Investment Overview

Marcus & Millichap, as exclusive advisor, is pleased to present the opportunity to acquire 100 percent fee simple interest in Spring Creek Shopping Center, (the “Property”), a 31,557 square foot Neighborhood Shopping Center located in Derby, KS, the largest and most affluent suburb in the Wichita, Kansas MSA. Built in 2007 on a 3.28-acre site, the Property features a high-end brick facade, carefully groomed landscaping, and has been exceptionally well-maintained. Spring Creek is comprised of three buildings strategically located at the signalized, hard corner of Rock Road and E Madison Avenue, the area’s major intersection and primary thoroughfare. The Center combines outstanding visibility and great access with a convenient location that caters to the surrounding high-income demographics. The Property features one-mile average household incomes exceeding $105,000 and daily traffic counts of more than 31,000 vehicles. The Center provides two pylon signs, three-access points, and ample parking for tenants and customers alike with 199 surface spaces located in the front and rear of the Property. The premier neighborhood-style medical, dining, and service-oriented center is 100 percent leased to an e-commerce resistant tenant roster which is widely recognized by residents and surrounded by high income communities, both long-established and under development. Medical tenants occupy 32 percent of the GLA providing a stable and sticky tenant base with the remaining tenants offering a complimentary mix of retail, restaurant, and service uses. Spring Creek has an impressive long-standing track record of maintaining high occupancy levels, with a weighted average tenant tenure at the Property of more than 12 years. The Property has maintained average occupancy of over 95 percent for more than 10 years. The Derby retail market is extremely tight with just 2.7 percent vacancy across 2.6 million square feet of retail with zero retail space currently under construction. Located just 10-miles from downtown Wichita, Spring Creek is in a wealthy bedroom community that is continuing to develop and fill in each year. The Property is surrounded by a multitude of residential and multi-family developments, as well as a high school, public library, and a regional waterpark attraction. 518 multi-family units have been completed within the last five-years in a five-mile radius, as well as numerous single-family communities and custom homes. The immediate surrounding area is also host to numerous other retailers and dining establishments including Ace Hardware, Planet Fitness, Dollar Tree, The UPS Store, McDonald’s, Commerce Bank, Casey’s General Store, Arby’s, Papa Johns, Pizza Hut, Sonic, and Taco Bell.