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.
