ONE AND TWO BRITTANY PLACE · lobbies in each building were recently renovated as part of the...
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ONE AND TWO BRITTANY PLACE W I C H I T A, K A N S A S 116,933 SF CLASS B OFFICE PROPERTY O F F E R I N G M E M O R A N D U M
Transcript of ONE AND TWO BRITTANY PLACE · lobbies in each building were recently renovated as part of the...
ONE AND TWO BRITTANY PLACE
W I C H I T A, K A N S A S116,933 SF CLASS B OFFICE PROPERTY
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NON-ENDORSEMENT & DISCLAIMER NOTICE
CONFIDENTIALITY & DISCLAIMERThe information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended
to be reviewed only by the party receiving it from Marcus & Millichap and should not be made available to any
other person or entity without the written consent of Marcus & Millichap. This Marketing Brochure has been
prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary
level of interest in the subject property. The information contained herein is not a substitute for a thorough due
diligence investigation. Marcus & Millichap has not made any investigation, and makes no warranty or representation,
with respect to the income or expenses for the subject property, the future projected financial performance of the
property, the size and square footage of the property and improvements, the presence or absence of contaminating
substances, PCB’s or asbestos, the compliance with State and Federal regulations, the physical condition of the
improvements thereon, or the financial condition or business prospects of any tenant, or any tenant’s plans or
intentions to continue its occupancy of the subject property. The information contained in this Marketing Brochure
has been obtained from sources we believe to be reliable; however, Marcus & Millichap has not verified, and will not
verify, any of the information contained herein, nor has Marcus & Millichap conducted any investigation regarding
these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the
information provided. All potential buyers must take appropriate measures to verify all of the information set forth
herein. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc.
© 2017 Marcus & Millichap. All rights reserved.
NON-ENDORSEMENT NOTICEMarcus & Millichap is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in
this marketing package. The presence of any corporation’s logo or name is not intended to indicate or imply affiliation
with, or sponsorship or endorsement by, said corporation of Marcus & Millichap, its affiliates or subsidiaries, or
any agent, product, service, or commercial listing of Marcus & Millichap, and is solely included for the purpose of
providing tenant lessee information about this listing to prospective customers.
ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY.
PLEASE CONSULT YOUR MARCUS & MILLICHAP AGENT FOR MORE
DETAILS.
ONE AND TWO BRITTANY PLACEW I C H I T A , K A N S A S
O F F I C E S N A T I O N W I D E A N D T H R O U G H O U T C A N A D A
WWW.MARCUSMILLICHAP.COM
EXCLUSIVELY LISTED BY
BARRY HIGGINSSenior Vice President Investments
Denver, ColoradoOffice 303.328.2012
[email protected] CO EA 748415
BRANDON PEARSONAssociate
Denver, ColoradoOffice 303.328.2032
Brandon [email protected] CO FA. 100075629
$7,200,000ASKING PRICE
$61.57PER SQUARE FOOT
O N E A N D T W O B R I T T A N Y P L A C E
87.00%OCCUPIED
8.53%CAP RATE
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09 43
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EXECUTIVE SUMMARYSECTION 1 Investment Overview • Investment Highlights
COMPARABLE PROPERTIESSECTION 4 Lease Comparables • Sales Comparables
PROPERTY DESCRIPTIONSECTION 2 Property Details • Regional Map • Property Photos
MARKET OVERVIEWSECTION 5 Location Overview • Location Highlights Market Aerial • Demographics
FINANCIAL ANALYSISSECTION 3 Pricing Details • Operating Data • Rent Roll
TABLE OF CONTENTS
EXCLUSIVELY LISTED BY:
ONE AND TWO BRITTANY PLACEW I C H I T A , K A N S A S
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed 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. Any projections, opinions, as-sumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate
Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Marcus & Millichap ACT ID Z0050521
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EXECUTIVESUMMARYONE AND TWO BRITTANY PLACE
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OFFERING SUMMARY
2024 North Woodlawn Street and 1938 North Woodlawn Street Wichita, KS 67208
OFFERING PRICE
$7,200,000PRICE PER SQUARE FOOT
$61.57
VITAL DATA
Price $7,200,000
Cap Rate 8.53%
Price/SF $61.57
Rentable Square Feet 116,933 SF
Occupancy 87.00%
ONE AND TWO BRITTANY PLACE
CAP RATE
8.53%
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INVESTMENT OVERVIEW
Marcus & Millichap is proud to present One and Two Brittany Place, two four-story office buildings located in Wichita, Kansas. The buildings have a combined 116,993 rentable square feet with over 700 available parking spaces or 5.98 per 1,000 square feet. This property is located directly on North Woodlawn Street, which has traffic counts of over 25,000 vehicles per day (VPD). This location provides easy access for customers and employees to and from East 21st Street and is only one mile west of North Rock Road.
