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Panda Express & Sleep Number, Conway, AK

Panda Express & Sleep Number

Price $4,012,000
Cap Rate 5.50% return
NOI $220,625
Lease Term Various
Lease Type Various
Rental Increases Various
Year Built 2019
Building Size 0.67 acres (29,340 SF)
Lot Size Call for Detail
Status Available
Lead Broker Information Michael T. Yuras, CCIM
Cushman & Wakefield
415.481.0788
michael.yuras@cushwake.com
CA RE License #01823291

Scott Crowle
Senior Director
415.604.4288
scott.crowle@cushwake.com
CA RE License #01318288

Vince Aicale
Executive Director
415.690.5522
vince.aicale@cushwake.com
CA RE License #01728696

Ryan Forsyth
Executive Director
415.413.3005
ryan.forsyth@cushwake.com
CA RE License #01716551

Investment Highlights

100% LEASED TWO-TENANT RETAIL CENTER WITH ANNUAL RENTAL INCREASES
» Long-term leases to corporate tenants
» Exceedingly rare opportunity to purchase a Panda Express leased asset
» Multi-tenant center allows for investment diversification

HIGH-TRAFFIC LOCATION IN DENSE RETAIL CORRIDOR
» Strategically located at Conway’s busiest intersection, the interchange of East Oak Street and Interstate 40, with a combined traffic count of 94,000 vehicles per day
» The property’s prime location—immediately adjacent to the signalized intersection and easily accessible to traffic moving in both directions on East Oak Street and traffic coming from the Interstate 40 offramp—outpositions other retailers at the intersection
» Located in Conway’s densest retail corridor
» Surrounded by notable retailers, as well as Conway’s top restaurants by sales volume
» Within walking distance of Conway Commons, a regional shopping hub featuring 43 stores spanning more than 654,000 square feet, including big name brands such as Home Depot, Target, Kohl’s, PetSmart, Best Buy, and Dick’s Sporting Goods

CENTRAL LOCATION WITH STRONG CUSTOMER BASE
» Centrally located approximately one mile from downtown Conway
» Near major employers, colleges, and hospitals
» The surrounding area’s population increases during the day, with 7,296 daytime employees working within one mile of the property
» Close to Central Landing, a 151-acre redevelopment site that will include a $70 million, 339-unit luxury apartment complex and a large retail center anchored by Dillard’s

NEW 2019 CONSTRUCTION WITH DEDICATED DRIVE-THRU
» High-quality construction scheduled to be completed in 2019
» New building, limiting near-term deferred maintenance or capital costs



Property Description

The property is strategically located at Conway’s busiest intersection, the interchange of East Oak Street and Interstate 40, with a combined traffic count of 94,000 vehicles per day. The property’s prime location— immediately adjacent to the signalized intersection and easily accessible to traffic moving in both directions on East Oak Street and traffic coming from the Interstate 40 offramp—outpositions other retailers at the intersection. Located in Conway’s densest retail corridor, the property is surrounded by notable retailers, as well as Conway’s top restaurants by sales volume. The property is within walking distance of Conway Commons, a regional shopping hub featuring 43 stores spanning more than 654,000 square feet, including big name brands such as Home Depot, Target, Kohl’s, PetSmart, Best Buy, and Dick’s Sporting Goods. Other tenants in the nearby area include Kroger, Hobby Lobby, Planet Fitness, Chick-fil-A, Starbucks, and Walgreens, amongst many others.

The property is centrally located approximately one mile from downtown Conway. Major employers are located nearby, and the surrounding area’s population increases during the day, with 7,296 daytime employees working within one mile of the property. Additionally, the property is close to Central Landing, a 151-acre redevelopment of Conway’s former airport site. Planned developments for the site include the $70 million, 339-unit Fountaine Bleau at Central Landing luxury apartment complex and the Shoppes At Central Landing, a large retail center anchored by Dillard’s.

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