Listed by Mid-America Real Estate, Mid-America Real Estate Corporation
Unpriced
Oak Park Commons & Quivira 95 Shops
Details
Property Type Retail
Sub Type Shopping Center
Square Footage 304,295
NOI $3,561,514
Occupancy 96%
Tenancy Multi
Class B
Year Built 1985
Year Renovated 2013
Buildings 8
Acreage 27.280
Investment Type Stabilized
Ground Lease No
Retail | 304,295 SqFt
Marketing description
Mid-America Real Estate Corporation in cooperation with Pace Properties, a licensed Kansas real estate broker, has been retained on behalf of the owner to sell the fee simple interest in Oak Park Commons & Quivira 95 Shops (excluding a leasehold interest in the Burlington parcel), a community shopping center located in one of Kansas City's most prominent and affluent suburban areas.
Investment highlights
- STABLE CASH FLOW WITH STRONG CREDIT - Oak Park Commons boasts a high-profile tenant base including Hobby Lobby, DSW, Ross Dress for Less (A-), Burlington (BB+), Ulta, Dollar Tree (BBB), Shoe Carnival, K&G (B+), and Verizon (BBB+) that together total approximately 54.8% of the gross income.
- DOMINANT SHADOW ANCHORS - The center is shadow anchored by Kansas's #1 most visited Sam's Club, Ollie's Bargain Outlet, O'Reilly Auto Parts, and #3 most visited Best Buy, per Placer.ai data. Oak Park Commons is surrounded by traffic driving QSRs including Raising Cane's (drive-thru), Popeye's (newly constructed with drive-thru), Chipotle, Panda Express, Jimmy John's, and McDonald's (drive-thru). Additionally, Kansas's #1 Costco is positioned across Interstate 35 from the subject offering.
- PROMINENT KANSAS CITY SUBURBAN RETAIL LOCATION - Oak Park Commons is positioned on both sides of Quivira Road along 95th Street immediately between full interchanges with both the I-35 and U.S. Route 69 freeways. The subject offering is located directly across from Oak Park Mall, Kansas City's dominant, #1 ranked super-regional enclosed mall totaling 1.6 million square feet and anchored by Nordstrom, Dillard's, Macy's, Academy Sports, JC Penney, and Target with inline shop sales exceeding $500/SF. Oak Park Mall draws an estimated 9.4 million visitors annually.
- DENSE AND AFFLUENT DEMOGRAPHICS - The center caters to an extremely dense and affluent demographic profile, with a residential population of nearly 245,000 within 5 miles earning average household incomes of $120,000. Furthermore, continued growth is projected over the next 5 years, with the number of households expected to increase by 2.0% within a 3-mile radius, and 3.3% within a 5-mile radius, strong numbers for such an already dense, established trade area.
- ESTABLISHED SURROUNDING WORKFORCE - Oak Park Commons caters to an established surrounding office market, providing a large daytime shopping base with the daytime population increasing to 321,000. Major employers in the surrounding Lenexa and Overland Park areas include T-Mobile Corporation, Garmin, Black & Veatch Engineering, UnitedHealth Group, Kiewit Engineering, Bayer, Cigna Healthcare, Waddell & Reed Financial, and Alliance Data. Located 5 miles southeast of the subject offering is the former Sprint Corporate Headquarters, rebranded Aspiria office park and dubbed T-Mobile's "HQ2". The 190-acre campus recently underwent significant upgrades including a floor-to-ceiling renovation of its central building, demonstrating its ongoing commitment to Overland Park. The one-of-a-kind property has 20 buildings totaling over 3.8 million square feet of Class-A office, with world-class workplaces, amenities, public spaces, and technology. Aspiria is currently the nation's second-largest corporate campus, second to Microsoft Corp's campus in Redmond, Washington.
- HIGH TRAFFICKED RETAIL CORRIDOR - With over 2,500 feet of frontage along 95th Street (31,900 VPD), Oak Park Commons is positioned along the heavily trafficked 95th Street corridor immediately adjacent to a full interchange with I-35 (94,400 VPD), just west of the full interchange with U.S. 69, and 1.5 miles north of the Quivira Road and I-435 beltway interchange. The center provides outstanding access to both a local and regional consumer base throughout the entire Kansas City region.
- STRONG LEASING MOMENTUM - The center has enjoyed significant leasing momentum having executed 10 new leases over the last 3 years, including DSW, Burlington, Sandlot Social, Kids Empire, PT Solutions and more. The recent leasing velocity demonstrates the strength and desirability of both the center as well as the trade area as a whole.
- VALUE-ADD OPPORTUNITY - An investor has the opportunity to add an additional estimated $342,000 of gross income by leasing up the remaining vacant suites at the center. Additionally, a tax parcelization strategy (some parcels already separated) would afford a buyer the opportunity to create cap rate arbitrage by the potential sales of the various components of freestanding single and multi-tenant buildings at an attractive yield differential.
- RECENT CAPITAL EXPENDITURE - An investor can anticipate low future capital expenditures due to current ownership having invested over $3.4 million in upgrades over the last 2 years towards roofs, façade, parking lots, sidewalks, HVACs, lighting, and more.
Listing Contacts
Listed by Mid-America Real Estate, Mid-America Real Estate Corporation
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$3,561,514.00
$296,792.83/mo
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