QuikTrip - Riverside, MO (Kansas City MSA)
About This Property for Sale
Marketing description
Jones Lang LaSalleAmericas, Inc.(“JLL”) is pleased to offer the opportunity to acquire the fee-simple interest in a single-tenant QuikTrip gas & convenience store located at 4600 Gateway Avenue, Riverside, MO (“Property” or “Asset”). The Asset features a corporate guaranty from QuikTrip Corporation, one of the world’s largest convenience store operators with 1,085+ locations and boasts $11+ billion in annual revenue.
In June 2024, QuikTrip affirmed its long-term commitment to the Property by executing a new 10-year lease extension. The lease features over 8 years of lease term remaining, contractual rent escalations of $2.39 PSF every five years, zero landlord expense responsibilities, and ten, five-year renewal options.
The Property is unique such that it was a build-to-suit in 2015 based QT’s new store design, known as a “Generation 3” store. QT’s “Gen 3” concept was a strategic initiative for an upscale customer experience by enlarging the store footprint, upgrading the exterior façade to appear restaurant-like and enhancing its full-service kitchen to offer QT’s expanded products in fresh, made-to-order food and drink.
Located 6.6 miles north of downtown Kansas City, the Property is positioned within a large 7.5-acre site adjacent to two business parks with access to over 164K residents in a five-mile radius. The area’s growth has been strong with 11.3% population growth since 2014. The adjacent Riverside and Eastbrook Business Parks consist of 1.3 million SF of industrial and office space.
The Property’s retail corridor performs exceptionally well with 4.3% vacancy and 21.6% rent growth since 2020. The Asset is situated 2.2 miles east of North Oak Marketplace. North Oak is home to numerous national retailers such as Home Depot, Sams Club, Lowe’s, Aldi and More.
This opportunity allows investors the unique ability to acquire an essential retail asset located in an infill and fundamentally strong Kansas City market, offering secure, committed cash flow backed by a market leading tenant with brand name recognition.
Local Broker: Jim Gates, [email protected]
Investment highlights
- 8.1 Yr Absolute Net Lease with Zero Landlord Expense Responsibilities
- Fee Simple - Tax Advantages with Accelerated / Bonus Depriciation (Check with your CPA)
- Strong Credit Tenancy with 1,085+ Locations
- Top 7 Largest Player in C-Store Industry
- Recent 10-Year Lease Extension with 10+ Years of Successful Occupancy
- Build-to-Suit Development for QT's New Store Format in 2015
- Attractive Rent Increases of $2.39 PSF Every 5 Years
- Large 7.5-Acre Infill Site Adjacent to Eastbrook and Riverside Business Parks (1.3 MSF of Industrial & Office)
- Situated Close to Highway 9, a Major Downtown Thorofare and 6.6 Miles from Downtown Kansas City
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