Description

Westlake Plaza is a 40,260-square-foot retail center positioned on 4.14 acres along the west side of North Summit Street/U.S. Highway 77 in Arkansas City, Kansas. The property is offered for $2,670,000, or approximately $66 per square foot, with in-place net operating income of $200,291 and a 7.50% in-place capitalization rate.

The center is 100% occupied by two national tenants, Dollar Tree and Westlake Ace Hardware, under NNN leases. The current rent roll provides a 9.4-year weighted average lease term. Dollar Tree has occupied the property since 2015 and its current term extends through August 2030, with one additional five-year option. Westlake Ace Hardware has operated at the property since 1998 and recently extended its lease through January 2037, with two additional five-year options.

The site also offers a potential value-add component. Approximately 3,487 square feet of decommissioned space has access from the north side of the building along Radio Lane and is included in Westlake Ace Hardware's pro rata share. The landlord also holds a lease-based right to recapture 5,447 square feet of adjacent storage space, creating the potential to combine up to 8,934 square feet for future leasing, subject to the existing lease terms and buyer due diligence.

North Summit Street carries approximately 11,809 vehicles per day. The surrounding trade area includes Walmart, Tractor Supply Co., McDonald's, Starbucks, Wendy's, Sherwin-Williams, and other national retailers. Arkansas City is approximately 60 miles south of Wichita and is home to Cowley College. The offering includes a 100% fee-simple interest in an established, fully leased retail asset with long-term tenancy and a defined expansion opportunity.