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No Tenant Specified

Academy Sports + Outdoors

510 Markey Pkwy, Belton, MO 64012

Listing Price: $7,857,000

Cap Rate
6.50%
Tenant Name
Academy Sports + Outdoors
Years Remaining On Lease
9.1
Gross SF
58,472
Guarantor
Corporate Guarantee
Rentable SF
58,472
Price/Gross SF
$134.37
Lease Type
Triple Net (NNN)
Rent Per Square Feet
$8.75

Investment Overview

Marcus & Millichap, as exclusive advisor, is pleased to present the opportunity to acquire a Single Tenant Net Leased Academy Sports + Outdoors (“The Property”) located in Belton, MO (Kansas City MSA). The Build-to-Suit property was constructed in 2014 and features approximately 10-years remaining on the base lease term, with a 6% rent increase in 2024, which raises the cap rate to north of 6.60%. The corporately guaranteed lease is a Triple Net lease with the only landlord responsibilities being the roof and structure, with the roof under warranty through 2029. The lease features 4, 5-year options to renew with 5% rent increases in each option. Located in Belton, Missouri, the Property is positioned in Kansas City’s quickly growing southern suburbs with more than 7% population growth projected over the next 5 years. To support the quickly growing population there are numerous multi-family projects under construction with two new projects adding 623 units within 1-mile of the Property. With 39,000 residents in a 3-mile radius boasting an average household income north of $82,000 annually, the Property is well positioned to continue benefitting from its prime location. Academy Sports + Outdoors Inc (NASDAQ: ASO) has an excellent history of growing revenue year over year with growth from $4.8 billion in 2019, to $5.7 billion in 2020, and $6.8 billion in 2021, all while increasing margins from 29.6% to 34.7%. The company continues to grow with 260 locations across 16 states and 8 new store openings through 2022. The 58,472 square foot Property is located on a 6.49-acre site that sees more than 83,000 VPD at the intersection of Hwy-71 and Hwy-Y. The Property is surrounded by national credit retailers including Menards, Walmart, Lowe’s, Home Depot, Target, Sam’s Club, Hobby Lobby, Marshalls, Ross, and many others. The Property is being offered free and clear of debt at a 6.25% cap rate totaling $8,185,000.

Investment Highlights

  • SINGLE TENANT NET LEASE | LONG TERM NNN LEASE
  • NEW CONSTRUCTION | BUILD TO SUIT
  • EXCELLENT DEMOGRAPHICS

Exclusively Listed By

No Tenant Specified

Academy Sports + Outdoors

Listing Price: $7,857,000

Cap Rate
6.50%
Tenant Name
Academy Sports + Outdoors
Years Remaining On Lease
9.1
Gross SF
58,472
Guarantor
Corporate Guarantee
Rentable SF
58,472
Price/Gross SF
$134.37
Lease Type
Triple Net (NNN)
Rent Per Square Feet
$8.75

Investment Highlights

  • SINGLE TENANT NET LEASE | LONG TERM NNN LEASE
  • NEW CONSTRUCTION | BUILD TO SUIT
  • EXCELLENT DEMOGRAPHICS

Investment Overview

Marcus & Millichap, as exclusive advisor, is pleased to present the opportunity to acquire a Single Tenant Net Leased Academy Sports + Outdoors (“The Property”) located in Belton, MO (Kansas City MSA). The Build-to-Suit property was constructed in 2014 and features approximately 10-years remaining on the base lease term, with a 6% rent increase in 2024, which raises the cap rate to north of 6.60%. The corporately guaranteed lease is a Triple Net lease with the only landlord responsibilities being the roof and structure, with the roof under warranty through 2029. The lease features 4, 5-year options to renew with 5% rent increases in each option. Located in Belton, Missouri, the Property is positioned in Kansas City’s quickly growing southern suburbs with more than 7% population growth projected over the next 5 years. To support the quickly growing population there are numerous multi-family projects under construction with two new projects adding 623 units within 1-mile of the Property. With 39,000 residents in a 3-mile radius boasting an average household income north of $82,000 annually, the Property is well positioned to continue benefitting from its prime location. Academy Sports + Outdoors Inc (NASDAQ: ASO) has an excellent history of growing revenue year over year with growth from $4.8 billion in 2019, to $5.7 billion in 2020, and $6.8 billion in 2021, all while increasing margins from 29.6% to 34.7%. The company continues to grow with 260 locations across 16 states and 8 new store openings through 2022. The 58,472 square foot Property is located on a 6.49-acre site that sees more than 83,000 VPD at the intersection of Hwy-71 and Hwy-Y. The Property is surrounded by national credit retailers including Menards, Walmart, Lowe’s, Home Depot, Target, Sam’s Club, Hobby Lobby, Marshalls, Ross, and many others. The Property is being offered free and clear of debt at a 6.25% cap rate totaling $8,185,000.

Exclusively Listed By

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