Farm Bureau Insurance Regional Claims Center
Wichita, KS
Key Details
| Price: | $2,615,748 |
|---|---|
| Cap Rate: | 6.75% |
| Annual Rent: | $176,563 |
| Address: | 7421 East 21st Street North, Wichita, Kansas 67206 |
| Property Type: | Office |
| Lease Type: | Triple Net (NNN) |
Property Data
| Original Lease Term: | 15 Years |
|---|---|
| Lease Commencement: | 2/5/2021 |
| Lease Expiration: | 2/5/2036 |
| Lease Term Remaining: | 11 Years |
| Rental Increases: | 10.00% Every 5 Years |
| Lot Size: | 1.07 Acres |
| Building Size: | 13,367 SF |
| Year Built: | 1991 |
NNN Pro is pleased to present the exclusive listing for a Farm Bureau Insurance Regional Claims Center located at 7421 East 21st Street North, Wichita, Kansas 67206. The site consists of roughly 13367 rentable square feet of building space on an estimated 1.07-acre parcel of land. This Farm Bureau Insurance Regional Claims Center is subject to a 15-year Triple Net (NNN) lease, which commenced 2/5/2021. The current annual rent is $176,563 and has scheduled increases of 10.00% Every 5 Years.
About the Investment
- New Long-Term Absolute Net Lease | There are 11+ years of base lease-term remaining with four (4), five (5) year options with 10% increases every 5 years with no Landlord Responsibilities. Tenant executed brand new lease in February 2021 via saleleaseback.
- Mission Critical Regional Claims Center | Essential office location providing insurance claim services to customers throughout the region. Tenant executed brand new long-term lease February 2021 during the peak of COVID, signaling it's long-term commitment and mission criticality of the location.
- Credit Rated, Ecommerce & Recession Proof Tenant | Farm Bureau is rated A (Excellent) by AM Best credit rating agency. Recession proof Tenant due to the essential nature of insurance.
Key Details
| Price: | $2,615,748 |
|---|---|
| Cap Rate: | 6.75% |
| Annual Rent: | $176,563 |
| Address: | 7421 East 21st Street North, Wichita, Kansas 67206 |
| Property Type: | Office |
| Lease Type: | Triple Net (NNN) |
Property Data
| Original Lease Term: | 15 Years |
|---|---|
| Lease Commencement: | 2/5/2021 |
| Lease Expiration: | 2/5/2036 |
| Lease Term Remaining: | 11 Years |
| Rental Increases: | 10.00% Every 5 Years |
| Lot Size: | 1.07 Acres |
| Building Size: | 13,367 SF |
| Year Built: | 1991 |
Talk to the Pros
Glen Kunofsky
gkunofsky@nnnpro.com
License: NY: 49KU1129178
Broker of Record
Brian Brockman
Bang Realty-Kansas, Inc
License: 239819
This information has been obtained from sources believed reliable. We have not verified it and make no guarantee, warranty or representation about it. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs.