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A Snapshop of the KC Metro Market Power and Light District Kansas City, MO Trade Area Overview

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A Snapshop of the KC Metro Market Power and Light District Kansas City, MO Trade Area Overview A SNAPSHOP OF THE KC METRO MARKET Power and Light District Kansas City, MO TRADE AREA OVERVIEW Landlords, tenants, developers, investors and With the notable exception of “A” quality financiers who were looking for a “reset” year projects (many of which are described here), in 2010 will have to wait a while longer. Instead Kansas City’s retail landscape in 2011 will of hitting bottom, cleaning out the system of continue to include a majority of centers with weak assets, establishing more workable cost higher vacancy and lower rents than had basis platforms and beginning a strong financial become the norm over the past decade, climb, Kansas City retail real estate continues coupled with the challenges of financing, to follow the national trend of “extend and upkeep, and tenant mix that follow such an pretend.” Although the decline in property imbalance of market forces. Many of today’s values and rent rates appears to have slowed, successful projects were brought to fruition there are still enough imbalances in the system with the assistance of substantial public (tenants that can achieve historically low rents incentives—a trend we see not only vs. landlords who are able to hang on to their accelerating, but also becoming the “new properties but cannot afford to lock into long- normal” for future development. To illustrate term, low lease rates) to prevent a quick rebound this point, we highlight centers in this report Briarcliff Village to healthy levels. As such, new development and that utilize some form of public incentives Kansas City, MO construction has virtually halted. with an asterisk (*). New Longview Retail activity in most sectors of the Kansas Lee’s Summit, MO RELATIVE CHANGE FROM PRIOR YEAR City Metropolitan Area involves completing and filling already existing projects. Flight to OR OR LR LR quality continues, as the best positioned and most attractive centers still command nearly OCCUPANCY RATE LEASE RATE pre-recession lease rates and occupancy levels; while centers that might miss the mark by only a few blocks struggle to retain existing tenants and NORTHWEST KANSAS CITY find it difficult to attract new retailers. We are The Northwest Kansas City OR LR experiencing heightened activity generated by trade area encompasses the retailers who are new to or expanding within the -1.4% -0.1% area west of Highway 169 Kansas City metro, leading to fierce competition and north of the Missouri River. The newest between landlords and developers to capture products in the market—Zona Rosa* (lifestyle A+ opportunities. center anchored by Dillard’s, Dick’s Sporting Goods and Barnes & Noble) and Cousins’ Tiffany Springs MarketCenter (power center anchored Emblematic of the development slowdown in 2010-2011, by Target, JC Penney, Home Depot, Best Buy, Sports Authority and PetSmart)—are noting an a local champion of new commercial construction, accelerated leasing pace as new and expanding retailers take advantage of attractive deals and Overland Park, has recently reduced two planning face a more limited number of options caused commission meetings per month to one. by the dearth of new construction. Second tier centers in the market are seeing their price advantage narrow and their leasing opportunities Credit for landlords is easing somewhat; will be more sporadic until the most attractive but similar to the leasing market, there is a vacancies at the Class A centers are filled. continued flight to quality among lenders. Well positioned and stable centers can take advantage NORTHEAST KANSAS CITY of extremely low interest rates and loan-to-value The flight to quality is clearly ratios that are significantly higher than last year. OR LR evident in the Northeast For lesser centers, loans may only be refinanced +0.3% -4.1% Trade Area. Liberty Triangle* at their expiration with major injections of equity continues to lease new shops and at least coupled with substantial rate increases. one major junior anchor is expected to open KC RETAIL REPORT 2011 2 NORTHWEST KANSAS CITY NORTHEAST KANSAS CITY WYANDOTTE COUNTY in 2011, joining a new Hy-Vee supermarket EAST and several new restaurants. The other major JACKSON retail centers at the intersection of Highway CENTRAL COUNTY KANSAS 152 and Interstate 35 continue to retain most CITY of their tenants and snag new retailers as NORTH opportunities arise. Meanwhile, the owners JOHNSON COUNTY of the Metro North Mall have begun work on a major city incentive-backed redevelopment project in order to reverse a decline that has affected not only the mall but also the SOUTH KANSAS shopping centers in the surrounding area. SOUTH CITY The “Metro North” portion of the trade area JOHNSON COUNTY SOUTHEAST is one of the hardest hit by bankruptcies and TRADE AREA major tenant defections to newer centers, and