CORBIN PARK SHOPS - LoopNet
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CORBIN PARK SHOPS OVERLAND PARK, KS A FOUR-TENANT STRIP WITHIN A REGIONALLY-DRAWING SHOPPING CENTER
Transcript of CORBIN PARK SHOPS - LoopNet
NOR CORBIN PARK SHOPSOVERLAND PARK, KS
A FOUR-TENANT STRIP WITHIN A REGIONALLY-DRAWING SHOPPING CENTER
CORBIN PARK SHOPS
7.25%CAP
$5,573,379PRICE
6401 W 135TH ST OVERLAND PARK, KS 66223
100% leased 4-tenant retail strip center
10% rental increases every five years
Attractive lineup of national and regional credit tenants
Desirable location at 135th Street and Metcalf Avenue - Next to two Major Retail Centers (See page 6 for more info)
Part of the 1 million SF Corbin Park mixed-use development
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 SF15,966 SF
OCCUPANCY100%
LEASE TYPENN
LAND AREA1.38 Acres
YEAR BUILT2014
PARKING4:1000 Ratio
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Overview
THE OFFERING provides an opportunity to acquire Corbin Park Shops in the affluent suburb of Overland Park, KS. The subject property is a 4-tenant, 15,966 square foot strip center located within a super-regional lifestyle mixed use development. It is 100% leased to an attractive lineup of national and regional credit tenants including: Maurices, Zales, Christopher & Banks, and Spin Pizza. Corbin Park Shops is a pad building within the larger Corbin Park, a 1 million square foot mixed-use development anchored by Scheels, Von Maur, Sprouts, Lifetime Fitness, and numerous other national tenants. The weighted average lease term of the center is 6 years.
THE PROPERTY is ideally located at 135th Street and Metcalf Avenue in the highly desirable and fast-growing suburb of Overland Park. The property benefits from high visibility and convenient access. The surrounding area features dense retail along both 135th Street and Metcalf Avenue, as well as numerous, affluent residential subdivisions which provide captive audience for the property. Within a 3-mile radius residents have an average household income of $147,087, making this one of the wealthiest submarkets in the state of Kansas.
JOHN [email protected]: 415.274.2715CA BRE# 01440360
Contact the team
IN CONJUNCTION WITH KS LICENSED BROKER: Jay FergusonFerguson [email protected]: 816.781.2520
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.
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Investment Highlights
JUSTIN SHARP [email protected]: 415.274.7392CA DRE# 01895013
W 135TH STREET
W 137TH STREET
RILE
Y ST
REET
W 135TH STREET
MET
CA
LF A
VEN
UE
NA
LL A
VEN
UE
NA
LL A
VEN
UE
MET
CA
LF
AVEN
UE
69
69
OVERLAND TRAIL
ELEMENTARYOVERLAND
TRAIL MIDDLE
HILLTOP LEARNING
CENTER
NICKLAUS GOLF
CLUB AT LIONSGATE
DEER CREEK GOLF CLUB
54,900 VPD
48,200 VPD
57,900 VPD
Aerial
4This 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
(20 MILES)
CORBIN PARK
PRAIRIEFIRE
OVERLAND POINTE MARKETPLACE
THE VILLAGE AT OVERLAND POINTE
W 135TH STREET
MET
CA
LF A
VEN
UE
LAM
AR
AVEN
UE
W 137TH STREET
W 13
8TH STREET
APARTMENTS 225 UNITS
(UNDER DEVELOPMENT)
RILE
Y ST
REET
54,900VPD
48,200 VPD
5This 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.
DRIVE-THRU
Retail Trade Area Site Plan
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.
Corbin Park is a premier outdoor retail village with over 895,950 square feet of retail space. The project includes national tenants such as Ulta, Sprouts, Von Maur, Dave and Busters, and many more. Recently, the Overland Park City Council approved a $16.3 million expansion to the center, which will include an additional 24,280 square feet of commercial space, and a 6-story 22,000 square foot mixed-use apartment complex that features 225 apartment units, and a parking garage. For more information click HERE.
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Immediate Area Development
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CORBIN PARK
PRAIRIEFIRE
Prairiefire is a deluxe multi-use space where visitors can shop, sleep, eat, and be entertained. The grounds include a natural history museum, seven restaurants, an HD theater, a bowling alley, and 16 retailers. The Museum at Prairiefire was founded in partnership with the American Museum of Natural History in New York City, as well as other cultural and education institutions around the country to bring world-class exhibits, important educational programming and STEM opportunities to Overland Park. The museum alone drew more than 350,000 visitors in 2017. For more information click HERE.
