Investment Overview

Marcus & Millichap, on behalf of Ownership, is pleased to present the opportunity to acquire Hillcrest Plaza, a 100,054 square foot neighborhood shopping center located in St. Joseph, Missouri (the “Offering”). Built in 1975 and situated on 10.62 acres, the Offering is 99 percent leased and has served the Belt Highway trade area for five decades. The site sits between the signalized intersections of Faraon Street and Frederick Avenue on US 169 Belt Highway (22,822 VPD), St. Joseph’s dominant north-south commercial corridor, one-half mile from the Interstate 29 interchange. NEW ANCHOR JOINS LOING-TERM TENANT BASE The former JoAnn box was marketed for only a short time before The Salvation Army took interest and signed a new 10-year lease for the 20,516 square feet space. Out of the current eight tenants, five have been at Hillcrest Plaza more than ten years and tenure averages 12 years: Office Depot 27 years, New China Super Buffet 21, New Nail & Spa 17, Leslie’s 11, Vintage Stock 10 and Dollar Tree 6, with an entertainment retailer in the Vintage Stock box since 1994. Office Depot’s 27 years here have outlasted the chain’s own consolidations. When the company had two St. Joseph stores in 2015, it closed the Northgate OfficeMax and kept this one, and renewed again in August 2025. It is the only national office supply store within 40 miles. New Nail & Spa nearly tripled its space in October 2020, and Dollar Tree, at the center for 6 years, is the busiest of the four Dollar Trees within 30 miles. The center records 664,700 visits a year per Placer.ai. RIGHT-SIZED BOXES WITH DEEP RETAILER DEMAND The center’s four junior boxes run from about 12,000 to 25,000 square feet, exactly the size today’s retailers want, and the leasing history proves it. St. Joseph’s submarket retail vacancy is recorded at a low 3.4% per CoStar. The center has turned over a big box three times in ten years, and all three vacancies came from national chain bankruptcies rather than property specific weakness. When Hastings Entertainment liquidated in 2016, Vintage Stock bought the store and took over the lease, so the box changed operators without going dark and has housed an entertainment retailer continuously since 1994. MC Sports closed here in its 2017 bankruptcy and Dollar Tree backfilled that box. Most recently, the former JoAnn box and the space next to it, 20,516 square feet combined, became a new Salvation Army space. It is notable the strength of the leasing market around this property. When Big Lots closed at Northgate, one-half mile north, Ollie’s Bargain Outlet backfilled the box in February 2026. Bed Bath and Beyond at the Shoppes at North Village, three miles north on the Belt, was backfilled by HomeGoods in about nine months. VALUE ADD STRATEGY The Property offers various opportunities for future income growth. Vintage Stock (25,343 SF) and Office Depot (23,000 SF) collectively occupy nearly half of the center and currently pay rents of $6.00 PSF and $7.85 PSF, respectively. Recent large-format leasing activity demonstrates substantially higher market rents, with The Salvation Army leasing 20,516 SF at $11.00 PSF with no tenant improvement allowance and four months of free rent, while Dollar Tree pays $11.00 PSF for 11,750 SF. Marking the Vintage Stock and Office Depot spaces to current market rents could generate approximately $200,000 of additional annual rental revenue and may begin as early as 2028. Vintage Stock represents the most immediate opportunity, with its lease expiring in April 2028 and only a single three-year renewal option at $6.50 PSF remaining. Demand for large-format space has already been demonstrated, as a national retailer pursued the Office Depot space during the 2025 renewal negotiations, ultimately prompting Office Depot to exercise its renewal option rather than vacate. Office Depot has two remaining renewal options at $8.85 PSF and $9.85 PSF. Additionally, Suite 631, a 960 SF end-cap vacancy created following the closure of a local bubble tea operator in 2026, presents a near-term leasing opportunity. The space benefits from drive-thru entitlement by right under the C-3 zoning district, requiring no variance or conditional use permit. It is being marketed at $15.00 PSF compared to in-place shop rents of $11.00 to $12.10 PSF. Complementing the leasing upside, the offering includes a separate 1.27-acre parcel of excess land, for which ownership has received interest from a homebuilder. SITE FUNDAMENTALS Hillcrest Plaza sits at the crossroads of St. Joseph retail. The Belt Highway (US 169), the city’s primary north-south retail corridor, carries 22,822 vehicles per day at the center, where the property holds 385 feet of frontage. Frederick Avenue, the main east-west connector, carries 17,718 vehicles per day and runs from the Belt to Interstate 29 at Exit 47, two minutes away. That interchange carries 47,739 vehicles per day, the busiest point on I-29 in St. Joseph, ahead of US 36, I-229 and both US 169 junctions (MoDOT, 2025). I-29 runs south to Kansas City and north to Omaha, US 36 crosses the state east and west to Interstate 35, and I-229 loops the river side of the city. The 10.62-acre site sits between the signalized intersections of Faraon Street and Frederick Avenue. Belt Highway access is unrestricted by a median and served by a center turn lane, with two ingress and egress points, shared access with the McDonald’s on the frontage and a direct connection into East Hills Shopping Mall. Zoning is C-3, which permits drive-thru use by right. Hillcrest Plaza adjoins East Hills, the 622,259 square foot regional mall, which wraps the center along its north and east lines. Its owner is building a Chipotle and a drive-thru coffee house on the 1.8-acre former Golden Corral site immediately north, and Dutch Bros opened directly across the Belt in March 2026. New retail on this stretch is going in as single tenant pads rather than competing shop space.