Marcus & Millichap is please to offer the opportunity to acquire a value-add, 75,703-square foot, multi-tenant retail center in Emporia, Kansas. The center is 70 percent occupied, and 61 percent of the gross leasable area has triple-net leases. The center is anchored by Tractor Supply Co., and the tenant base is a complementary mix of internet-resistant tenants. Other tenants include Dollar General, Rent-A-Center, Boost Mobile, Ichiban Asian Bistro, Metro by T-Mobile, Taekwondo, Oriental Massage, and House of Ma Restaurant. Tractor Supply Co., Dollar General, Rent-A-Center, and Boost Mobile are publicly traded companies. Additional income is derived from Community National Bank & Trust, an adjacent pad site contributing to common area maintenance expenses. Constructed in 1980 and renovated in 2008, the subject property is situated on a large 6.4-acre parcel.
Emporia West Plaza is located on Industrial Road north of the the signalized intersection of Industrial Road and West 12th Avenue and south of the the signalized intersection of Industrial Road and West 15th Avenue. The property is one-half mile south of Interstate 35, a major thoroughfare across the state of Kansas. Many national and regional retailers are in close proximity to the property including Flinthills Mall, Hibbett Sports, JCPenney, Walgreens, Walmart, CATO, Dollar Tree, Pizza Hut, Applebee’s, Starbucks Coffee, and more. Over 25,000 residents are within five miles of the property, and the average household income is $51,560.
- 75,703-Square Foot, Multi-Tenant Retail Center
- Value-Add Opportunity | Currently 70% Occupied | Pro Forma Cap Rate is 12.36%
- Anchored by Tractor Supply Co. | Other National Credit Tenants Include Dollar General, Rent-A-Center, Boost Mobile, and Metro by T-Mobile
- Complementary Mix of Internet-Resistant Tenants | 61% of the Gross Leasable Area has Triple Net Leases
- Constructed in 1980 | Renovated in 2006 | Situated on a Large 6.4-Acre Parcel with Ample Paved Parking | Easily Accessible from Multiple Ingress and Egress Points
- Priced at $52 per Square Foot | Significantly Below Replacement Cost
- Adjacent Community National Bank & Trust Pad Site Contributes to Common Area Maintenance Expenses
- Near Flinthills Mall | Featuring JCPenney, Sutherlands, B&B Theatres, Hibbett Sports, Petsense, and DaVita Dialysis
- Two-Miles From Emporia State University | Estimated Enrollment of 5,700 Students
- Many Manufacturing Plants are Within Close Proximity of the Subject Property Including Coca-Cola,Tyson Foods, Hostess, Hill’s Pet Nutrition, and Simmons Pet Food
- Emporia is the County Seat of Lyon County
- Located Between Topeka, Kansas and Wichita, Kansas Along Interstate 35 | Major Thoroughfare for the State of Kansas