Stan Johnson Arranges Sale of Multi-Tenant Prairie View Business Center in Kansas City, Missouri for $11.7 Million
Tulsa, Oklahoma, March 1, 2019 – Stan Johnson Company, one of the nation’s premier net lease brokerage firms, has completed the sale of a multi-tenant, 109,089-square-foot office center in Kansas City, Missouri. Located at 10320-10336 Northwest Prairie View Road, Prairie View Business Center was 97 percent occupied at the time of sale by five tenants including the U.S. Military Entrance Processing Station for Kansas City which leases approximately half the rentable building area.
The property was sold by Prairie View Business Center, LLC and Prias Prairie View, LLC as tenants in common. They were exclusively represented by Scott Briggs, Director in Stan Johnson Company’s Tulsa office.
“With 82 percent of the property leased to the United States of America (S&P: AA+) and 94 percent of the rental income coming from the federal government, this was a very attractive asset,” said Briggs. “We were engaged by the ownership to run a discrete and abbreviated marketing process which resulted in multiple competitive bids despite the short lease terms remaining and the age of the facilities.”
The buyer, also represented by Briggs, was Chicago, Illinois-based Boyd Kansas City II, LLC. They purchased the property for $11.7 million in late February at an undisclosed cap rate. The facility sits on 12.23 acres and includes two, one-story buildings that were built in 1993. The asset is conveniently located next to the Kansas City International Airport.
“With this transaction, our group is up to more than $903 million of federal, state, and municipal government-leased investments sales nationwide, comprising nearly 2.7 million square feet of leased space,” added Briggs.
About Stan Johnson Company:
Stan Johnson Company is one of the nation’s leading commercial real estate brokerage and advisory firms that focuses exclusively on net lease transactions involving retail, office, industrial, healthcare and sale-leaseback properties. The firm provides acquisition, disposition, capital markets and advisory services for institutions, developers, investment funds and private investors across the United States. Now in its fourth decade of serving as a trusted advisor to its valued clients, Stan Johnson Company has completed more than $30 billion in transactions nationwide and is regarded as the Net Lease Authority®. To learn more about Stan Johnson Company, please visit the recently enhanced website at www.stanjohnsonco.com.