2013 N Summit St, Arkansas City, KS 67005 For Sale

Westlake Plaza (the “Property”) is a 40,260 square foot retail center located along the west side of Highway 77 in Arkansas City, Kansas. The offering presents an opportunity to acquire a stabilized retail center with long-term leases to two national tenants.

Stable Investment Opportunity

The Property is fully leased to two tenants and boasts a strong 9.4 year weighted average lease term.

• Dollar Tree has been a tenant at the Property since 2015 and has 4.5 years remaining on their term.
• Westlake Ace Hardware has been a tenant at the Property since 1998 and has 11 years remaining on their lease term.

Recent Renewals

Both tenants have recently renewed their leases, showing commitment to the Property and the market. Dollar Tree exercised their most recent five-year option and has one remaining option that would extend their lease through 2035 if exercised. Westlake Ace Hardware recently extended their lease an additional 11 years with two additional extension options that would extend their lease through 2047 if exercised.

National Tenants

There is a strong concentration of national tenants in the immediate trade area, including Walmart, Tractor Supply Co, McDonald’s, Wendy’s, Sherwin-Williams, Shoe Sensation, Anytime Fitness, Starbucks, Domino’s, Subway, Taco Bell, and O’Reilly Auto Parts among others.

Value-Add Opportunity

The Property has 3,487 square feet of decommissioned space with access from the north side of the building along Radio Lane. The vacant space is decommissioned and included in Westlake Ace Hardware’s pro rata share, but could be adapted into rentable square footage to increase the net operating income of the Property. Additionally, the landlord has the option to recapture 5,447 square feet of storage space adjacent to the decommissioned space which would allow the landlord to combine the spaces to create a 8,934 square feet leasable space.

Strong Submarket

Arkansas City, Kansas is a historic community located just 60 miles south of Wichita, KS and is home to Cowley College, a public community college with an annual enrollment of 2,166 students. The current population of Arkansas City is 11,761.