pOpshelf – Kansas City, MO
Fortis Net Lease is pleased to present this brand new 10,542 SF. pOpshelf store located in Kansas City, Missouri – part of the Barry Towne Shopping Center, anchored by Target and Kohls & performing in the top 10% of all shopping centers in the country. pOpshelf is Dollar General’s newest retail store concept aimed at engaging customers with a fun, affordable and stress-free shopping experience. The property offers a 15 Year Absolute NNN Lease, leaving zero landlord responsibilities. The lease contains 5% rent increases every 5 years in the primary term. There is a 10% increase at each of the 4 (5 year) options to renew. The lease is corporately guaranteed by Dollar General Corporation which holds a credit rating of “BBB”, which is classified as Investment Grade. The store is currently under construction with a targeted opening & rent start date in September 2024.
This pOpshelf is highly visible as it is strategically positioned off of the Highway 169 exit (which sees 34,661 cars per day), on Madison Avenue, off of NW Barry Road which sees 16,476 cars per day. An outlot in Barry Towne Shopping Center, the tenant make-up includes Target, Kohls, Ollie’s, ULTA Beauty, Petco, Ross Dress For Less, & Furniture Deals. Other outlots include Firestone, Chipotle, Starbucks, and Famous Footwear. The Shopping Center sits just West of the Metro North Mall Redevelopment (106 acres of mixed-use redevelopment at the site of the former Metro North Mall). Northwest of the site is the future Twin Creeks Development Site (brining 60-75K new residents over the next 30 years). The five mile population from the site is 164,089 while the one mile average household income is $79,698 per year, making this location ideal for a pOpshelf store. The Subject offering represents an ideal opportunity for a 1031 exchange buyer or a “passive” investor to attain the fee simple ownership of a pOpshelf store. List price reflects a 6.50% cap rate based on the NOI of $212,869.44.
INVESTMENT HIGHLIGHTS
• New 15 Year Absolute NNN Lease | Zero Landlord Responsibilities
• Dollar General’s Newest Retail Concept | Opening in September
• Barry Towne Shopping Center | Target & Kohls Anchored | Ranks in Top 10% of Shopping Centers in the Country!
• 5% RENT INCREASES EVERY 5 YEARS!
• Four (5 Year) Options | 10% Increases At Each Option
• One Mile Household Income $79,698
• Five Mile Population 164,089 | Expected 5% Growth
• 34,661 VPD on Hwy 169 | 16,476 on NW Barry Road
• Dollar General Corporate Guaranty With “BBB” Credit Rating
• Across from Metro North Mall Redevelopment | 106 ac of Mixed-Use Redevelopment
• Southeast of the Future Twin Creeks Development Site | Expected 60-75K New Residents over 30 Yrs
• 5 Mile Consumer Spending $2.2 Billion!
Instate Broker of Record: Brian Brockman | Bang Realty