Hanley Investment Group closes sale of two retail properties in Kansas City area
Hanley Investment Group Real Estate Advisors arranged the sale of two freeway-adjacent, new construction retail investments occupied by Taco Bell and Scooter’s Coffee with drive-thrus located on an outparcel in front of a grocery-anchored shopping center in the Kansas City metro area.
The sale price for the two freestanding buildings in Lee’s Summit, Missouri, was $3.338 million, representing a 5.35 percent cap rate and $1,209 a square foot.
Hanley Investment Group Executive Vice Presidents Jeff Lefko and Bill Asher and Senior Associate Beau Velten, alongside Managing Director Jeff Christian with First Street Brokerage, represented the seller, a San Francisco Bay Area-based private investment company. The buyer was a private investor from Battle Ground, Washington, represented by Deborah Ewing of Fuller Group CRE of Vancouver, Washington.
Despite the challenges of the COVID-19 pandemic, this sale marks Hanley Investment Group’s fifth retail transaction in Missouri and its 26th Midwest retail sale this year.
Built in 2019, the two-tenant Taco Bell and Scooter’s Coffee-occupied property is located at 851 NE Woods Chapel Road on a 1.0-acre parcel at the on/off ramp of the Interstate-470 freeway and NE Woods Chapel Road. Taco Bell occupies a 2,160-square-foot drive-thru building with a new, long-term, absolute triple-net lease with increases every five years. Scooter’s Coffee occupies a 600-square-foot drive-thru building with a new, long-term, absolute triple-net ground lease with increases every five years.
The two freestanding buildings are located on an outparcel to a Price Chopper-anchored shopping center. Price Chopper is the dominant grocer chain in the Kansas City area with 55 stores across Kansas, Missouri and Iowa.
Lee’s Summit is consistently ranked as a top-tier Midwest suburb. In 2018, Money magazine named Lee’s Summit one of the Best Places to live. It is known for its outdoor areas including 26 different parks while still being in close proximity to Downtown Kansas City. There are 2.1 million people in the Kansas City metro area, which was ranked #20 in Wall Street Journal’s 2019 Hottest Job Market out of 381 U.S. metro areas. The Kansas City metro area has benefited from the influx of tech and healthcare companies moving to the area.