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LAWRENCE, KS
EXECUTIVE SUMMARY
PROPERTY OVERVIEWProperty Size: 85,044 SF
VPD: 30,000+ on Iowa St
Site: ±9.40 acres
Year Built: 1983
Year Renovated 2014/2015
Occupancy: 100%
Parking Spaces: 369 (4.3 per 1,000 SF)
Tenants: Ulta Beauty – 9,618 SFPetSmart – 15,491 SFDick’s Sporting Goods – 50,272 SFBoot Barn – 9,663 SF
Holliday Fenoglio Fowler, L.P. (“HFF”) has been exclusively
retained by ownership to offer qualified investors the
opportunity to purchase 2727 Iowa St (the “Property”),
an 85,044 square foot, fully occupied power center in
Lawrence, Kansas. Located on the hard corner of one of
the most highly traffic intersections in the city, 2727 Iowa
is positioned to benefit from highly desirable college town
demographics and quality tenants. The Property is 100%
leased to a mix of tenured, nationally known retailers,
providing investors with stable cash flow.
LAWRENCE, KS
LAWRENCE, KS
LAWRENCE, KS
2EXECUTIVE SUMMARY | 2727 IOWA ST
W E S T 2 7 T H S T R E E T
IOW
A S
TR
EE
T
9,663 SF
50,272 SF
NAP
NAP
NAP
15,491
9,618 SF
3EXECUTIVE SUMMARY | 2727 IOWA ST 3
PROPERTY OVERVIEWAddress 2727 Iowa StLocation Lawrence, KS 66046Year Built 1983Year Renovated 2014/2015NRA 85,044Land Area ±9.4 ACIn-Place Occupancy 100.0%Parking Spaces 369 (4.3 / 1,000 SF)Traffic Count 30,000+ (Iowa St)
TENANT SUMMARYSquare
Tenant Feet % of Bldg. Retail TypeUlta Salon 9,618 11.3% Beauty ProductsPetsmart 15,491 18.2% Pet SuppliesDick's Sporting Goods 50,272 59.2% Sporting GoodsBoot Barn 9,663 11.3% Western WearTotal Square Feet 85,044 100%
TENANT MIX
FINANCIAL OVERVIEWMonth 1 Annualized NOI $1,321,025Year 1 NOI $1,338,048Wtd. Average In Place Rent $16.79 Wtd. Average Remaining Lease Term 5.7 YearsRollover Summary Within 3 Years of Operation 0% Within 5 Years of Operation 0% Within 10 Years of Operation 100%
11.3%
18.2%
59.2%
11.3%
LAWRENCE, KS
PROPERTY DASHBOARD
4EXECUTIVE SUMMARY | 2727 IOWA ST
W. 27TH STREETW. 27TH STREET
IOWA STREET (30,000 VPD)
IOWA STREET (30,000 VPD)
NN
LAWRENCE, KS
HOLCOM PARKSPORTS COMPLEX
HOLCOM PARKSPORTS COMPLEX
PARK 25 APTS247 UNITS
PARK 25 APTS247 UNITS
137 UNITS137 UNITS
HIGUCHI BIOMEDICALRESEARCH AREA
HIGUCHI BIOMEDICALRESEARCH AREA
5EXECUTIVE SUMMARY | 2727 IOWA ST
SUPERIOR LOCATION, ACCESS & VISIBILITY• 2727 Iowa is situated along Iowa St (30,000+ VPD) at the W 27th St
intersection with strong visibility from the major thoroughfare and proximity
to the South Lawrence Trafficway
• The Property is located within an established trade area near the Iowa St/
Lawrence Trafficway interchange
• The trade area is highlighted by 2.3MM square feet of retail within a one-mile
radius
• A US Bank and a Chick-Fil-A sit on the north and south corners of the property,
further increasing foot traffic
• The Property has benefited from steady population growth as well as the
development and stabilization of quality residential and retail properties along
the Iowa Street corridor
IMPRESSIVE INCOME STABILITY • Current month one annualized NOI of $1,321,025 provide stable cashflow for
the new owner
• All tenants will see a rent escalation in 2020, further increasing NOI
• Currently 100% occupied by quality tenants, the property offers investors
long-term, stable cash flow
• With all tenants, potentially rolling to options in 2025, the new owner has the
opportunity to retain the nationally known tenants or capitalize on the market
to market rent opportunity upon a tenant leaving
LAWRENCE, KS
INVESTMENT HIGHLIGHTS
6EXECUTIVE SUMMARY | 2727 IOWA ST
PROXIMITY TO FAVORABLE DEMOGRAPHICS• 2727 Iowa is positioned to benefit from the stable student population of the
University of Kansas
• Currently, over 28,000 students attend the well-known state school and are
largely not reflected in the demographic data for the area
• College students will continue to frequent this property, located just one mile
south of campus