Kirkland’sSam’s ClubREIVon Maur Culver’sALDIMcDonald’s
Hy-VeeJCPenneyEinstein Bros BagelsPizza HutTaco BellThe Home DepotSprouts Farmers Market
Life Time FitnessOff BroadwayUlta BeautyChipotlePanera BreakRaising Cane’sLa-Z-Boy Furniture
BUSINESS SUMMARY
KEY 1-MILE 3-MILES 5-MILES
TOTAL 1-MILE 3-MILES 5-MILES
Businesses 742 3,349 8,007
Employees 11,059 55,498 143,997
Residential Population 11,329 92,982 192,786
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:
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SURROUNDING RETAIL
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Zoomed-Out AerialSurrounding Retail
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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.
CURRENT
Price: $5,573,379
Capitalization Rate: 7.25%
Price Per Square Foot: $349.08
Total Leased (SF): 100.00% 15,966
Total Vacant (SF): 0.00% 0
Total Rentable Area (SF): 100.00% 15,966
INCOME PSF
Scheduled Rent $25.31 $404,070
Reimbursement Income $12.73 $203,187
EFFECTIVE GROSS INCOME $607,257
EXPENSES
Operating Expenses NNN ($203,187)
TOTAL OPERATING EXPENSES ($12.73) ($203,187)
NET OPERATING INCOME $404,070
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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 SQ. FT. PERCENT OF GLA TERM CURRENT
RENTMONTHLY
RENTANNUAL
RENT RENT/FT
Zales 2,990 18.73% 11/16/14 02/28/24 $98,670 $8,223 $98,670 $33.00Kickout in Year 6 03/01/19 (Increase) $98,670 $33.00
Option 1 $8,720.83 $104,650 $35.00Option 2 $9,219.17 $110,630 $37.00
Spin Pizza 3,986 24.97% 02/01/15 01/31/25 $119,580 $9,965 $119,580 $30.00Option 1 $10,629.33 $127,552 $32.00Option 2 $11,293.67 $135,524 $34.00
Maurice’s 4,990 31.25% 06/01/16 05/30/26 $89,820 $7,485 $89,820 $18.00Kickout in Year 4 6/1//21 (Increase) $97,305 $19.50
Option 1 $8,919.63 $107,036 $21.45Option 2 $9,811.59 $117,739 $23.60Option 3 $10,792.75 $129,513 $25.95
Christopher & Banks 4,000 25.05% 05/10/15 05/09/25 $96,000 $8,000 $96,000 $24.00Kickout in Year 5 06/01/20 (Increase) $8,666.67 $104,000 $26.00
OCCUPIED 15,966 100.00% $404,070 $404,070 $25.31VACANT 0 0.00%
CURRENT TOTALS 15,966 100.00%
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Rent Roll
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.
MAURICES(NASDAQ: ASNA)
ZALES(NASDAQ: SIG)
CHRISTOPHER & BANKS(NYSE: CBK) SPIN PIZZA
NUMBER OF STORES 4,800 3,000 479 17
CORPORATE SALES $6.65 Billion $6.41 Billion $381 Million $1.58 Million (unit level)
COMMON AREA Tenant Reimburses Tenant Reimburses Tenant Reimburses Tenant Reimburses
TAXES Tenant Reimburses Tenant Reimburses Tenant Reimburses Tenant Reimburses
INSURANCE Tenant Reimburses Tenant Reimburses Tenant Reimburses Tenant Reimburses
HVAC Tenant Reimburses Tenant Reimburses Tenant Reimburses Tenant Reimburses
ROOF & STRUCTURE Landlord Responsibility Landlord Responsibility Landlord Responsibility Landlord Responsibility
TERMINATION RIGHTYear 4
($1.1 million breakpoint)Year 6
($800,000 breakpoint)Year 5
($1.3 million breakpoint) None
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Lease Abstract and Provisions
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 Overview
Over the past 90+ years, Zales grew from a single store selling jewelry, appliances and cameras to a major national jewelry store chain. Zales, “The Diamond Store”, has expanded to 868 stores and become one of the largest fine jewelers in retail shopping malls across North America.
In 2014, Zales was purchased by Signet Jewelers Inc., headquartered in Akron, Ohio. Signet Jewelers (NYSE: SIG) is the world’s largest retailer of diamond jewelry and the largest specialty jewelry retailer in the U.S., U.K. and Canada. Signet operates over 3,500 stores primarily under the name brands of Kay Jewelers, Zales, Jared The Galleria Of Jewelry, H. Samuel, Ernest Jones, Peoples and Piercing Pagoda. The company’s annual sales of $6.25 billion come primarily from the sale of jewelry, watches and associated services. Zales accounted for 20% of Signet’s sales in Fiscal 2017.
7,539 Zales EmployeesFY17 Zales Sales $1.24 Billion
ZALES JEWELERS
Spin! Neapolitan Pizza is an American fast casual pizza chain founded in 2005 in Kansas City, MO. The chain has 15 locations in Kansas, Missouri, Nebraska, Texas, and California. The restaurants feature open layouts which promote their “eating, drinking, and hanging” atmosphere. In addition to hand-spun pizza, SPIN! serves appetizers, soups, salads, sandwiches, and gelato. Some locations even offer catering.