One and Two Brittany Place were built in 1983 and 1985 respectively. Both buildings are four stories with reinforced concrete construction with reflective glass exterior. Variable air volume heating and cooling systems with individual zones assure balanced distribution of air for all offices and open areas. Brittany Place features on-site management offering flexible lease terms and exceptional customer service. The lobbies in each building were recently renovated as part of the $500,000 capital improvements.
One and Two Brittany Place have been well maintained and provide professional curb appeal, ample parking, and nearby shopping opportunities being located adjacent to Brittany Center, a 65,406 square foot retail center anchored by Tuesday Morning. The buildings are currently 87 percent occupied by a mix of professional tenants including InfoSync which accounts for 67.22 percent of the rentable square footage. The majority of the rentable area is leased at below market rents providing an excellent value add opportunity. The vast majority of leases are full service gross leases with base year stops. In the last four years there has been over $500,000 in capital improvements including a brand new roof. The interior of the building consists of private offices and open floor space allowing for a range of uses and easy configuration.
InfoSync is a national provider of outsourced accounting, reporting and human resources solutions. InfoSync serves over 7,500 restaurants and multi-unit business locations nationwide providing comprehensive outsourced accounting, reporting and human resource services.
InfoSync currently has a substantial investment in their improvements in Brittany Place.
The balance of the rentable area is occupied by smaller tenants ranging from management companies to law firms. These tenants occupy an average square footage of 3,750 each. These tenants are leased at an average of $14.80 per square foot while market rents are $18.00 per square foot plus, full service gross.
This investment is being offered at $61.57 per square foot and a 8.53 percent capitalization rate going-in with a 11.64 percent cash-on-cash return.
116,993 SQUARE FOOT OFFICE INVESTMENT
OPPORTUNITY
INVESTMENT HIGHLIGHTS
Di s c o u n t t o Re p l a c e m e n t co s t
Brittany Place is priced at a fraction of its replacement cost providing a new owner tremendous profit potential.
Hi g H Y i e l D Fu t u R e Re t u R n s
At the current pricing level, an investor should realize above-market return-on-investment as the property becomes more occupied including in-place escalators on current leases.
lo c at i o n- Wi c H i ta
Located in Wichita, Kansas’ largest city (population 389,000) with 14 million square feet of Class B office space alone. Wichita is also recognized as the aviation capital of the world.
ac c e s s i b i l i t Y The property is easily accessible via East 21st Street North. It is only three miles from Interstate-135 and less than four miles from the Central Business District
pR o p e R t Y im p R o v e m e n t s a n D up g R a D e s
The property had a brand new roof installed within the last four years as well numerous renovations, including both lobbies.
la R g e la n D pa R c e l a n D ab u n D a n t pa R k i n g
The improvements sit on 9.12 acres of ground, allowing for ample parking of over 700 spaces or 6.03 per 1,000 square feet which will accommodate high density tenants.
li m i t e D co m p e t i t i v e spa c e F o R le a s e Wichita has virtually no “large block” office space (50,000-100,000 square feet) available in the market. Large block uses have few, if any, options to relocate within the marketplace, short of build-to-suit.
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SUMMARY OF TERMS
INTEREST OFFEREDMarcus & Millichap has been selected to exclusively market for sale One and Two Brittany Place, two Class B office buildings,
located in Wichita, Kansas.
TERMS OF SALEOne and Two Brittany Place are offered at $7,200,000 based on a price per square foot of $61.57. The net operating income figures
for the Properties assume a fiscal year starting 2019. Historical operating documentation, third party reports and other due diligence
material can be found in the online document data portal.
