Boulevard Shopping Center
1090 S Neosho Blvd, Neosho, MO 64850-2007, United States
Offering Introduction
Matthews Real Estate Investment Services™, as exclusive broker, is pleased to offer the opportunity to acquire Boulevard Shopping Center, an 87,244± SF neighborhood center anchored by Harbor Freight Tools and Shoe Sensation - located in the heart of Neosho, MO.
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Investment Overview
Highlights
- National anchors include Harbor Freight Tools and Shoe Sensation - Along with national shops, restaurants and service providers like Factory Connection, Security Finance, Tower Loan, Mazzio’s and more
- Centrally located within the heart of Neosho, Missouri, with ample frontage along S Neosho Blvd (U.S.60 Bus.) - The city’s primary commercial corridor which parallels I-49 and connects the downtown area with Crowder College and Hugh Robinson Airport
- The offering includes valuable national outparcel draws – U.S. Bank and O’Reilly Auto Parts - Creating an attractive potential ‘spin-off scenario’ for buyers looking to reduce their future basis in the asset
- Characterized by solid retail fundamentals - Including a traditional retail (strip) layout, prominent signage and excellent visibility, abundant parking, ample ingress/egress, and convenient access to major thoroughfares like US-60 and I-49
- Low relative in-line rents (see OM for details) - Create an advantageous, low-risk scenario for an incoming buyer, in regard to the replaceability of existing tenants
- Ongoing opportunity to add value - Via the lease-up of 7,815± SF of available space, representing roughly 9% of the Total GLA
Property Attributes
Fundamentally Strong Market Position
Boulevard Shopping Center is centrally located within the heart of Neosho’s primary commercial corridor, just north of the intersection of S Neosho Blvd and US Hwy 60. South Neosho Blvd (US-60 Bus.) runs north and south through the center of the city, connecting Downtown Neosho, to the north, with Crowder College, Neosho Hugh Robinson Airport, and major area employers like La-Z-Boy and Newell Brands, to the south. Just south of the Property, the community’s regional retail node is home to Walmart Supercenter, Lowe’s, ALDI, Tractor Supply Co. and more.
Valuable Included Outparcels with Upside
In addition to a solid mix of national (in-line) retailers, the Offering includes valuable, national outparcels – O’Reilly Auto Parts and U.S. Bank – both of which are already separately parceled and provide an incoming owner with immediate ‘spin-off’ optionality, if desired. Characterized by strong operating histories, the outparcel tenants combine for an average of roughly 28 years of successful tenure at the Property. Moreover, a third 0.42± AC pad site provides further potential value creation via the sale or development of an additional outparcel.
Low Risk Asset Priced Well Below Replacement Cost
With low and highly replaceable relative rents, included outparcels, and an opportunity to continue to add value via lease-up; Boulevard provides a unique combination of current stability and ongoing upside levers, with expected pricing which places it far below replacement cost, at a very attractive yield.
Location Overview
Neosho, MO
Located in the southwest corner of Missouri, Neosho serves as the county seat for Newton County. Situated on the western edge of the Ozarks, Neosho is positioned roughly 45 miles north of Bentonville, AK and 20 miles south of Downtown Joplin. Part of the Joplin MSA, Neosho is home to significant installations for La-Z-Boy assembly, Newell Brands, Leggett & Platt, and Premier Turbines. The city is also home to Crowder College – a public community college with a student enrollment of 4,194 students. Nicknamed the “Gateway to the Ozarks”, Neosho boasts a revitalized downtown historic district, an abundance of outdoor recreation, and Neosho National Fish Hatchery – the oldest continually operating facility of its kind, dating back to 1888.
Contact Us
Kyle Stonis, CCIM
Senior Vice President
Matthews Real Estate Investment Services
(770) 329-5065
Pierce Mayson
Senior Vice President
Matthews Real Estate Investment Services
(770) 241-2232
Ben Snyder
Executive Vice President
Matthews Real Estate Investment Services
(614) 975-8822
Zack Bates
Associate Vice President
Matthews Real Estate Investment Services
(440) 708-3416
Jeff Enck
Senior Vice President
Matthews Real Estate Investment Services
(404) 849-1631
Boris Shilkrot
Associate Vice President
Matthews Real Estate Investment Services
(205) 561-8744
Broker of Record
Kyle Matthews | License No: 2022018843 (MO)