15 stores across 5 states
SPIN! NEAPOLITAN PIZZA
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Tenant Overview
Maurices is an American women’s clothing retail chain based in Duluth, Minnesota. Founded in 1931, the chain comprises more than 1,000 stores in the U.S. and Canada, primarily located in shopping malls and smaller towns. Maurices is a subsidiary of Ascena Retail Group INC., the single largest specialty retailer focused on women’s apparel, which includes Dressbarn, Justice, Catherines, Lane Bryant, Ann Taylor, LOFT, and Lou & Grey. Maurices prides itself in catering to every type of woman, carrying sizes ranging from 0-26.
Ascena Retail 2017 Revenue: $6.6 Billion1,005 stores 45 U.S. states and Canada
MAURICES
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.
Christopher & Banks Corporation (NYSE: CBK) is a Minneapolis-based company that specializes in women’s apparel. Nearly 500 stores located across 45 states are operated under the Christopher & Banks, C.J. Banks, MPW, and Christopher & Banks Outlet banners. Christopher & Banks merchandise assortments include women’s apparel, generally consisting of casual clothing, everyday basics, wear-to-work, leisure / active wear, and seasonal sleepwear in missy, petite and women sizes. The company also offers a selection of jewelry and accessories.
$634 Million in 2017 Net Sales463 Locations in 45 U.S. States
CHRISTOPHER & BANKS
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Tenant Overview
POPULATION
1-MILE 3-MILES 5-MILES
2010 7,813 80,199 166,465
2018 10,591 89,006 187,988
2023 11,972 94,904 201,326
2017 HH INCOME
1-MILE 3-MILES 5-MILES
Average $120,596 $146,278 $135,605
TOP EMPLOYERS
EMPLOYER # OF EMPLOYEES
Sprint 6,000
Shawnee Mission School District 3,400
Blue Valley School District 3,226
Black & Veatch 3,100
Johnson County Community College 2,400
OVERLAND PARK
KANSAS CITY (22 MINS, 20 MILES)
THE AVERAGE HOUSEHOLD INCOME WITHIN A 3-MILE RADIUS
IS OVER $146K
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.
Demographics
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OVERLAND PARK, KANSAS
OVERLAND PARK, KS is a suburb of Kansas City and located only 20 miles southwest of Downtown Kansas City. With a rapidly-growing population of 191,000+ residents, Overland Park is the second largest city in Kansas.
Overland Park has steadily built a reputation as one of the nation’s most dynamic corporate centers. It is home to more than 3,800 companies and 40 corporate headquarters. Telecommunications firm Sprint’s world headquarters occupies 240 acres of the city and employs about 6,000 people.
The city is also home to the Museum at Prairiefire, an American Natural History Museum, and the Overland Park Arboretum and Botanical Gardens with 300+ acres of gardens, hiking trails and prairie.
DOWNTOWN OVERLAND PARK is currently undergoing more than $100 million in revitalization and development, with upscale apartment and mixed-use projects.
Other major development projects in the city include: the $20 million redevelopment of an office park with 350,000 square feet of class A space, a multi-phase $40 million Shawnee Mission Health campus, and the addition of two new micro-hospitals as part of the Saint Luke’s Health System.
ECONOMIC GROWTH
2.1 MILLION
KANSAS CITY MSA 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.
MUSEUM AT PRAIRIEFIRE
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Location Overview
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Kansas City MSA
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GENERAL STATS
3RD LARGEST CITY IN KANSAS
#2 FOR HIGH PAYING JOBS AND LOW COST OF LIVING BY CNBC
2.7% UNEMPLOYMENT RATE
1.11 MILLION JOBS IN KANSAS CITY
127.8 SQ MILES TOTAL LAND AREA
KANSAS CITY
200+ FOUNTAINS AND WATER FEATURES
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 is well known for its contributions to the musical styles of jazz and blues as well as Kansas City-style barbecue. With over 200 fountains it is has earned the nickname, “City of Fountains,”
and claims to have the second most in the world, just behind Rome. Kansas City hosts numerous sports teams and venues, including the Kansas City Royals (MLB), Kansas City Chiefs (NFL), the Sporting Kansas City (MLS), Kansas City Mavericks (ECHL), and the Kansas Speedway.
The city is home to many universities, colleges, and seminaries, including the University of Missouri–Kansas City (UMKC), Rockhurst University, and Kansas City Art Institute among others. Located in the heart of Kansas City, MO, UMKC offers over 120 majors and programs to 14,000+ undergraduate and graduate students.
KANSAS CITY
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1ST LARGEST CITY IN MISSOURI
We’d love to hear from you.
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
IN CONJUNCTION WITH KS LICENSED BROKER: Jay FergusonFerguson [email protected]: 816.781.2520
JUSTIN SHARP [email protected]: 415.274.7392
CA DRE# 01895013
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JOE CACCAMOJOHN ANDREINI
ZANDY SMITH
DAVE LUCAS
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