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Kansas City, KS

Garsite/Progress, LLC

Address:
539 South 10th Street, Kansas City, KS 66105
Property Type:
Single Tenant
Price:
$3,990,000
Cap Rate:
7.25% cap
NOI:
$289,200
Square Feet:
68,085 sqft
Lot Size:
8.15 acres
Year Built:
1956/1988/2009
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Investment Highlights

Investment Highlights

Investment Highlights

• Located in the Armourdale Industrial Submarket of Kansas City
• This is a Tight Barrier-to-Entry Submarket with 3.0% Vacancy
• Garsite/Progress, LLC has Occupied this Facility as Their Headquarters Since 2001
• Ownership Reports investing over $200,000 in Tenant Improvements
• Garsite Extended Lease Early in 2016 Showing Commitment to this Site
• Absolute Net Lease is Ideal for Hands-Off Investor

Investment Overview

Marcus & Millichap is pleased to present the opportunity to acquire the property located at 539 South 10th Street in Kansas City, Kansas, leased to Garsite/Progress, LLC. The subject property consists of approximately 68,085 square feet of space and is situated on 8.15 acres of land. The asset features 14’-24’ clear heights, 100+ parking spaces, 14 grade-level doors, and metal construction. Garsite/Progress, LLC has occupied this facility as their headquarters since 2001, with ownership investing over $200,000 in tenant improvements in 2016. Garsite extended their lease early in 2016, showing strong commitment to the site. Absolute Net Lease is Ideal for Hands-Off Investor. Located in the Amourdale Industrial Submarket of Kansas City, this is a tight barrier to entry submarket with 3 percent vacancy.

Since 1952, Garsite aircraft refuelers and hydrant dispensers have been the refuelers of choice by major in-to-plane fueling companies, oil companies, airlines, freight distribution companies, and fuel marketers around the globe. The company’s services include: commercial aviation, military, international, AST, disinfectant equipment, and parts. Oil companies and fuel marketers such as Chevron Texaco, ExxonMobil, Air BP, Shell Oil, ConocoPhillips, EPPCO, Emirates National Oil Company, AvFuel, Ascent Aviation, Air Petro, and Western Petroleum have relied on Garsite engineering to produce the highest quality aviation refuelers. Airlines and government organizations such as Southwest Airlines, US Airways, Delta Air Lines, American Airlines, International Civil Aviation Organization (ICAO), Comair, KLM, Korean Airlines, Asiana Airlines, ASA (Mexico), The Port Authority of New York & New Jersey, and US and various Armed Services throughout the world have depended on Garsite to provide refueling solutions. Freight delivery companies, such as FedEx, UPS, DHL and Airborne as well as in-to-plane service providers such as Bradley Pacific Aviation, SwissPort, Signature, ASIG, Allied, GlobeGround Support, and Atlantic Aviation have continued to look to Garsite. Garsite refuelers are in service every day at nearly every major U.S. airport and in over 80 countries on 6 continents. (garsite.com)

Kansas City, abbreviated as “KCK”, is the third-largest city in the State of Kansas, the county seat of Wyandotte County, and the third-largest city of the Kansas City metropolitan area. Kansas City is the home to the General Motors Fairfax Assembly Plant, which manufactures the Chevrolet Malibu and the Buick LaCrosse. The Federal Bureau of Prisons maintains its North Central Region Office in the city. In addition, Associated Wholesale Grocers and Kansas City Steak Company are based within the city. The largest employer in KCK is the University of Kansas Hospital. The adjoining University of Kansas Medical Center, including the schools of medicine, nursing, and allied health, is also among the city’s largest employers (with a student population of about 3,000). Kansas City was ranked in 2010 as the #7 best city in the U.S. to start over after foreclosure.

BROKER OF RECORD
COLBY HAUGNESS
Kansas Broker of Record
7400 College Boulevard, Suite 105,
Overland Park, KS 66210
Tel: 816-410-1025
colby.haugness@marcusmillichap.com
License: KS 00241410
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, express or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2019 Marcus & Millichap. All rights reserved. (Activity ID: ZAB0060368)