Investment Overview

Marcus & Millichap is pleased to present, Urish Center, a 20,602 square-foot strip center located in Topeka, Kansas. The subject property was built in 2006 on an over-sized lot measuring 2.85 acres and is one of the premier service-based strips in the region. Urish Center is currently occupied by a strong mixture of top-tier ecommerce-proof tenants, who are extremely befitting of the area and spans uses such as Bar/Grill, Liquor & Convenience, Medical, Salon, Home Décor, Tanning Spa, Grocery, and Donuts/Coffee. Major tenants include Tailgators, K&K Liquor Store, Topeka Chiropractic, Desi Delights Grocery, Paradise Donuts, Sunsations Spa & Tan, Create Hair Studio, and Cambridge Quartz & Granite. Urish Center has seen exceptional historical occupancy with weighted average tenancy in excess of eight years, and strong leasing velocity/interest when space becomes available. Despite being a top-tier strip in the region, tenants are paying very reasonable rent levels, averaging only $11.85/SF, which provides steady income, long-term upside, and hedge against relocation risk. In addition to the below-market rent across the board, no tenants occupy more than 17 percent of total GLA, which helps sustain cash-flow and diversification long-term. 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 10 suites, and a prime location at a major roundabout. Upside exists through: 1) Mark-to-Market Lease Opportunities: I. 36 Percent of GLA (Five Tenants) Do Not Have Option Terms II. No Tenant has More than One Option Term Remaining (Opt. Terms Span Only Three to Five Years) III. Weighted Average Lease Term Remaining Only 1.63 Years – Indicating Almost Immediate 2) Immediate Backfill Opportunities with Guaranteed Rent via Master-Lease In Meantime: I. Currently Two Spaces Available for Immediate Lease-Up – Including: i. Sherwood Animal Clinic – Business Winding Down After Recent Passing of Owner (2,311 Square Feet of End-Cap Space – Ability to Install Drive-Thu) ii. Suite #110 – Cambridge Quartz and Granite Relocated From This Space in 2025 Measures 2,541 SF II. Seller Offering Master-Lease Opportunities on Both Spaces – Ask Broker for Details The subject property is located at the hard corner/roundabout of SW Urish and SW 21st St which combine to see over 17,935 vehicles per day. The subject property was a very meticulous and strategic development, as it is situated in the middle of Topeka’s western residential district. Tenants benefit from attracting clientele who are seeking more neighborhood centric uses and ease of access, and although Urish caters more towards immediate demos, the subject property is also only 1.5-miles from Topeka’s #1 retail node. This location offers best of both worlds for tenants and retailers, but also a wide historical spread in rent relative to the main retail node. Zoning restrictions and lack of available land also creates high barriers to entry, meaning there will be minimal like-kind competition in the future. The surrounding demographics are stable & mature with population counts of 5,115 people within One Mile, 38,616 within Three Miles, and 79,640 within Five Miles, and an Average Household Income of $103,472. Major tenants and points of interest nearby include Dillons, Hy-Vee, Target, Menards, Lowe’s, Walmart, Sam’s Club, Home Depot, Hobby Lobby, Ross, Old Navy, Chick Fil-A, Chipotle, Starbucks, CAVA, and ample Class-A small shop space. 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.