Investment Overview

Marcus & Millichap is pleased to present, Croco Crossing, a 14,968 square-foot strip center in Topeka, KS. The subject property was built in 2009 and is situated on 1.91 acres. Croco Crossing is currently 100% occupied by a strong mixture of top-tier ecommerce-proof tenants, who are extremely befitting of the area. Major tenants include CoreFirst Bank, Great Clips, Papa John’s, 8 Iron Therapy, Fatback Brewing, and State Farm. The site is anchored by CoreFirst Bank, who occupies 2,975 square feet which equates to 19.88% of GLA and 26% of base rent. CoreFirst is a community bank headquartered in Topeka and has 14 locations. CoreFirst has been at the site since 2009 and has grown deposits by 57% since 2019. Croco has seen exceptional historical occupancy and has consistently been an extremely sought after site by tenants. Recent lease signings include Papa John’s, who is undergoing their extensive buildout after signing a 10-year lease, and Fatback Brewing who also recently signed a 7-year lease in 2023. Current weighted average lease term remaining is over 4.75-Years. Despite being a top-tier strip in the region, tenants are paying very reasonable rent levels, averaging $11.68/ SF, which provides steady income, long-term upside, and hedge against relocation risk. All tenants are encumbered by landlord favorable NNN lease structures wherein tenants reimburse Tax, CAM, Insurance expenses, as well as 3rd party management fees. Ownership benefits from an e-commerce proof tenant mix, favorable lease structures, reasonable rent levels, ease of management with only 6 tenants, and a prime hard-corner location. The subject property is located at the hard-corner/signalized intersection of SE Croco and SE 29th which sees over 17,460 vehicles per day. The subject property was a very meticulous and strategic development, as it is not situated in a retail corridor, rather in Topeka’s residential district. The strategic location renders itself as one of the only strip centers within the area and caters extremely well to the region. Zoning restrictions and lack of available land creates very high barriers to entry, meaning there will be minimal competition in the future. The surrounding demographics are stable & mature with population counts of 4,818 within 1 Mile, 27,715 within 3-Miles, and 68,352 within 5-Miles, and an Average Household Income of $89,508. Major points of interest in the immediate vicinity include Bettis Sports Complex, Lake Shawnee, Dollar General, Sonic, Great Clips, and an array of food providers. Topeka is the State Capitol of Kansas, the 37th most populous city in the U.S., and is less than an hour away from Kansas City.