most of those box vacancies still await replacements that may be lured by the prospect of the mall redevelopment. In one example of the importance of being able to “reset” an unsustainable cost basis, the long-stalled is expected to support nearly 500 employees, realize that for many years there will be limited redevelopment of the former Antioch Center* which will add to the continued success and first-class options to serve this attractive regional mall appears to be back on track after daytime traffic of the Country Club Plaza. trade area. For the same reason, the adjacent being re-acquired by the lender and sold to a SummitWoods Crossings, a mature Class A power local developer with a strong history of turning SOUTH KANSAS CITY center, has escaped tenant defections and has around distressed properties. Ward Parkway Center, yet been able to maintain a strong lineup of new OR LR another example of activity and existing retailers. The Raymore and Belton CENTRAL KANSAS CITY -0.2% -3.2% focusing on the better located portions of this trade area remain stable. Because The downtown Kansas City centers, is making several new moves after being of limited existing and new retail product, the OR LR Power & Light District*, a acquired by its lender in 2009. In 2011, Trader occupancy rate for this trade area has remained -0.6% -7.3% Cordish project developed Joe’s will open one of its first two Kansas City relatively healthy and there have been few major with municipal assistance, is engaged in metro stores at the center. Dillard’s within the retail closings or relocations. an aggressive push to add more soft goods center closed last year and is expected to be and traditional retailers to their successful redeveloped to feature either another soft goods EAST JACKSON COUNTY entertainment and dining venues. One example department store or a combination of several Independence, the regional retail LR is the Power & Light’s Garment District—a junior anchor stores. OR hub of East Jackson County, may collection of unique, home grown boutiques -1.1% -1.0% experience some tenant shuffling that share a common space and create a Redevelopment planning continues at the site of and new absorption as several major centers synergy that would be difficult to replicate with the former Bannister Mall* and the surrounding jockey for renewals and new leases. Independence individual leases or premises. area. A revised master plan shows a major Commons, the traditional heavyweight power office campus along with more than 600,000 center in the market, competes with the Inland- The Country Club Plaza*, Kansas City’s premier square feet of retail space to be anchored by a owned Pavilions at Hartman Heritage—a well shopping district, has added XXI Forever, a major discount retailer. Most of this trade area, located center that is attractive, but currently sits large format and differentiated version of the which also encompasses the city of Grandview, mostly vacant and is the target of an aggressive traditional Forever XXI store, along with an is proceeding at the status quo with little new leasing program. The Simon-owned Independence expanded and upgraded Helzberg Collections activity, but also few signs of obvious distress. Center mall continues to thrive, posting the store and several other tenants. There are second highest enclosed mall sales per square still several notable vacancies remaining at SOUTHEAST TRADE AREA foot numbers in the metro. In Blue Springs, the the Plaza, which is rare for the center that Continuing with the theme of Adams Dairy Landing* power center has reached OR LR traditionally maintains nearly full occupancy. a flight to quality, leasing at critical mass with the 2010 openings of Kohl’s, The Polsinelli Shughart law firm has announced -2.3% -6.3% Summit Fair* in Lee’s Summit— Gordmans, Staples and Petco, while new shops plans to locate their national headquarters on built and opened during the worst part of the and restaurants are signing leases at a healthy the Plaza. Once built, the new office building retail recession—is picking up steam as retailers pace for 2011 openings. *Public incentives utilized 3 KC RETAIL REPORT 2011 TRADE AREA Oak Park Mall OVERVIEW (continued) Overland Park, KS NORTH JOHNSON COUNTY initiative that could begin as early as 2011. renewed vigor with the announced 2011 Not much has changed from The investment of private equity and public opening of Trader Joe’s and several desirable OR LR last year in this traditionally support into the 95th and Antioch intersection tenants at One Nineteen*, along with -0.3% +4.3% attractive trade area. Last is emblematic of the focus on A+ real estate continued leasing at the quadrant’s other year we mentioned three major development yoked with incentives. shopping centers. Olathe’s retail crossroads at projects scheduled to open in 2009 that 119th Street and Blackbob is holding steady, remained un-built or partially constructed SOUTH JOHNSON COUNTY while redevelopment of the Great Mall of and unoccupied.
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