MARSHALLS & SKECHERS 2676-2680 NORTH GREENWICH COURT, WICHITA, KANSAS - OFFERING MEMORANDUM
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MARSHALLS & SKECHERS
2676-2680 NORTH GREENWICH COURT, WICHITA, KANSAS
OFFERING MEMORANDUM
96
135
SUBJECT
15,000 STUDENTS
PROPERTY
BRADLEY FAIR
MCDONALD'S
TOWNE EAST SQUARE
DOWNTOWN BEECH FACTORY
WICHITA AIRPORT
The information in this package has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are
approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the
property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2020 Marcus Millichap
MARCUS & MILLICHAP 2 // Marshalls & Skechers
Rent Roll
Lessee Information as of February 2021
2676-2680 North Greenwich Court, Wichita, KS 67226
APPROX. PERCENT EST. LEASE EST. LEASE APPROX. BASE RENT ANNUAL LEASE RENTAL RENEWAL
SUITE TENANT NAME (1)
RENTABLE SF OCCUPANCY COMMENCEMENT EXPIRATION RENT PSF PER MONTH RENT TYPE INCREASES OPTIONS
10% Increases Every 5 3, 5 Year
F Skechers (2) 8,000 26.7% 5/1/2021 6/30/2031 $19.25 $12,833.33 $153,999.96 NNN
Years Options
$0.50 PSF in Year 6 and in 4, 5 Year
G Marshalls 22,000 73.3% 3/1/2021 2/28/2031 $10.75 $19,708.33 $236,499.96 NNN
Each Option Period Options
Total SF 30,000 100% Monthly Income $32,542
Occupied SF 30,000 100% Annual Income $390,500
Available SF 0 0% Average Rent PSF $13.02
(1) Sketchers has a one time right to terminate the Lease if its Gross Sales do not exceed $1,500,000 during Lease Months 47-58.
(2) Each Lease has Co-Tenancy provisions. See Agent for details.
MARCUS & MILLICHAP 3 // Marshalls & Skechers
Income & Expense
Summary
Total Square Feet Per Leases 30,000
Lot Size 2.68 Acres
Year Built 2021
Occupancy as of February 2021 100%
INCOME
Scheduled Base Rent $390,500
Estimated Total Potential Base Rent $390,500
Plus Expense Reimbursements $197,614
EFFECTIVE GROSS INCOME $588,114
ESTIMATED OPERATING EXPENSES PSF
CAM Expense $45,000 $1.50
Insurance $9,264 $0.31
Property Taxes $142,500 $4.75
Management Fee (1) $12,000 $0.40
TOTAL OPERATING EXPENSES $208,764 $6.96
NET OPERATING INCOME $379,350
OFFERING PRICE $5,840,000
CAPITALIZATION RATE 6.50%
PRICE PER SF $194.67
(1) Skechers to reimburse 10% of admin fee on CAM only. No other manage-
ment fee reimbursement is permitted from either Tenant.
MARCUS & MILLICHAP 4 // Marshalls & Skechers
advanced
NAILS
SUBJECT
PROPERTY
GREENWICH CT
MARCUS & MILLICHAP 5 // Marshalls & Skechers
MCDONALD'S
36,900 CPD
KS-96 HWY advanced
NAILS
GREENWICH CT
SUBJECT
PROPERTY
MARCUS & MILLICHAP 6 // Marshalls & Skechers
SUBJECT
PROPERTY
GREENWICH CT
MARCUS & MILLICHAP 7 // Marshalls & Skechers
Property Description DEMOGRAPHICS 1-mile 3-miles 5-miles
Population
2025 Projection 2,494 33,347 106,915
2020 Estimate 2,253 31,654 103,400
Growth 2020 – 2025 10.69% 5.35% 3.40%
Households
2025 Projection 874 13,619 43,206
2020 Estimate 788 12,890 41,551
Growth 2020 – 2025 10.91% 5.65% 3.98%
Income
2020 Est. Average
$151,275 $123,181 $99,473
INVESTMENT HIGHLIGHTS Household Income
2020 Est. Median
» 10-Year Triple-Net (NNN) Leases with Marshalls and Skechers Household Income
$107,638 $85,410 $69,974
» Rental Increases for Both Tenants Occurring in 2026 2020 Est. Per
$52,915 $50,314 $40,158
Capita Income
» 103,400 Residents within a 5-Mile Radius - Growing Wichita Trade Area
» Population and Households Projected to Increase Nearly 11% within 1-Mile by 2025
» Outparcel to Greenwich Place Shopping Center - Major Tenants Include HomeGoods,
Bed Bath & Beyond, Ross, Michaels, and DSW
» Directly Off KS-96 (36,900+ Cars/Day) with Direct Access to Downtown Wichita
» Adjacent to Wichita Sports Forum, Attracting 1.2 Million Visitors Per Year
» Less Than 1 Mile from the State-of-the-Art Stryker Sports Complex
» Affluent Trade Area - Average Household Income Exceeds $151,000 in Immediate Area
» Average Household Income Exceeds $60,000 within 5 Miles of Subject Property
MARCUS & MILLICHAP 8 // Marshalls & Skechers
Tenant Overviews
Marshalls TJX Companies Framingham, Massachusetts 1,000+ www.marshalls.com
Company Parent Company Headquarters Locations Website
Marshalls is an American chain of off-price department stores owned by TJX TJX Companies is the leading off-price apparel and home fashions retailer in
Companies featuring an ever-changing assortment of fashionable and brand the U.S. and worldwide, and was ranked 80 in the 2020 Fortune 500 compa-
name family apparel, home fashions, and more. Marshalls differentiates itself ny listings. By the end of 2019, the company had nearly $42 billion in annual
from other TJX Companies brands with a full line of family footwear and an sales, more than 4,500 stores in nine countries, four e-commerce sites, and
expanded men’s department, as well as The CUBE, a department specifically approximately 286,000 associates. The company’s brands include Marshalls,
for juniors. T.J. Maxx, HomeGoods, Sierra, Winners, and HomeSense.
