Independence Center - Walmart Shadow
Walmart Shadow Retail Center | 4.5 Year WALT | 22,080 SF
Marketing description
Marcus & Millichap, as exclusive advisor, is pleased to present the opportunity to acquire 100% fee simple interest in the Independence Center, (“The Property”), a 22,080 square foot Walmart shadow anchored retail shopping center located in Independence, Kansas.
The Property is anchored by Dollar Tree, who has been at the center since construction in 2003, and recently exercised its fourth, five-year option extending their lease through 2031, demonstrating their long history of success and commitment to the Property. The core tenant group also includes US Cellular, A2Z Tobacco & Vape, and Verizon Wireless.
Built in 2003 on a 2.59-acre site, the Property is 100% occupied and strategically positioned on a hard corner at the entrance to the Walmart Supercenter parking lot with excellent access and visibility, creating convenient cross-shopping synergies. In addition, the Property is situated along W Main St, the City’s main throughfare and retail corridor.
Independence Center features a complementary mix of ecommerce resistant, service-oriented tenants with 77% of the GLA consisting of National Credit Tenants with attractive contractual rent increases, staggered lease expirations, and an overall W.A.L.T. of 4.5 years.
The Property features a modern façade, prominent pylon signage, and is in good condition with a history of being well maintained. All tenants include triple net lease structures with each tenant being responsible for its proportionate share of real estate taxes, insurance, and common area maintenance.
The Property is being offered free and clear of debt at 8.0% cap rate totaling $2,096,123.
Investment highlights
WALMART SHADOW ANCHORED - Positioned Directly Adjacent To A Walmart Supercenter With More Than 1.6 Million Annual Visits. The Independence Walmart Supercenter Underwent A Complete Remodel In 2025 Demonstrating Walmart’s Success And Long Term Commitment To The Store.
NATIONAL CREDIT TENANT MIX - 77% Of The GLA Consisting Of National Credit Tenants Including Dollar Tree, US Cellular, And Verizon Wireless With An Overall Weighted Average Lease Term Remaining Of 4.5 Years.
SERVICE ORIENTED RETAIL WITH LONG TERM ANCHOR TENANT - The Property Is Anchored By Dollar Tree, Who Has Been At The Center Since Construction In 2003, And Recently Exercised Its Fourth, Five-Year Option Extending Their Lease Through 2031. Publicly Traded Company (Nasdaq: DLTR).
WELL-LOCATED - Located On The Hard Corner, Signalized Intersection Of Peter Pan Road And U.S. 75 (West Main Street) | U.S. 75 Is The City’s Major North-South Thoroughfare | Traffic Counts Exceed 19,538 Vehicles Per Day.
MAIN RETAIL CORRIDOR - Close Proximity To Many National And Regional Retailers | Neighboring Hotels And School Campuses Provide Additional Traffic To The Area | Independence Community College Is Four Miles South Of The Subject Property.
TRIPLE NET LEASE STRUCTURES - All Tenants Includes Triple Net Lease Structures With Each Tenant Being Responsible For Its Proportionate Share Of Real Estate Taxes, Insurance, And Common Area Maintenance.
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