PROPERTY TOURSProspective purchasers are encouraged to visit the subject property prior to submitting offers. However, all property tours must be
arranged with the Marcus & Millichap listing agents. At no time shall the tenants, on-site management or maintenance staff be
contacted without prior approval.
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PROPERTYDESCRIPTION
ONE AND TWO BRITTANY PLACE
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PROPERTY DETAILS
THE OFFERING
Property AddressOne Brittany Place - 2024 N. Woodlawn St. Wichita, KS
Two Brittany Place - 1938 N. Woodlawn St. Wichita, KS
Number of Stories Four (4)
Year BuiltOne Brittany Place - 1983
Two Brittany Place - 1985
Square Footage 116,993
Lot Size 10.60 AC
Zoning GO, LC
Parking Spaces 705 Spaces
Parking Ratio 5.98 / 1,000 SF
Assessor APN 113-07-0-22-01-004.01 (Sedgewick County)
CONSTRUCTION
Construction Type Structural steel framing
Foundation Poured-in-place concrete foundation
Exterior Walls EIFS exterior with reflective glass windows
Roof StructureFlat, three-ply, built-up system with steel trusses and
corrugated metal decking
Roof CoverOne Brittany Place- EPDM rubber membrane
Two Brittany Place- Gravel over built-up cover
MECHANICAL
HVACHeat pumps with hot water supplied by a boiler and cool water provided by a cooling tower; cooling capacity 180
tons in each building
Fire Protection
Standpipe system with hose valves and hose boxes on each floor. Standpipe supply system equipped with
remotely monitored tamper switches; system also features audible alarms
PlumbingEach floor has two restrooms (men’s & women’s) and a water
fountain. All restrooms and water fountains are stacked at the center of the building
Electrical 1600 amps, 227 / 480 volt, 3-phase, 4-wire main electrical
Elevator Two Otis Traction Elevators in each building serving all floors
INTERIOR
WallsVarious- Include vinyl coverings, painted drywall,
and tile with a vinyl, tile, or wood base
CellingPainted drywall and 2’ x 2’ or 4’ x 4’ acoustical
ceiling tile; Mirrored ceilings located in both building lobbies
Floor CoveringVarious- Include commercial grade carpet, tile,
vinyl and sealed concrete
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LOCAL MAP
ONE AND TWO BRITTANY PLACE
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East 29th Street North
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East 13th Street North
East 17th Street North
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East 13th Street North
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REGIONAL MAP
Dwight D. Eisenhower
National Airport
EASTBOROUGH
GREENWICH
WICHITA
BEL AIRE
DOWNTOWN
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McConnell Air Force
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SITE PLAN
TWO BRITTANY PLACE
ONE BRITTANY PLACE
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ONE BRITTANY PLACE FLOOR PLANSFi R s t Fl o o R
InfoSync
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ONE BRITTANY PLACE FLOOR PLANSse c o n D Fl o o R
Centene Corporation
CPSG, LLC
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ONE BRITTANY PLACE FLOOR PLANStH i R D Fl o o R
InfoSync
Vacant
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ONE BRITTANY PLACE FLOOR PLANSFo u R t H Fl o o R
Vacant
Marriott International
LGC Associates
Stange Law Firm, P.C.
Ranya R. Rutenbeck
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TWO BRITTANY PLACE FLOOR PLANSFi R s t Fl o o R
InfoSync
Connoisseur Media
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TWO BRITTANY PLACE FLOOR PLANSse c o n D Fl o o R
InfoSync
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TWO BRITTANY PLACE FLOOR PLANStH i R D Fl o o R
InfoSync
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TWO BRITTANY PLACE FLOOR PLANSFo u R t H Fl o o R
InfoSync
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FINANCIALANALYSIS
ONE AND TWO BRITTANY PLACE
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PRICING DETAILS
*Loan information is subject to change. Contact your Marcus &
Millichap Capital Corporation representative.