• In addition to the student population, Lawrence is growing; between 2010 and
2019 the town saw a 12% population increase within 3 miles of the property
QUALITY TENANCY AND CONSTRUCTION• Ulta, PetSmart, Dick’s and Boot Barn add nationally recognized brands while
increasing consumer traffic to the Property
• Recent, high quality construction offers superior curb appeal with limited
future capital requirements
• The Property is home to Lawrence’s only large sporting goods store, a major
demand driver for the property due to its proximity to the University of Kansas
LAWRENCE, KS
INVESTMENT HIGHLIGHTS
7EXECUTIVE SUMMARY | 2727 IOWA ST
W. 27TH STREET
W. 27TH STREET
IOWA STREET (30,000 VPD)
IOWA STREET (30,000 VPD)
LAWRENCE, KS
NN
RESERVE ON WEST 31ST192 UNITS
RESERVE ON WEST 31ST192 UNITS
8EXECUTIVE SUMMARY | 2727 IOWA ST
WITHIN A 3-MILE RADIUS OF 2727 IOWA
118,561 POPULATION ESTIMATE
12%POPULATION GROWTH 2010-2019
$52,152ESTIMATED AVERAGE HOUSEHOLD INCOME
28,000+STUDENTS ATTEND THE UNIVERSITY OF KANSAS
46,561 EMPLOYED DAYTIME POPULATION
DEMOGRAPHICS LOCATION OVERVIEW2727 Iowa is located in Lawrence, Kansas, a bustling college town. Lawrence is home to the University of
Kansas, the local demand driver of the region. The University of Kansas (KU), located just over a mile from the
property, is a public research university and the largest university in the state of Kansas. The university has
had five straight years of enrollment growth and recently welcomed their largest student body since 2011. The
property is also positioned to benefit from population growth in the immediate area. The population within a
3-mile radius of the Property grew 12% from 2010 to 2019 and is expected to grow over 6% in the next 5 years.
2727 Iowa benefits from quality infrastructure and high traffic counts along Iowa Street. Excellent access to key
thoroughfares, such as Iowa Street, Clinton Parkway, W 23rd St and the South Lawrence Trafficway provides
excellent connectivity to established neighborhoods and population centers including the University of Kansas,
which had over 28,500 students enrolled in the fall of 2018. The property continues to cater to thousands of
locals, college students and proud KU alumni every day.
DEMOGRAPHICS SUMMARYDESCRIPTION 1-MILE RADIUS 3-MILE RADIUS 5-MILE RADIUS
2024 Projected Population 18,824 125,784 337,600
2019 Population 17,878 118,561 320,268
2010 Population 17,016 105,741 297,983
2000 Population 16,773 108,682 303,339
Projected Growth (2019-2024) 5.3% 6.1% 5.4%
Growth 2010-2019 5.1% 12.1% 7.5%
2019 Est. Average Household Income $40,263 $52,153 $58,109
2019 Est. Median Housing Value $72,802 $90,407 $91,801
9EXECUTIVE SUMMARY | 2727 IOWA ST 2727 IOWA ST | EXECUTIVE SUMMARY
UNIVERSITY OF KANSAS OVERVIEWThe University of Kansas (KU) is a public research university and the largest university in the state of Kansas. KU campuses are located in Lawrence, Wichita, Overland
Park, Salina a Kansas City, with the main campus located in Lawrence on Mount Oread, the highest point in Lawrence. The university was established in 1866, under a
charter granted by the Kansas Legislature in 1864.
The University’s enrollment has grown for the fifth straight year, according to data released in 2018 by the Kansas Board of Regents. Additionally, KU has recruited
the most talented freshman class in history and set all-time highs in retention and graduation rates. KU has 28,510 students enrolled across all campuses, an increase
of 63 students from last year. It is KU’s highest enrollment since 2011. Additionally, the freshman class grew to 4,164 students, marking the sixth time in seven years
the freshman class has grown. KU also set records for retention and graduation this year. The one-year retention rate for the fall 2017 cohort is an all-time high 83.9
percent, while the university’s five-year and six-year graduation rates are also at record highs.
