Shopping Strip

Crestwood Gardens

9860 Watson Rd, St. Louis, MO 63126

Listing Price: $1,895,000

Cap Rate
8.17%
Gross SF
10,863
Rentable SF
10,863
Price/Gross SF
$174.45
Lot Size
1.53 acres
Year Built
1988

Investment Overview

Marcus & Millichap on behalf of ownership is pleased to present Crestwood Gardens, a 10,863-square-foot retail strip located in Crestwood, Missouri. Built in 1988, this asset is situated on 1.53 acres and is located in southern-St. Louis’ strongest retail corridor. Crestwood Gardens is currently 100 percent occupied by a mixture of national, regional and local tenants, 100 percent of which are ecommerce proof. National/Regional tenants occupy 82 percent of gross leasable area and includes Sherwin-Williams, Mississippi Valley Blood Center and Regional Finance. Sherwin-Williams is the centers largest tenant, occupying 40 percent of gross leasable area and has been at the site since 2010. Sherwin just signed a new, five-year extension which runs through 2025, and this is the only Sherwin servicing the Crestwood/Kirkwood corridor. Mississippi Valley Blood Center is a regional blood supplier to 88 hospitals within a four-state radius and this is the only location servicing central and southern St. Louis. MV Blood Center recently signed an extension which runs through 2023. The final tenant at the site is Vivid Salon, a major traffic driver for the center, who has been at the site since 2014. Vivid has a lease which runs until 2025 and includes a substantial rental bump during the current term. 100 percent of the tenant base is encumbered by triple-net leases which fully cover Tax, Common Area Maintenance and Insurance expenses as well as a portion of management fees. These triple-net reimbursement leave minimal landlord expenses and the small tenant base allows for ease of management. Investors may take advantage of this opportunity to enhance their retail portfolio’s by adding a quality, diversified shopping center in one of the nation’s top MSA’s. Crestwood Gardens is located along Watson Road which sees over 22,050 vehicles per day, and less than a mile from I-44, a major highway seeing over 109,000 vehicles per day. This asset benefits from high exposure and strong co-tenancy as it’s strategically situated in the areas main retail corridor. Major retailers in the surrounding area include Schnucks, Home Depot, Kohl’s, Ross, Marshalls, Old Navy, Walmart, Target, Lowe’s, Aldi, Chick-fil-A and Jack in the Box. This area continues to thrive, and outdated assets are quickly turning into major redevelopment projects. Demographics are dense and mature with 9,552 residents within one-mile, 74,083 within three-miles, and 198,762 within five-miles. Average Household Income is well above the national average at $92,266 within one-mile and $113,260 within three-miles. St. Louis, the 21st largest Metro in the United States, and the second largest city in the state of Missouri. The St. Louis MSA is home to over 2.8 million people and is within 500 miles of one-third of the U.S. population. Greater St. Louis is home to the headquarters of ten of Missouri’s eleven Fortune 500 companies, six Fortune 1,000 companies and two of the top 30 Largest Private Companies in America, as ranked by Forbes.

Investment Highlights

  • 10,863-Square-Foot Sherwin Williams-Anchored Retail Strip in St. Louis, Missouri
  • Affluent Demographic Base: $113,000 Average Household Income within Three-Miles, $108,000 Average Household Income within Five-Miles
  • 100 Percent of Tenant Base is Ecommerce Proof: Sherwin-Williams, MV Blood Center, Regional Finance, Vivid Salon
  • Weighted Average Lease Term Remaining = Four and a Half Years; Fresh Lease Renewals
  • Reasonable/Replaceable Rents = Average of $14.91 Per Square Foot Triple-Net Lease
  • 22,050 Cars Per Day Passing Site; 0.9-Mile from I-44 (109,000 Plus Cars Per Day)
  • Half a Mile from Crestwood City Center - $300 Million Plus Mixed-Use Development - One of the Largest St. Louis Developments in Decades
  • Minimal Management: Only Four Tenants, All Triple-Net Leases - 100 Percent of Tax/Insurance/Common Area Maintenance Reimbursed and Portion of Management Fee