PRICE $7,200,000
Down Payment $2,160,000
Down Payment % 30%
Price Per SqFt $61.57
Rentable Built Area (RBA) 116,993
Occupancy 87.00%
RETURNS CURRENT PROFORMA
CAP Rate 8.53% 9.22%
Cash-on-Cash 11.64% 13.94%
Debt Coverage Ratio 1.69 1.83
FINANCING
Loan Amount $5,040,000
Loan Type New 1st Loan
Interest Type 5.25%
Amortization 25 Years
Term 10 Years
OPERATING DATA
INCOME CURRENT PROFORMA- YEAR 1
Scheduled Gross Income $1,476,792 $1,526,479
Vacancy 13% 10%
Reimbursement Income $1,255 $1,255
Effective Gross Income $1,478,047 $1,527,734
Total Operating Expenses ($864,169) ($864,169)
Net Operating Income $613,878 $663,565
Debt Service ($362,425) ($362,425
Net Cash Flow After Debt Service $251,453 $301,140
OPERATING EXPENSES CURRENT PROFORMA- YEAR 1
Real Estate Taxes $139,097 $139,097
Insurance $27,850 $27,850
Electricity & Gas $328,685 $328,685
Water & Sewer $24,745 $24,745
Trash $4,243 $4,243
Repairs & Maintenance $90,528 $90,528
Janitorial $126,418 $126,418
Landscaping $17,824 $17,824
Elevator $15,359 $15,359
Security $20,849 $20,849
Telephone $5,943 $5,943
Pest Control $1,632 $1,632
Management Fee $60,996 $60,996
Total Expenses $864,169 $864,169
Expenses/SF $7.39 / SF $7.39 / SF
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TENANT SUITESQUARE
FEETLEASE COMM.
LEASE EXP.ANNUAL RENT/SF
TOTAL RENT/MONTH
CHANGES ON
RENT INCREASE
LEASE TYPE
RENEWAL OPTIONS
InfoSync 1938-11077,526
66.27%5/1/2013 4/30/2024 $14.00 $90,447.01 5/1/2019 $91,993
Full Service Gross
Two, Five-Year Options
Connoisseur Media 1938-1502,437
2.08%10/1/2016 9/30/2021 $15.40 $3,127.48 10/1/2021
Market Rate
Full Service Gross
Two, Five-Year Options
CPSG, LLC 2024-2007,270
6.21%N/A N/A N/A
Centene Corporation 2024-2127,270
6.21%5/1/2013 4/30/2023 $15.00 $9,087.50
Full Service Gross- Base Year 2013
Vacant 2024-3507,609
6.50%$14.00 $8,877.17
Vacant 2024- 401644
0.55%$14.00 $751.33
Vacant 2024 -4023,154
2.70%$14.00 $3,679.67
Marriott International 2024-4054,383
3.75% 2/1/2014 1/31/2020 $20.30 $7,596.90 2/1/2021
Market Rate
Full Service Gross- Base Year 2015
One, Five-Year Option
Vacant 2024-4061,987
1.70% $14.00 $2,318.17
Stange Law Firm 2024-4071,552
1.33%1/15/2018 1/31/2020 $13.75 $1,778.33 1/31/2019 $1,843
Full Service Gross- Base Year 2017
Two, One-Year Options
Raunya R. Rutenbeck 2024-409597
0.51%2/1/2018 3/31/2019 $14.75 $733.83
Full Service Gross
Vacant 2024-411813
3.75% $14.00 $948.50
Vacant 2024-4171,000
3.75% $14.00 $1,166.67
RENT ROLL
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RENT ROLL CONT’D
TENANT SUITESQUARE
FEETLEASE COMM.
LEASE EXP.ANNUAL RENT/SF
TOTAL RENT/MONTH
CHANGES ON
RENT INCREASE
LEASE TYPE
RENEWAL OPTIONS
LGC Hospitality 2024-419751
0.64%9/1/2017 8/31/2019 $18.31 $1,145.83 Gross
One, One-Year Option
GTP Structures I, LLC Rooftop - 1/1/2012 1/31/2022 - $247.37Three, Five-Year
Options
Total Square Feet: 116,993 Total Monthly Income: $131,906
Total Occupied Square Feet: 101,786 Total Annual Income: $1,582,869
Total Occupancy: 87.00% Average Rent/SF: $15.93
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TENANT Connoisseur Media
Credit National
Total Locations 31 Radio Stations in 4 States
Website www.ConnoisseurMedia.com
Headquarters Westport, Connecticut
TENANT OVERVIEW
ABOUTAt InfoSync, we deliver comprehensive outsourced accounting, reporting and human resources services to operators of more than 7,500 restaurants and multi-unit business locations nationwide. We specialize in helping restaurants and other multi-unit businesses reduce costs, upgrade technology, and focus on their core business by relying on our team of experienced outsourcing professionals. We are the competitive advantage for operators of more than 7,500 business locations nationwide. With over 500 employees, we have a dedicated onshore U.S. staff who understand the needs of your business.
TENANT infosynC
Credit Regional
Total Locations 3
Website www.Issvc.com
Headquarters Wichita, Kansas
ABOUTConnoisseur Media is one of the fastest growing media companies in the country. We believe in the power of radio’s unique ability to fulfill the timeless need for human touch and local awareness that connects us all. That connectivity is rooted in deep local involvement in the communities we serve, meaningful content, compelling entertainment, and a passionate pursuit to be the best choice for our clients, colleagues and community. We thrive on creating compelling unique brands through well researched and targeted programming, intense training and development of our people to ultimately connect local listeners with the content they crave and the products and services they need.
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TENANT OVERVIEW
ABOUTCPSG, LLC currently owns and manages over 100 commercial properties
across several states.
TENANT CPsG, LLC
Credit Local
Total Locations 1
Website www.cpsgllc.com
Headquarters Wichita, Kansas
ABOUTFounded as a single health plan by Elizabeth “Betty” Brinn in Milwaukee,
Wisconsin in 1984, Centene provides high-quality, culturally-sensitive
healthcare coverage and services to millions of people across the United
States and internationally. Over the past 33 years, Centene has grown to
become a $40 billion member of the Fortune 500 trading on the New York
Stock Exchange. With over 31,000 employees across the country, Centene
operates health plans that serve 12.3 million members in 29 states and two
international markets and offers a full range of health insurance solutions
to other healthcare and commercial organizations. Centene currently ranks
number 66 on the Fortune 500 and number 244 on the Fortune Global 500
List.
TENANT Centene CorPoration
Credit Interational
Total Locations 300+
Website www.Centene.com
Headquarters St. Louis, Missouri
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TENANT LGC HosPitaLity
Credit National
Total Locations 33
Website www.LGCAssociates.com
Headquarters Indianapolis, Indiana
TENANT OVERVIEW
ABOUTSince our founding in 2007, we have dedicated our firm to the practice of
divorce and family law because of the tremendous need for lawyers who
focus in this area. We have since continued to grow and have offices
throughout Missouri, Illinois and Kansas. We are located in 15 different
counties in the Midwest, which puts us in close proximity to many different
courthouses. We have been ranked as one of the fastest growing law firm
in the United States by Law Firm 500. We have approximately 40 attorneys
with various backgrounds and past experiences. Our attorneys have also
been recognized for excellence and received many awards.
TENANT stanGe Law firM
Credit Regional
Total Locations 18
Website www.StangeLawFirm.com
Headquarters St. Louis, Missouri
ABOUTLGC Hospitality began in 2003 in Indianapolis, quickly becoming a leader
in the hospitality staffing industry. We continue today to strive to be the
premier hospitality staffing company in the U.S. in both quality and volume.
We currently have 33 locations across the country and are expanding rapidly
coast to coast. We offer our clients the support and resources they need to
exceed customer expectations, grow your business and manage costs. Our
clients include hotels, corporate dining companies, country clubs, hospital
food services, special events centers, stadiums, caterers, schools and more.
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TENANT OVERVIEW
ABOUTMarriott International is an American multinational diversified hospitality
company that manages and franchises a broad portfolio of hotels and
related lodging facilities. Founded by J. Willard Marriott, the company is now
led by his son, Executive Chairman Bill Marriott, and President and Chief
Executive Officer Arne Sorenson. Headquartered in Bethesda, Maryland,
in the Washington, D.C. metropolitan area] Marriott International is the
largest hotel chain in the world. It has more than 6,500 properties in 127
countries and territories around the world, with over 1.2 million rooms (as
of September 2017). In 2017, Marriott was ranked number 33 on Fortune’s
“100 Best Companies to Work For” list, its twentieth appearance on the list.