Skechers USA, Inc. NYSE: SKX Manhattan Beach, California 3,770+ www.skechers.com
Company Stock Symbol Headquarters Locations Website
Skechers is a global brand designing and developing lifestyle and perfor- chers has products available in more than 170 countries. Skechers sells its
mance product known for style, innovation, quality, and comfort. Along with collections through third-party wholesale partners and directly to consumers
its diverse footwear offering, the company’s head-to-toe collections for men, via over 3,770 Skechers retail stores and e-commerce platforms. In 2019, the
women, and kids include a growing range of apparel and accessories. The company shipped over 188 million pairs of shoes and earned $5.22 billion in
Skechers footwear collection has grown to over 3,000 styles covering every sales. The company has more than 70 offices and showrooms worldwide with
age and activity. its corporate headquarters, located in Manhattan Beach, California, currently
With international business representing more than half of its total sales, Ske- undergoing a massive expansion slated to open in 2022.
MARCUS & MILLICHAP 9 // Marshalls & Skechers
MARCUS & MILLICHAP 10 // Marshalls & Skechers
Greenwich Place Site Plan MARCUS & MILLICHAP 11 // Marshalls & Skechers
Location Overview < 1 Miles
to Stryker Sports
Complex
SUBJECT
PROPERTY 6 Miles
to Wichita State
University
11 Miles
to Downtown Wichita
18 Miles
to Wichita Dwight
D. Eisenhower
International Airport
Wichita is the largest city in the State of Kansas and the 49th-largest city in the Air Force Base was activated in 1951 and has remained an important factor in
United States. Located in south-central Kansas on the Arkansas River, Wichita the community. Additionally, Airbus maintains a workforce in Wichita. The city
is the county seat of Sedgwick County and the principal city of the Wichita has long been known as a center of entrepreneurship. In addition to aircraft
metropolitan area. In 2018, the estimated population of the Wichita metropolitan pioneers, Fred Kock founded Koch Industries in Wichita, and Dan and Frank
area was 644,888. Major highways, including the Kansas Turnpike, US 400 Carney founded Pizza Hut. Coleman, Freddy’s Frozen Custard, and many other
and Interstate I-135, link the city with a large trade area that encompasses a successful companies began in Wichita.
population of more than a million people within a 100-mile radius. The nearest Wichita has evolved into a cultural and entertainment center. The downtown
large cities are Denver to the west, Kansas City to the northeast, Oklahoma City to district offers restaurants, retail shops, museums and parks. INTRUST Bank
the south, and Tulsa to the southeast. Arena, located in downtown Wichita, features a total potential capacity of over
Since the growth of the aircraft industry during the inter-war years, Wichita has 15,000. Several universities are located in Wichita, the largest being Wichita State
been a leading producer of general aviation and commercial aircraft. McConnell University. Friends University and Newman University are also located in Wichita.
