200-260 W Greenway Ct
Derby, KS 67037
Towne Center Shopping Mall · Retail Property For Sale

Marcus and Millichap is pleased to exclusively present to qualified investors Towne Center, located right off K-15 in Derby, Kansas. This asset is currently 70 percent occupied and anchored by a Dillon’s (Kroger) grocery store. Dillon’s is a regional grocery retailer with 93 locations and over 12,000 employees and is wholly owned by Kroger, a publicly traded member of the S&P 500 with a reported $1.9 billion in net operating income. This multi-tenant retail property consists of 64,223 net rentable square feet of which 19,285 square feet is available for lease. The total lot area is 7.03 acres located in the heart of a major retail corridor and enjoys a traffic count of 20,000+ vehicles per day. The property is surrounded by many national brands such as Autozone, KFC, Burger King and McDonald’s. The city of Derby population is 23,214 although the population has grown by 44 percent over the last eight years. Derby, part of the Wichita MSA, is located eight miles from Wichita, the largest city in Kansas with a population of 380,000. The median household income in Derby is $68,695. Aviator Church (N.A.P of this offering) also pays common area maintenance towards the property expenses. This arrangement helps lower costs associated with the property while bringing extra traffic to the shopping center. The grocery tenant rent is at only $2.72 per square foot triple net. All rents are triple net. With a going-in capitalization rate of 10.39 percent, $44 per square foot with a 16.49 percent cash flow in-place and 30 percent value-add upside in leasing additional space, this investment offering is a major value play in today’s retail market.