TENANT Marriott internationaL
Credit International
Total Locations 6,500+
Website www.Marriott.com
Headquarters Bethesda, Maryland
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STACKING PLANon e bR i t ta n Y pl a c e
3
1
2
20212020 20242019Vacant
InfoSync
7,469 SF
4
InfoSync
2,495 SF
InfoSync
3,655 SF
InfoSync
7,609 SF
Vacant
7,609 SF
CPSG, LLC
7,270 SF
Centene
7,270 SF
Marriott International
4,383 SF
Vacant
3,154 SF
Vacant
1,987 SF
A B C D E F
A
BC
DVacant, 644 SF
Vacant, 751 SF
Stange Law Firm, 1,552 SF
Rutenbeck, 597 SF
E Vacant, 813 SF
F LGC Associates, 1,000 SF
G
G InfoSync, 894 SF
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STACKING PLANtW o bR i t ta n Y pl a c e
20212020 20242019Vacant
InfoSync
3,182 SF
InfoSync
7,300 SF
InfoSync
1,949 SF
A
BC
InfoSync, 407 SF
InfoSync, 742 SF
InfoSync, 294 SF
3
1
2
4
Connoisseur Media
2,437 SF
InfoSync
7,300 SF
InfoSync
1,940 SF
InfoSync
2,443 SF
InfoSync
1,749 SF
InfoSync
4,343SF
InfoSync
2,533 SF
InfoSync
6,507 SF
InfoSync
4,383 SF
InfoSync
2,554 SF
InfoSync
2,554 SF
InfoSync
2,603 SF
InfoSync
1,748 SF
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COMPARABLEPROPERTIES
ONE AND TWO BRITTANY PLACE
IMA FINANCIAL GROUP BUILDING
ONE AND TWO BRITTANY PLACE
TERRA COTTA TOWER
CORPORATE HILLS
COMMERCE BANK BUILDING
PLAZA DEL SOL-BUILDING 1
LEASE COMPARABLES
1
2
3
4
5
E Kellogg Ave
Central Avenue
East 21st Street North
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4
2
3
KS-96
E Kellogg Avenue
5
196
96
400 400
KS-96
Oliv
erEast 29th Street North
Nor
th W
oodl
awn
Blvd
East 21st Street North
East 13th Street North
East 17th Street North
Oliv
er
Nor
th H
ills
ide
Stre
et
Gree
nwic
h Ro
adNor
th W
ebb
Road
Nor
th R
ock
Road
Nor
th R
ock
Road
Nor
th W
ebb
Road
Central Avenue
E Douglas Avenue
Nor
th H
ills
ide
Stre
et
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IMA FINANCIAL GROUP BUILDING8200 E. 32nd St. N. Wichita, KS
1
LEASE COMPARABLES
AVERAGE RENT/SF
Occupancy 87.00%
Available SF 15,209 SF
Lease Type
ADDITIONAL INFO
Year Built 1983 / 1985
Gross Leasable Area 116,993 SF
ONE AND TWO BRITTANY PLACE2024 N. Woodlawn St. Wichita, KS 1938 N. Woodlawn St. Wichita, KS
AVERAGE RENT/SF $14.00-$18.00
Occupancy 100%
Available SF 0 SF
Lease Type FSG
Date of Survey 9/20/2018
ADDITIONAL INFO
Year Built 1987
Gross Leasable Area 55,000 SF
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LEASE COMPARABLES
COMMERCE BANK BUILDING1551 N. Waterfront Pky. Wichita, KS
3TERRA COTTA TOWER2959 N. Rock Rd. Wichita, KS
2
AVERAGE RENT/SF $17.00-$21.00
Occupancy 90.48%
Available SF 5,234 SF
Lease Type FSG
Date of Survey 9/20/2018
ADDITIONAL INFO
Year Built 1985
Gross Leasable Area 55,000 SF
AVERAGE RENT/SF $22.00-$27.00
Occupancy 100%
Available SF 0 SF
Lease Type FSG
Date of Survey 9/20/2018
ADDITIONAL INFO
Year Built 2003
Gross Leasable Area 156,000 SF
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4
AVERAGE RENT/SF $15.00-$16.00
Occupancy 19.69%
Available SF 72,982 SF
Lease Type FSG
Date of Survey 9/20/2018
ADDITIONAL INFO
Year Built 1984
Gross Leasable Area 90,873 SF
PLAZA DEL SOL- BUILDING 1555 N. Woodlawn St. Wichita, KS
5
AVERAGE RENT/SF $13.00-$16.00
Occupancy 100%
Available SF 0 SF
Lease Type FSG
Date of Survey 9/20/2018
ADDITIONAL INFO
Year Built 1983
Gross Leasable Area 63,000 SF
CORPORATE HILLS101 S. Webb Rd. Wichita, KS
LEASE COMPARABLES
*Existing tenant is marketing entire 63,000 square feet space for sublease
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MARKETOVERVIEW
ONE AND TWO BRITTANY PLACE
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WICHITAOVERVIEW
Boasting a diverse economic base of manufacturing, aircraft,
healthcare and professional services, the Wichita market is composed
of five counties and supports a population of roughly 649,000 people.
