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Area Size
NOI Net Operating Income
Cap Rate N/A

Documents

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I accept the confidentiality agreement I accept the confidentiality agreement
Create an account on the Investor Center to save your search and investment preferences, save and share opportunities, access exclusive documents, and more. More questions? Visit our FAQ. You'll need to sign a Confidentiality Agreement (CA) to access exclusive documents in the Deal Room. Signing the CA means you agree not to divulge or release sensitive information related to this property. More questions? Visit our FAQ.

Key facts

Year Built 1974
Building Area Net
Land Area Net ()
Number of units 2

Property description

Topeka Commons is a 124,860-SF 100% leased multi-tenant retail center in Topeka, Kansas. The center is comprised of national, regional, and investment-grade tenants, including Ace Hardware, Genesis Health Clubs, Capital City Bank, Dollar Tree, and Dollar General. Located near the Hwy 24 / NW Topeka intersection, the property services the consumer needs of over 90,000 daytime population within 3 miles.

Investment highlights

-         Fully Stabilized Offering: Topeka Commons is a 100% occupied and highly visible +/- 124,860 SF retail center located along a diverse retail corridor approximately 3 miles from downtown Topeka, KS and the Philip Billard Airport.


-         Ace Hardware is the world's largest private hardware company, with 5,000 stores worldwide and 50 in the state of Kansas. The corporation boasted a revenue increase of 28% compared to pre-pandemic levels, and the location at Topeka Commons has been in place since 2006, paying percentage rent above their breakpoint.


-         Genesis Health Clubs has 58 stores in 6 states and occupies +/- 28,500 SF of space at the Center. The gym has extended their lease for an additional 15 years through December 2030.


-         Dollar General has more than 17,170 stores across 46 states with 252 locations in the state of Kansas. The investment-grade corporation’s Cash Flow from Operations increased more than 73.2% since 2019 and the Dollar General location at Topeka Commons has occupied their space since 1994 and recently extended their term for 6 years through February 2028.


-         Strong Tenant Performance according to Placer.ai:

o  Dollar Tree: Top 5% of Dollar Tree stores located in Kansas (5/71)

o  Dollar General: Top 30% of all other Dollar General locations in the state (76/252)

o  Ace Hardware: Top 25% of locations in the state (14/50)


-         Topeka Commons is comprised of 4 separate buildings and 2 separate outlots allowing investors to employ flexible exit strategies.


-         Diversified Tenant Mix: Tenant lineup is comprised of home improvement, fitness, discount goods, financial services, F&B, and dining tenancy.


-         Great Visibility and Access: The property is strategically located at the intersection of NW Topeka Blvd and HWY 24 with a combined traffic count of over 30,000 vehicles traveling past the Shopping Center each day.


-         Proven Legacy of Tenant Retention: Genesis Health Clubs, Maj-R Thrift, Capital City Bank, Dollar General, Dollar Tree, Ace Hardware, & Mr. Goodcents, have been tenants at the property more than 15 years, contributing to Topeka Common's weighted average tenure of over 16 years.


-         Located in the main retail corridor with surrounding national tenants including, Walgreen's, Walmart, Jimmy Johns, AutoZone, Wendy's, Taco Bell, McDonalds, Wendy's, & Starbucks.


-         Recent Leasing Momentum: Capital City Bank & Uniquely Yours recently signed new leases at Topeka Commons, while Genesis Health, Ace Hardware, Dollar General, Ling’s Café, and Maj R Thrift recently executed lease extensions. This new leasing comprises 75% of the GLA at the asset.

Last Updated Date: 17 Mar 2022

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Last Updated Date: 17 Mar 2022

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