Investment Summary
Price | $3,275,000 |
Cap Rate | |
NOI | |
Lease Term | 10- Years |
Lease Type | |
Rental Increases | Vairous |
Year Built | 2016 |
Building Size | 4,345 SF |
Lot Size | 0.59 Acres (25,700 SF) |
Status | Sold |
Lead Brokers | Vince Aicale Executive Director 415.690.5522 vince.aicale@cushwake.com CA RE License #01728696 Ryan Forsyth Executive Director 415.413.3005 ryan.forsyth@cushwake.com CA RE License #01716551 Grant Mechlin, CCIM Sansone Group 314.727.6664 gmechlin@sansonegroup.com MO RE License #2006035537 |
Investment Highlights
100% LEASED TWO-TENANT RETAIL CENTER
» 100% leased to Starbucks (NASDAQ: “SBUX”) and Mattress Direct
» 10-year leases for both tenants, providing excellent stability
» Starbucks has no early termination clause
» Scheduled rental increases for both tenants, providing a hedge against inflation
HIGH-TRAFFIC LOCATION IN DENSE RETAIL CORRIDOR
» Prime location on Watson Road, a major retail corridor, with excellent visibility and access to 28,829 vehicles per day
» Immediate access to Interstate 44 (103,640 AADT) and U.S. Highway 61 (31,663 AADT)
» Located directly across from The Plaza & Shoppes at Sunset Hills, anchored by Home Depot, Toys “R” Us, Bed Bath & Beyond, and Marshalls
PRIME CENTRAL LOCATION WITH ROBUST DEMOGRAPHICS
» Located directly across from the world headquarters of Panera Bread (NASDAQ: “PNRA”)
» Close proximity to largest community college in Missouri, with over 12,000 students
» Near Laumeier Sculpture Park – 300,000 visitors per year
» Affluent demographics, with average household incomes over $100,000 within one-, three-, and five-mile radii
» Densely-populated area near downtown St. Louis
» Sunset Hills is one of the St. Louis metro’s wealthiest submarkets
NEW 2016 CONSTRUCTION
» High quality construction completed in 2016, limiting near-term deferred maintenance or capital costs
» Features a drive-thru for Starbucks, providing additional customer convenience and boosting sales revenue
Click Here to Download Offering Memorandum
Property Description
SOLD
The property is located on Watson Road, with excellent access and visibility to 28,829 vehicles per day. Watson Road provides immediate access to Interstate 44 (103,640 AADT) and U.S. Highway 61 (31,663 AADT). Located in a dense retail corridor, the property is surrounded by large retail plazas featuring major national tenants. The Plaza & Shoppes at Sunset Hills, located directly across from the property, is anchored by Home Depot, Toys “R” Us, Bed Bath & Beyond, and Marshalls. Other shopping centers in the nearby area include Kirkwood Commons, anchored by Walmart Supercenter, Lowe’s, Target, and T.J. Maxx, and Kirkwood Crossing, featuring Hobby Lobby, Burlington Coat Factory, and Petco.
Large offices, schools, and tourist destinations surround the property. Panera Bread’s world headquarters are located within walking distance of the site. St. Louis Community College–Meramec is also nearby. The college is the largest community college in Missouri, with over 12,000 students. Additionally, Laumeier Sculpture Park is also within walking distance. The 105-acre open-air museum and sculpture park houses over 60 outdoor sculptures and is visited by approximately 300,000 people each year.