In addition, the metro is growing faster than the national average, with
gains of more than 21,100 people forecast by 2022. Wichita State
University also lies within the city limits, enrolling a student body of
nearly 14,500 in both graduate and undergraduate programs.
METRO HIGHLIGHTS
ECONOMY
DIVERSE MANUFACTURING BASEManufacturers of aviation, air-conditioners, turf equipment, food products and telecommunications are active in the metro.
LARGE GOVERNMENT PRESENCEMore than 7,000 workers are employed by the state of Kansas and the U.S. government, providing a large contingent of employment to the metro.
EDUCATIONAL CENTERHome to Wichita State University, education is a key driver of the economy. Public school districts and the university provide more than 10,000 jobs.
Aviation is a integral part of the economy, with Spirit AeroSystems, Cessna Aviation and Beechcraft Corp. hiring more than 25,000 workers. Boeing and Bombardier Aerospace also have a combined 5,500 employees.
Via-Christi Health is one of the largest employers in the Wichita metro, with more than 10,000 workers on local payrolls.
Numerous other active distribution and manufacturing companies in the metro include Cargill Meat Solutions, Koch Industries Inc., and York International. Together these firms employ approximately 4,000 people.
Several telecommunications firms have established a base of operations in the market. Both T-Mobile and Cox Communications have payrolls exceeding 800 positions each.
DEMOGRAPHICS
2017POPULATION:
649KGrowth
2017-2022*:
3.3%
2017HOUSEHOLDS:
251KGrowth
2017-2022*:
4.5%
2017MEDIAN AGE:
35.5U.S. Median:
37.8
2017 MEDIAN HOUSEHOLD INCOME:
$54,700 U.S. Median:
$56,300
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POPULATION 1 MILE 3 MILES 5 MILES
2022 ProjectionTotal Population
10,221 71,813 171,153
2017 EstimateTotal Population
9,942 70,371 167,374
2010 CensusTotal Population
9,837 68,712 162,813
2000 CensusTotal Population
9,436 65,017 151,597
Daytime PopulationsTotal Population
11,099 94,216 217,834
HOUSEHOLDS 1 MILE 3 MILES 5 MILES
2022 ProjectionTotal Households
4,986 30,662 70,298
2017 EstimateTotal Households Average (Mean) Household Size
4,766
2.08
29,559
2.34
67,841
2.40
2010 CensusTotal Households
4,694 28,706 65,713
2000 CensusTotal Households
4,280 26,761 62,147
HOUSEHOLDS BY INCOME 1 MILE 3 MILES 5 MILES
2017 Estimate
$200,000 or More 5.61% 6.42% 4.47%
$150,000 - $199,999 4.50% 5.63% 3.89%
$100,000 - $149,000 12.13% 13.24% 10.87%
$75,000 - $99,999 11.31% 11.36% 10.01%
$50,000 - $74,999 17.33% 17.94% 18.35%
$35,000 - $49,999 11.94% 12.46% 13.79%
$25,000 - $34,999 9.67% 9.48% 11.49%
$15,000 - $24,999 13.31% 10.38% 11.89%
Under $15,000 16.03% 14.98% 16.84%
Average Household Income $76,968 $84,571 $70,896
Median Household Income $51,144 $55,717 $46,786
Per Capita Income $37,238 $35,916 $29,075
POPULATION PROFILE 1 MILE 3 MILES 5 MILES
Population By Age
2017 Estimate Total Population 9,942 70,371 167,374
Under 20 19.76% 26.14% 28.20%
20 - 34 Years 24.94% 24.03% 24.50%
35 - 39 Years 4.95% 5.36% 6.16%
40 - 49 Years 8.69% 10.12% 10.81%
50 - 64 Years 19.74% 18.81% 17.65%
Age 65+ 21.91% 15.52% 12.69%
Median Age 40.38 34.85 33.15
Population 25+ by Education Level
2016 Estimate Population Age 25+ 7,072 45,604 106,349
Elementary (0-8) 2.22% 1.72% 3.68%
Some High School (9-11) 5.07% 5.23% 7.67%
High School Graduate (12) 17.20% 18.14% 22.79%
Some College (13-15) 24.35% 23.21% 23.46%
Associate Degree Only 5.82% 7.20% 7.16%
Bachelors Degree Only 25.11% 26.50% 21.43%
Graduate Degree 19.09% 17.03% 12.56%
ONE AND TWO BRITTANY PLACEDe m o g R a p H i c Hi g H l i g H t s
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DEMOGRAPHIC SUMMARY5-Mile Radius
