Wichita, KS – [September 7, 2022] – Blue West Capital has completed the sale of a multi-tenant retail property located at 3101 N Rock Rd, Wichita, KS 67226. This is the 11th Kansas retail property sold by Blue West Capital in the last two years. Shawn Dickmann and Carly Kelly, of Blue West Capital, exclusively represented the buyer in the transaction, an out-of-state private real estate investment company.
The 22,800 square foot property is located along North Rock Rd, a primary north-south thoroughfare in Eastern Wichita. Tenants at the time of sale included Golftec, T-Mobile, Oh Yeah China Bistro, Oreck Clean Home, The Health Connection, and several other complementary local tenants. In addition to the in-line shops, the sale also included a Scooters Coffee Drive Thru on a ground lease. The site featured desirable surrounding demographics with over 108,000 people within a five-mile radius and average household incomes of over $95,000 within a three-mile radius.
“Blue West Capital continues to be a gateway for out-of-state and West Coast capital to Midwest retail properties. Both parties overcame multiple hurdles throughout the transaction and worked together to allow for a successful closing. The buyer will be able to hit their targeted returns through leasing up the vacant space and renegotiating some of the below market month-to-month tenants.” stated Shawn Dickmann, Associate.
“During the past 18 months there has been a significant supply and demand imbalance in the marketplace, which has driven aggressive pricing on most retail properties. Specifically, there has been a lack of value-add opportunities on the market, as most sellers have been waiting to sell their assets until tenants have recovered from the effects of the pandemic, or until they are able to lease any remaining vacancy. Killarney Center offered our client a rare opportunity to acquire an 83% leased property with below-market rents allowing them to have significant upside over the course of their hold period” said Carly Kelly, Director.