MARCUS & MILLICHAP 12 // Marshalls & Skechers[ exclusively listed by ]
Mark J. Ruble Jamie A. Medress Chris N. Lind Colby Haugness
Executive Managing Director Executive Managing Director Senior Vice President Broker of Record
602 687 6766 602 687 6778 602 687 6780 License #: 00241410
mruble@marcusmillichap.com jmedress@marcusmillichap.com chris.lind@marcusmillichap.com
Offices Nationwide
www.marcusmillichap.com
NET LEASED DISCLAIMER entity without the written consent of Marcus & Millichap. By taking possession of and reviewing the information contained
Marcus & Millichap hereby advises all prospective purchasers of Net Leased property as follows: herein the recipient agrees to hold and treat all such information in the strictest confidence. The recipient further agrees
By accepting this Marketing Brochure, you agree to treat the information contained herein regarding the lease terms as that recipient will not photocopy or duplicate any part of the offering memorandum. If you have no interest in the subject
confidential and proprietary and to only use such information to evaluate a potential purchase of this net leased property. property at this time, please return this offering memorandum to Marcus & Millichap.
The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable. However, This offering memorandum has been prepared to provide summary, unverified financial and physical information
Marcus & Millichap has not and will not verify any of this information, nor has Marcus & Millichap conducted any to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information
investigation regarding these matters. Marcus & Millichap makes no guarantee, warranty or representation whatsoever contained herein is not a substitute for a thorough due diligence investigation. Marcus & Millichap has not made any
about the accuracy or completeness of any information provided. investigation, and makes no warranty or representation with respect to the income or expenses for the subject property,
the future projected financial performance of the property, the size and square footage of the property and improvements,
As the Buyer of a net leased property, it is the Buyer’s responsibility to independently confirm the accuracy and completeness the presence or absence of contaminating substances, PCBs or asbestos, the compliance with local, state and federal
of all material information before completing any purchase. This Marketing Brochure is not a substitute for your thorough regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any
due diligence investigation of this investment opportunity. Marcus & Millichap expressly denies any obligation to conduct a tenant, or any tenant’s plans or intentions to continue its occupancy of the subject property. The information contained in
due diligence examination of this Property for Buyer. this offering memorandum has been obtained from sources we believe to be reliable; however, Marcus & Millichap has not
verified, and will not verify, any of the information contained herein, nor has Marcus & Millichap conducted any investigation
Any projections, opinions, assumptions or estimates used in this Marketing Brochure are for example only and do not regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of
represent the current or future performance of this property. The value of a net leased property to you depends on factors the information provided. All potential buyers must take appropriate measures to verify all of the information set forth
that should be evaluated by you and your tax, financial and legal advisors. herein. Prospective buyers shall be responsible for their costs and expenses of investigating the subject property.
Buyer and Buyer’s tax, financial, legal, and construction advisors should conduct a careful, independent investigation ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONTACT THE MARCUS & MILLICHAP AGENT FOR MORE
of any net leased property to determine to your satisfaction with the suitability of the property for your needs. Like all DETAILS.
real estate investments, this investment carries significant risks. Buyer and Buyer’s legal and financial advisors must
request and carefully review all legal and financial documents related to the property and tenant. While the tenant’s past SPECIAL COVID-19 NOTICE
performance at this or other locations is an important consideration, it is not a guarantee of future success. Similarly, All potential buyers are strongly advised to take advantage of their opportunities and obligations to conduct thorough due
the lease rate for some properties, including newly-constructed facilities or newly-acquired locations, may be set based diligence and seek expert opinions as they may deem necessary, especially given the unpredictable changes resulting
on a tenant’s projected sales with little or no record of actual performance, or comparable rents for the area. Returns are from the continuing COVID-19 pandemic. Marcus & Millichap has not been retained to perform, and cannot conduct, due
not guaranteed; the tenant and any guarantors may fail to pay the lease rent or property taxes, or may fail to comply with diligence on behalf of any prospective purchaser. Marcus & Millichap’s principal expertise is in marketing investment
other material terms of the lease; cash flow may be interrupted in part or in whole due to market, economic, environmental properties and acting as intermediaries between buyers and sellers. Marcus & Millichap and its investment professionals
or other conditions. Regardless of tenant history and lease guarantees, Buyer is responsible for conducting his her own cannot and will not act as lawyers, accountants, contractors, or engineers. All potential buyers are admonished and
investigation of all matters affecting the intrinsic value of the property and the value of any long-term lease, including advised to engage other professionals on legal issues, tax, regulatory, financial, and accounting matters, and for questions
the likelihood of locating a replacement tenant if the current tenant should default or abandon the property, and the lease involving the property’s physical condition or financial outlook. Projections and pro forma financial statements are not
terms that Buyer may be able to negotiate with a potential replacement tenant considering the location of the property, and guarantees and, given the potential volatility created by COVID-19, all potential buyers should be comfortable with and rely
Buyer’s legal ability to make alternate use of the property. solely on their own projections, analyses, and decision-making.
CONFIDENTIALITY AGREEMENT
The information contained in the following offering memorandum is proprietary and strictly confidential. It is intended to be
reviewed only by the party receiving it from Marcus & Millichap and it should not be made available to any other person orYou can also read
