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Attributes

Year Built 1963
Building Area Net
Land Area Net ()
Rentable Area
Occupancy 100.0 %

Asset Description

Jones Lang LaSalle Americas, Inc. (“JLL”) is pleased to offer for sale the fee-simple interest in the newly renovated, three-tenant retail strip center (the “Property” or “Asset”) located at 9315-9319 E State Route 350, Raytown MO. The Asset consists of 4,661 rentable square feet and is 100% leased by Wingstop, Metro by T-Mobile, and Smoothie King. The fully guaranteed NN leases feature an 8.3-year WALT, multiple extension options, and are subject to 5-10% rental increases throughout the primary terms and extension periods. The Property is ideally situated on E State Route 350, a highly trafficked retail corridor with visibility to 35,000 vehicles per day. The Asset sits directly adjacent to a top performing Quick Trip and benefits from its location across from a Hy-Vee anchored shopping center, which saw nearly 1 million visitors in the last 12 months. The city of Raytown’s demographics strongly align with the target consumer base of each of the three tenant’s as evident by their sales performances. Given the success at this location, Wingstop recently extended its lease term. Smoothie King is expected to open for business in October 2022. 


MISSOURI BROKER OF RECORD - HENRY B VOGES JR

License #: MO - 1999144162

Investment Highlights

NEWLY RENOVATED ASSET WITH A 8.3-YEAR WALT AND ATTRACTIVE RENT INCREASES

Renovations include brand new HVAC system, roofing, parking lot, drive-thru lane, landscaping, façade, and lighting

All tenants are operating under guaranteed NN leases with 8.3 years of weighted remaining term, contractual rent increases, and minimal landlord responsibilities


BEST-IN-CLASS RETAIL

In 2021, Wingstop was ranked as the #1 Fastest Growing Franchise

Metro by T-Mobile is the fifth largest mobile telecommunications provider and carries BBB- investment grade credit

Smoothie King is the #1 smoothie franchise and #13 overall franchise on the Franchise 500 list


STRATEGIC REAL ESTATE POSITIONING WITH SMOOTHIE KING DRIVE-THRU

The Asset is situated adjacent to Quick Trip and across from a Hy-Vee shopping center, each of whom are leaders of their respected markets

Dual entrances off E State Route 350 with a drive-thru lane at Smoothie King

Strategically positioned on a heavily trafficked roadway with 35,000 VPD


Last Updated Date: 18 Oct 2022

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Last Updated Date: 18 Oct 2022

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