Highlights

• 10 year Net Net Lease (LL-roof/structure). No options.
• Regional U.S.P.S. Encoding Center in United States
• 6.75% Cap Rate with Rent bump and no options

• United States Postal Service Lease. No termination.
• USPS invested over $12,000,000 on facility
• Strong diversified economy in Wichita MSA

Description

Marcus and Millichap is pleased to offer a United States Postal Service Remote Encoding Center with a 10 year lease and no options. The subject property is located on 2601 S. Oliver Street in Wichita, Kansas. The building consists of 97,532 square feet of floor space. The total site equals 16.56 acres of land. The entire building is leased by the U.S.P.S., with no early termination provision. The tenant has a first right of refusal with 14 days to respond. The primary lease term extends to 09/07/2015. Landlord is responsible for roof and structure. The tenant, U.S.P.S., reimburses Landlord annually for property taxes, insurance and janitorial services. The Tenant is responsible for maintaining parking areas, landscaping, building interior and exterior, as well as replacement cost thereof. In September 2005, a new EPDM roof was installed on the entire facility with a 10 year warranty. There is an option to extend the warranty after the initial warranty has expired. In addition to Tenant paying a base rent of $365,332.50 for years 1-5 and $375,074.00 for years 6-10, Tenant pays Landlord 4% of the annual janitorial service contract.

Wichita is the regional economic hub of south-central Kansas and northern Oklahoma. It provides financial, medical and business services to more than half a million people in the Wichita MSA alone. The Wichita Metropolitan Statistical Area (MSA) includes Sedgwick, Butler, Sumner and Harvey counties.
The largest city in the state, Wichita has a strong aerospace history and the workforce has the second highest concentration of manufacturing jobs and skilled labor in the country. Sedgwick County alone contributes nearly 42% of the state s manufacturing employment earnings. Some of the aviation manufacturers located in the Wichita area include Boeing, Cessna, Raytheon and Bombardier while hundreds of subcontractors and suppliers have found Wichita to be a strategic location for their business.

You will also find other large employers in the area such as Via Christi Regional Medical Center, Dillon Food Stores, Koch Industries, Wesley Medical Center, The Coleman Company, York International, and Bank of America.