Exclusively Listed By

Listing Price: $1,895,000

Cap Rate
8.17%
Gross SF
10,863
Rentable SF
10,863
Price/Gross SF
$174.45
Lot Size
1.53 acres
Year Built
1988

Investment Highlights

  • 10,863-Square-Foot Sherwin Williams-Anchored Retail Strip in St. Louis, Missouri
  • Affluent Demographic Base: $113,000 Average Household Income within Three-Miles, $108,000 Average Household Income within Five-Miles
  • 100 Percent of Tenant Base is Ecommerce Proof: Sherwin-Williams, MV Blood Center, Regional Finance, Vivid Salon
  • Weighted Average Lease Term Remaining = Four and a Half Years; Fresh Lease Renewals
  • Reasonable/Replaceable Rents = Average of $14.91 Per Square Foot Triple-Net Lease
  • 22,050 Cars Per Day Passing Site; 0.9-Mile from I-44 (109,000 Plus Cars Per Day)
  • Half a Mile from Crestwood City Center - $300 Million Plus Mixed-Use Development - One of the Largest St. Louis Developments in Decades
  • Minimal Management: Only Four Tenants, All Triple-Net Leases - 100 Percent of Tax/Insurance/Common Area Maintenance Reimbursed and Portion of Management Fee

Investment Overview

Marcus & Millichap on behalf of ownership is pleased to present Crestwood Gardens, a 10,863-square-foot retail strip located in Crestwood, Missouri. Built in 1988, this asset is situated on 1.53 acres and is located in southern-St. Louis’ strongest retail corridor. Crestwood Gardens is currently 100 percent occupied by a mixture of national, regional and local tenants, 100 percent of which are ecommerce proof. National/Regional tenants occupy 82 percent of gross leasable area and includes Sherwin-Williams, Mississippi Valley Blood Center and Regional Finance. Sherwin-Williams is the centers largest tenant, occupying 40 percent of gross leasable area and has been at the site since 2010. Sherwin just signed a new, five-year extension which runs through 2025, and this is the only Sherwin servicing the Crestwood/Kirkwood corridor. Mississippi Valley Blood Center is a regional blood supplier to 88 hospitals within a four-state radius and this is the only location servicing central and southern St. Louis. MV Blood Center recently signed an extension which runs through 2023. The final tenant at the site is Vivid Salon, a major traffic driver for the center, who has been at the site since 2014. Vivid has a lease which runs until 2025 and includes a substantial rental bump during the current term. 100 percent of the tenant base is encumbered by triple-net leases which fully cover Tax, Common Area Maintenance and Insurance expenses as well as a portion of management fees. These triple-net reimbursement leave minimal landlord expenses and the small tenant base allows for ease of management. Investors may take advantage of this opportunity to enhance their retail portfolio’s by adding a quality, diversified shopping center in one of the nation’s top MSA’s. Crestwood Gardens is located along Watson Road which sees over 22,050 vehicles per day, and less than a mile from I-44, a major highway seeing over 109,000 vehicles per day. This asset benefits from high exposure and strong co-tenancy as it’s strategically situated in the areas main retail corridor. Major retailers in the surrounding area include Schnucks, Home Depot, Kohl’s, Ross, Marshalls, Old Navy, Walmart, Target, Lowe’s, Aldi, Chick-fil-A and Jack in the Box. This area continues to thrive, and outdated assets are quickly turning into major redevelopment projects. Demographics are dense and mature with 9,552 residents within one-mile, 74,083 within three-miles, and 198,762 within five-miles. Average Household Income is well above the national average at $92,266 within one-mile and $113,260 within three-miles. St. Louis, the 21st largest Metro in the United States, and the second largest city in the state of Missouri. The St. Louis MSA is home to over 2.8 million people and is within 500 miles of one-third of the U.S. population. Greater St. Louis is home to the headquarters of ten of Missouri’s eleven Fortune 500 companies, six Fortune 1,000 companies and two of the top 30 Largest Private Companies in America, as ranked by Forbes.

Exclusively Listed By

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