Plaza West Shopping Center is a 35,600-square-foot, multi-tenant retail center located in an extremely dense retail trade area in Topeka, Kansas. The center is currently 41 percent occupied providing upside potential to a future investor by leasing the vacant space. Tenants are a complimentary mix of national and local retailers including Leslie’s Pool Supplies, Two Men and a Truck, Spectrum Paint, Auto Sound, Ling’s Chinese, and Nail World. All current leases are triple-net. The center was constructed in 1990, and recent property improvements reported by the seller include partial new roof, parking lots resurfaced, new awnings, and all new LED lights installed under awnings. The center is situated on a 3.54-acre parcel with ample parking.
Plaza West Shopping Center is located on Wanamaker Road just west of Interstate 470. The property is easily accessible from multiple ingress and egress points and benefits from traffic counts of approximately 22,190 vehicles per day. The center is inline with Best Buy and near many national retailers including Walmart, Kohl’s, Barnes & Noble, Sam’s Club, Menards, Hobby Lobby, Ross Dress for Less, Target, Ashley HomeStore, and many more. The center is catty corner from West Ridge Mall which has more than 125 tenants and is anchored by Dillard’s, JCPenney, Furniture Mall of Kansas, and Sky Zone. There are several hotel chains nearby providing additional traffic to the area. The surrounding area has approximately 93,054 residents within five-miles, and the average household income within five miles is $70,181.
- 35,600-Square-Foot, Multi-Tenant Shopping Center | In Line with Best Buy (Not a Part) and Shadow-Anchored by Walmart
- Value-Add Opportunity | 41% Occupied | All Leases are Triple-Net | Pro Forma Cap Rate is 17.78%
- Current Average Rents are Below Market
- Tenants are a Complimentary Mix of National and Local Retailers
- Priced at $70 Per Square Foot | Well Below Replacement Cost
- Recent Property Improvements Reported by the Seller Include: Partial New Roof in 2015 With a 15-Year Warranty; The West and North Parking Lots Were Resurfaced in 2015, New Awnings Were Replaced in 2017, and All New LED Lights Installed Under Awnings in 2018
- Located in an Extremely Dense Retail Trade Area Along Southwest Wanamaker Road Just West of Interstate 470 | Numerous National and Regional Tenants in Close Proximity Including Kohl’s, Barnes & Noble, Sam’s Club, Menards, Hobby Lobby, Ross Dress for Less, Target, Ashley HomeStore, and Many Others
- Traffic Counts on Wanamaker Road are Approximately 22,190 Vehicles Per Day
- Catty Corner from West Ridge Mall | Featuring 125+ Tenants and Anchored by Dillard’s, JCPenney, Furniture Mall of Kansas, and Sky Zone
- Several Nearby Hotel Chains Provide Additional Traffic to the Area, Including Fairfield Inn, Residence Inn, Days Inn and Econo Lodge That Are All Within Walking Distance
