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Office

Woodland Corporate Center

1410 E Iron Ave, Salina, KS 67401

Listing Price: $4,066,000

Cap Rate
7.41%
Gross SF
32,906
Rentable SF
32,906
Price/Gross SF
$123.56
Lot Size
2.86 acres
Year Built
2001

Investment Overview

Marcus & Millichap is pleased to bring to market the Woodland Corporate Center, a multi-tenant government-leased office building occupied by the Department of Veterans Affairs (VA), the Social Security Administration (SSA), and the US Department of Agriculture (USDA). The 31,556 rentable square foot building is located at 1410 E Iron Ave in Salina, KS, and sits on 2.86 acres. Currently, the three GSA tenants occupy 60% of the building. 31% is occupied by four separate medical practices, and 8% of the building has been set aside for the VA, as they have indicated plans to expand their space. The VA moved into Woodland Corporate Center in 2002, with the Secretary of the VA, Anthony Principi, providing an in-person dedication for the facility. They have occupied the building ever since, and just finished transitioning to 100% electronic health records. They also recently signed a two year lease extension in order to facilitate their space expansion. The SSA has been a tenant of Woodland Corporate Center since 2008, and is is currently planning a Tenant-Improvement project to upgrade their space. SSA's lease has 7.5 years remaining (5.5 years firm). The USDA’s lease has 2.5+ years remaining, and has also expressed interest in a Tenant-Improvement project. They have occupied the building the longest, with continuous tenancy since 2002. Other tenants of Woodland Corporate Center are Dr. Gary Weiner, a private-practice ophthalmologist who recently expanded his space with a new lease, Dr. Linda Lawrence, also an ophthalmologist, Silver Lining Therapy, a mental health services group, and Myne Body & Soul, a health and wellness group. Also located on the parcel is Bravo Sliders-N-Bites, a 1,350 rentable square foot standalone restaurant and local favorite. While comprising a relatively small amount of total square feet (4%), Bravo Sliders offers a diversified income stream, and has an impressive 4.8 star rating on Google reviews based on 207 reviews.

Investment Highlights

  • Multi-Tenant GSA Investment Opportunity (VA, SSA, USDA)
  • Value-Add Opportunity- Ongoing Veterans Affairs Expansion/Lease Renewal
  • 7.5 Years Remaining on Social Security Administration's Lease (5.5 Firm)
  • Projected 12.8% Year 1 Cash-on-Cash Return
  • Situated Along the Intersection of I-35 and I-70, Kansas's Two Largest Interstate Highways
  • Largest Non-GSA Tenant (Medical Practice) Recently Expanded into an Additional Suite

Exclusively Listed By

Broker of Record

  • Colby Haugness

    First Vice President Investments

    (816) 410-1010

    License(s) KS: 00241410

    Kansas

Financing By

Office

Woodland Corporate Center

Listing Price: $4,066,000

Cap Rate
7.41%
Gross SF
32,906
Rentable SF
32,906
Price/Gross SF
$123.56
Lot Size
2.86 acres
Year Built
2001

Investment Highlights

  • Multi-Tenant GSA Investment Opportunity (VA, SSA, USDA)
  • Value-Add Opportunity- Ongoing Veterans Affairs Expansion/Lease Renewal
  • 7.5 Years Remaining on Social Security Administration's Lease (5.5 Firm)
  • Projected 12.8% Year 1 Cash-on-Cash Return
  • Situated Along the Intersection of I-35 and I-70, Kansas's Two Largest Interstate Highways
  • Largest Non-GSA Tenant (Medical Practice) Recently Expanded into an Additional Suite

Investment Overview

Marcus & Millichap is pleased to bring to market the Woodland Corporate Center, a multi-tenant government-leased office building occupied by the Department of Veterans Affairs (VA), the Social Security Administration (SSA), and the US Department of Agriculture (USDA). The 31,556 rentable square foot building is located at 1410 E Iron Ave in Salina, KS, and sits on 2.86 acres. Currently, the three GSA tenants occupy 60% of the building. 31% is occupied by four separate medical practices, and 8% of the building has been set aside for the VA, as they have indicated plans to expand their space. The VA moved into Woodland Corporate Center in 2002, with the Secretary of the VA, Anthony Principi, providing an in-person dedication for the facility. They have occupied the building ever since, and just finished transitioning to 100% electronic health records. They also recently signed a two year lease extension in order to facilitate their space expansion. The SSA has been a tenant of Woodland Corporate Center since 2008, and is is currently planning a Tenant-Improvement project to upgrade their space. SSA's lease has 7.5 years remaining (5.5 years firm). The USDA’s lease has 2.5+ years remaining, and has also expressed interest in a Tenant-Improvement project. They have occupied the building the longest, with continuous tenancy since 2002. Other tenants of Woodland Corporate Center are Dr. Gary Weiner, a private-practice ophthalmologist who recently expanded his space with a new lease, Dr. Linda Lawrence, also an ophthalmologist, Silver Lining Therapy, a mental health services group, and Myne Body & Soul, a health and wellness group. Also located on the parcel is Bravo Sliders-N-Bites, a 1,350 rentable square foot standalone restaurant and local favorite. While comprising a relatively small amount of total square feet (4%), Bravo Sliders offers a diversified income stream, and has an impressive 4.8 star rating on Google reviews based on 207 reviews.

Exclusively Listed By

Broker of Record

  • Colby Haugness

    First Vice President Investments

    (816) 410-1010

    License(s): KS: 00241410

    Kansas

Financing By

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