Population
Employment
Housing
Race and Ethnicity
Income
Households
The 2017 population estimate in this selected geography is 169,008. The 2010 Census revealed a population of 164,342, and in 2000 it was 152,132 representing a 8.0% change. It is projected the population in this area will be 172,772 in 2022, representing a change of 2.2% from 2017. The current population is 49.5% male and 50.5% female. In 2017, the median age of the population in this area was 33.1 , compared to the Entire US median age which was 37.8. The population density in your area is 2,149.8 people per square mile.
In 2017, there were 129,986 people over the age of 16 in the labor force in your geography. Of these 93.2% were employed, 5.6% were unemployed, 36.3% were not in the labor force and 1.2% were in the Armed Forces. In 2017A, Civilian unemployment in this area was 5.6%. In Q3 2017, there were 116,262 employees in this selected area (daytime population) and there were 7,121 establishments. For this area in 2017, white collar workers made up 60.5% of the population, and those employed in blue collar occupations made up 21.8%. Service and Farm workers made up 17.7% of the population. In 2010, the average time traveled to work was 18 minutes.
The median housing value in this area was $81,442 in 2000; compare this to the Entire US median of $110,813 for the same year. The estimated median housing value in 2017 in this area is $138,858; compare this to the Entire US median of $193,953 for the same year. In 2010 there were 90.1% owner occupied housing units in this area vs. 90.1% estimated in 2017. Also in 2010, there were 0.5% renter occupied housing units in this area vs. 0.5% estimated in 2017A. The average rent in 2017A was $559 .
In 2017, the racial makeup of this selected area was as follows: 60.2% White; 20.0% Black; 1.0% Native American; 6.7% Asian/Pacific Islander; and12.1% Other. Compare these to the Entire US racial makeup which was: 70.4% White, 12.8% Black, 1.0% Native American, 5.7% Asian/Pacific Islander and 10.0% Other. People of Hispanic ethnicity are counted independently of race. People of Hispanic origin make up 16.9% of the current year population in this selected area. Compare this to the Entire US makeup of 17.9%.
In 2017, the median household income in this selected geography was $46,386, compared to the Entire US median which was $56,286. The Census revealed median household incomes of $43,923 in 2010. It is projected the median household income in this area will be $54,642 in 2022, which would represent a change of 17.8% from the current year.
In 2017A, the per capita income in this area was $26,964 , compared to the Entire US per capita, which was $28,088 . The 2017 average household income for this area was $28,987, compared to the Entire US average which was $30,982 .
There are currently 68,749 estimated households in this selected geography. The Census revealed household counts of 66,545 in 2010 and 62,448 in 2000, representing a change of 6.6%. It is projected the number of households in this area will be 71,191 in 2022, representing a change of 3.6% from the current year. In 2010, the average number of years in residence in this geography’s population is 10.7. The average household size in this geography was 2.4 people and the average family size was 3.2 people.
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E X C L U S I V E LY L I S T E D B Y
BARRY HIGGINSSenior Vice President Investments
Denver, ColoradoOffice 303.328.2012
[email protected] CO EA 748415
ONE AND TWO BRITTANY PLACE
BRANDON PEARSONAssociate
Denver, ColoradoOffice 303.328.2032
Brandon [email protected] CO FA. 100075629
COLBY HAUGNESSSupervising Broker
License 00241410
