TERM
P
TAXESTenant shall pay to Landlord as Additional Rent, in monthly installments its proportionate share of Taxes.
INSURANCETenant at its sole cost and expense, shall obtain and keep in force throughout the Term, commercial general liability insurance of not less than $1,000,000 per occurrence.
UTILITIESTenant agrees to pay all charges for utlilites consumed at the Premises.
TENANT’S OBLIGATIONSTenant is responsible for all maintenance and repair of the nonstructural portions of the premises and HVAC.
LANDLORD’S OBLIGATIONSLandlord is responsible for roof and structure.
EXPENSES
This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies.
10
Lease Abstract
69
CO
NIS
TOR
STRE
ET
STEWART ROAD
STEWART ROAD
THE SHOPS AT LIBERTY COMMONS
W KANSAS STREET152
11This site plan is a rendering that has been created based on sources we believe to be reliable. We make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies.
Site Plan
UNDER CONTRACT
UN
DER
LO
I
CLOSED
UNDER CONTRACT
UN
DER
CO
NTRAC
TU
ND
ER C
ON
TRACT
60,000+ VPD
CLOSED CLOSED
PETCO, THE SHOPS, ALL PADS, HOBBY LOBBY, HOMEGOODS, ULTA, AND FIVE BELOW ARE ALL SOLD OR ARE UNDER CONTRACT
CLOSEDUNDER CONTRACT
UNDER CONTRACT
Off Broadway Shoe Warehouse is a privately held retail footwear company founded in 1989 in Charlotte, N.C. As a leading footwear retailer, Off Broadway currently has over 75 locations in the U.S., offering over 30,000 pairs and 400 brands of shoes, providing ample options for their customers. They have approximately 30 years of operating history with calculated store growth average 2 stores per year.
In 2002 the company was acquired by Deichmann Group, one of the largest privately owned shoe retailers in the world with $4.5B in 2017 revenues and operations in 26 countries. The lease is signed by Off Broadway, Inc. and is a subsidiary of Deichmann Group.
ABOUT OFF BROADWAY
This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies.
LOCATIONS IN THE UNITED STATES75+
SUBJECT PROPERTY
12
Tenant Overview
POPULATION
1-MILE 3-MILES 5-MILES
2010 4,664 44,692 76,185
2017 5,061 48,290 82,822
2022 5,305 50,713 87,120
2017 HH INCOME
1-MILE 3-MILES 5-MILES
Average $91,519 $97,461 $93,858
Median $71,698 $80,688 $77,705
TOP EMPLOYERS
EMPLOYER # OF EMPLOYEES
Liberty Hospital 1,800
Liberty School District 1,480
Hallmark Cards Distribution 820
RR Donnelly 350
Clay County 350
LIBERTY
KANSAS CITY, MO (15 MILES)
THE AVERAGE HOUSEHOLD INCOME WITHIN A 5-MILE RADIUS
IS OVER $93K
This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies.
13
Demographics
LIBERTY, MISSOURI
LIBERTY is the county seat of Clay County, Missouri. It’s located just 15 miles northeast of downtown Kansas City and directly east of KCI Airport. It lies at the crossroads of I-35 and Highways 69, 152 & 291. Liberty is less than 5 minutes from I-435, the interstate that encircles the Kansas City Metro area. New business growth in the Liberty area is among the highest in the metro area. Residential growth in the Liberty area has been at a steady pace.
Liberty Hospital is a major health care provider in the Kansas City MSA. With more than 1,800 employees and 350 physicians, it is one of the largest employers in Liberty.
Clay County is one of the fastest growing counties in Missouri, and in the Kansas City Metropolitan Area. Major businesses in Clay County include the Cerner Corporation world headquarters and Ford Motor Company.
KANSAS CITY is home to the headquarters of dozens of national companies including American Century Investments, Applebee’s, Hallmark
Cards, and H&R Block. Many universities and colleges are located in the Kansas City MSA, including the University of Missouri-Kansas City, Rockhurst University, and Kansas City Art Institute. More than 100,000 college graduates enter the KC workforce each year.
KANSAS CITY METRO
2.1 MILLION
KANSAS CITY METRO POPULATION (ESTIMATED)
This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies.
KANSAS CITY, MO
14
Location Overview
We’d love to hearfrom you.
CAPITAL PACIFIC COLLABORATES. CLICK HERE TO MEET OUR SAN FRANCISCO TEAM:
This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies.
IN CONJUNCTION WITH MO LICENSED BROKER: Area Real Estate AdvisorsAdam S. Blue [email protected]
JOE CACCAMOJOHN ANDREINI
ZANDY SMITH
DAVE LUCAS
RICK SANNER AARON SUSMAN
CHRIS KOSTANECKIZEB RIPPLE CHRIS PETERS
JACK NAVARRA
JOHN [email protected]: 415.274.2715CA BRE# 01440360
Copyright © 2017 Capital Pacific Partners
SFO. PDX. SEA. CAPITALPACIFIC.COM
SUBJECT PROPERTY
SUBJECT PROPERTY