Shopping Neighborhood

Kroger Marketplace

1626 E Harding St, Morrilton, AR 72110

Listing Price: $1,788,000

Cap Rate
8.00%
Gross SF
30,612
Rentable SF
30,612
Price/Gross SF
$58.41
Lot Size
3.64 acres
Year Built
1970

Investment Overview

Marcus & Millichap, on behalf of ownership, is pleased to present, Kroger anchored Marketplace in Morrilton, Arkansas. The subject property is a 100 percent occupied, 30,612-square-foot grocery-anchored shopping center situated on 3.76 acres. Anchored by Kroger, who has been at this site since 1970, this asset has remained a staple property in the community and continues to provide Morrilton’s only Full-Service grocer. Kroger’s current term runs until the end of 2022 and has an additional five-year option term with a 6.67 percent rental increase. Kroger is currently encumbered by a triple-net lease wherein Tax, Common Area Maintenance and Insurance expenses are fully reimbursed. Kroger is the United States largest grocery chain, and the second-largest retailer behind Walmart. Kroger is currently traded on the NYSE under ticker symbol KR. Accompanying the centers main tenant is a complimentary tenant roster which includes Verizon Wireless, and Cheep Convenience Store. Verizon Wireless is run by national franchisee Russell Cellular, which is one of the fastest growing franchisees with 658 locations, spanning 37 states. Verizon has been at this site since 2009, occupies 2,400 square feet which is 7.8 percent of Gross Leasable Area, and just recently took their option per their lease. Majority of tenants are leased to triple-net terms, providing strong recovery of taxes, insurance, and common area maintenance expenses. Ownership benefits from ease of management with a small tenant base, strong recapture of expenses and irreplaceable real estate. Kroger anchored Marketplace is located on E. Harding Street which sees over 14,812 vehicles per day, making this one of the busiest roads in town. The subject property is less than half a mile from I-40, the main throughway connecting East and West-Arkansas which sees an additional 35,000 vehicles per day.

Investment Highlights

  • 100 Percent Occupied, 30,612-Square-Foot Grocery Anchored Shopping Center in Morrilton, Arkansas
  • Shadowed by Walmart Supercenter; Neighbors for 28 Years
  • Very Strong Historical Sales –Consistently Exceeding Percentage Rent Threshold

Exclusively Listed By

Broker of Record

  • Anne Williams

    First Vice President Investments

    License(s): AR: PB00066390

    Arkansas

Shopping Neighborhood

Kroger Marketplace

Listing Price: $1,788,000

Cap Rate
8.00%
Gross SF
30,612
Rentable SF
30,612
Price/Gross SF
$58.41
Lot Size
3.64 acres
Year Built
1970

Investment Highlights

  • 100 Percent Occupied, 30,612-Square-Foot Grocery Anchored Shopping Center in Morrilton, Arkansas
  • Shadowed by Walmart Supercenter; Neighbors for 28 Years
  • Very Strong Historical Sales –Consistently Exceeding Percentage Rent Threshold

Investment Overview

Marcus & Millichap, on behalf of ownership, is pleased to present, Kroger anchored Marketplace in Morrilton, Arkansas. The subject property is a 100 percent occupied, 30,612-square-foot grocery-anchored shopping center situated on 3.76 acres. Anchored by Kroger, who has been at this site since 1970, this asset has remained a staple property in the community and continues to provide Morrilton’s only Full-Service grocer. Kroger’s current term runs until the end of 2022 and has an additional five-year option term with a 6.67 percent rental increase. Kroger is currently encumbered by a triple-net lease wherein Tax, Common Area Maintenance and Insurance expenses are fully reimbursed. Kroger is the United States largest grocery chain, and the second-largest retailer behind Walmart. Kroger is currently traded on the NYSE under ticker symbol KR. Accompanying the centers main tenant is a complimentary tenant roster which includes Verizon Wireless, and Cheep Convenience Store. Verizon Wireless is run by national franchisee Russell Cellular, which is one of the fastest growing franchisees with 658 locations, spanning 37 states. Verizon has been at this site since 2009, occupies 2,400 square feet which is 7.8 percent of Gross Leasable Area, and just recently took their option per their lease. Majority of tenants are leased to triple-net terms, providing strong recovery of taxes, insurance, and common area maintenance expenses. Ownership benefits from ease of management with a small tenant base, strong recapture of expenses and irreplaceable real estate. Kroger anchored Marketplace is located on E. Harding Street which sees over 14,812 vehicles per day, making this one of the busiest roads in town. The subject property is less than half a mile from I-40, the main throughway connecting East and West-Arkansas which sees an additional 35,000 vehicles per day.

Exclusively Listed By

Broker of Record

  • Anne Williams

    First Vice President Investments

    License(s): AR: PB00066390

    Arkansas

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