“We are pleased to have grown our enrollment for the fifth straight year and to have welcomed the most talented freshmen in history, which is a clear indication that top students want to attend a major research university that offers nationally ranked academic programs and life-changing opportunities. Most importantly, these students are persisting and graduating at record-high rates, which benefits our state, our economy and the society we serve.” - Chancellor Douglas A. Girod
• The university offers 190 undergraduate majors and has recently received numerous accolades in multiple publications for its academic offerings. U.S. News and
World Report ranked KU among the top 50 national public universities, which takes into consideration academic reputation, retention and graduation rates. Other
university recognitions include:
• Ten Top-10 Graduate Programs among Public Universities (U.S. News and World Report – 2014)
• “One of the country’s best institutions for undergraduate education” (The Princeton Review – 2012)
• 34 out of 1,380 universities for Best Overall Student Experience (Niche.com – 2014)
MOST DIVERSE
STUDENT BODY IN HISTORY
FIFTH STRAIGHT YEAR OF ENROLLMENT
GROWTH
LARGEST STUDENT BODY
SINCE 2011
10EXECUTIVE SUMMARY | 2727 IOWA ST
DICK’S SPORTING GOODS
Size: . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50,272
Dick’s Sporting Goods, Inc. is a leading sporting goods retailer offering an extensive assortment of authentic, high quality sports equipment, apparel, footwear and accessories. The Company also owns and operates Golf Galaxy, Field & Stream and True Runner specialty stores. As of 2018, the Company operated 850 Dick’s Sporting Goods store, 91 Golf Galaxy stores, and 35 Field & Stream stores. They also employ approximately 14,600 full-time and 25,900 part-time associates. The primary prototype Dick’s Sporting Goods store is a single-level store of approximately 50,000 square feet. They also have a prototype two-level store of approximately 80,000 square feet for those trade areas that have sufficient in-profile customers to support it as well as a smaller-market model that is approximately 35,000 to 40,000 square feet.
PETSMART
Size: . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,491
PetSmart, Inc. is the largest specialty retailer of services and solutions for the lifetime needs of pets. PetSmart provides a broad range of competitively priced pet food and pet supplies and offers complete pet training and pet adoption services. PetSmart, Inc. was founded in 1986 and is based in Phoenix, Arizona. PetSmart has more than 1,232 pet stores in the United States and Canada, 192 in-store PetsHotels, cat and dog boarding facilities and Doggie Day Camps, 791 veterinary hospitals under the trade name of Banfield, The Pet Hospital, and 8 hospitals operated through other third parties in Canada. In addition, PetSmart is a leading online provider of pet supplies and pet care information.
BOOT BARN
Size: . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,663
Boot Barn is the nation’s leading lifestyle retailer of western and work-related footwear, apparel and accessories for men, women and children. The Company offers its loyal customer base a wide selection of work and lifestyle brands. Boot Barn now operates 234 stores in 31 states, in addition to an e-commerce channel, including both www.bootbarn.com and www.sheplers.com.
ULTA SALON
Size: . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,618 SF
Founded in 1990 and based in Bolingbrook, Illinois, Ulta offers more than 20,000 cosmetic, fragrance, haircare, skincare, and salon styling products across various price points. In addition to offering shoppers a “one-stop location” for cosmetic and salon products, Ulta also enhances the customer experience by including a full-service salon in each of its stores. The retailer has a strong customer loyalty program, which as of end of 2015 included approximately 13 million members that generated nearly half of the retailer’s total sales. As of 2018, Ulta operated over 1,100 stores in all 50 states. Typical locations occupy 10,000 square feet, 950 of which constitute a salon, and are situated in off-mall locations.
LAWRENCE, KS
TENANT PROFILES
11EXECUTIVE SUMMARY | 2727 IOWA ST
HFF has been engaged by the owner of the property to market it for sale. Information concerning the property described herein has been obtained from sources other than HFF, and neither Owner nor HFF, nor their respective equity holders, officers, employees and agents makes any representations or warranties, express or implied, as to the accuracy or completeness of such information. Any and all reference to age, square footage, income, expenses and any other property specific information are approximate. Any opinions, assumptions, or estimates contained herein are projections only and used for illustrative purposes and may be based on assumptions or due diligence criteria different from that used by a purchaser, and HFF, its partners, officers, employees and agents disclaim any liability that may be based upon or related to the information contained herein. Prospective purchasers should conduct their own independent investigation and rely on those results. The information contained herein is subject to change.
DEAL TEAM
RYAN WESTSenior Managing [email protected]
CHRIS GERARDSenior Managing [email protected]
BRYAN [email protected]
9 Greenway PlazaSuite 700Houston, Texas 77046
713.852.3500 713.527.8725
2323 Victory AvenueSuite 1200Dallas, Texas 75219
214.265.0880 214.265.9564
HFFLP.COM
