Blue West Capital Arranges Sale of Multi-Tenant Retail Property in Lawrence, KS

LAWRENCE, KS – [March 30, 2020] – Blue West Capital has completed the sale of a multi-tenant retail property located at 565 Wakarusa Drive, Lawrence, KS for $5,096,048 which is a 6.37% cap rate. This sale represents the second lowest cap rate ever for a multi-tenant retail property in Kansas, according to CoStar. Tom Ethington and Brandon Gayeski, of Blue West Capital, represented the seller in the transaction, a national developer based in Colorado. The purchaser was a private Texas-based real estate company.

The 10,850 SF property was built in 2018 and is 100% leased to national e-commerce resistant tenants AT&T, Pacific Dental, SportsClips, Orangetheory Fitness, and Smoothie King. All the tenants are on long-term triple net leases with fixed rental increases. The property is strategically positioned at the signalized intersection of 6th Street & Wakarusa Drive as an outparcel to a Walmart Supercenter. Retailers in the immediate trade area include Sprouts Farmers Market, Dillons Food Store, McDonald’s, Starbucks, CVS, Taco Bell, T-Mobile, Slim Chickens, Burger King, Arby’s and many others. The property is located three miles from the University of Kansas, the largest public university in the state with a total enrollment of 28,000 students. The affluent surrounding area has average annual household incomes in excess of $113,000.

“Retail is a contrarian commercial real estate investment right now; however, we see the buyer demand for well-located properties with the right tenant mixes to remain strong. With interest rates back to historical lows, it is a good time for retail investors to stick to their acquisition targets.” said Tom Ethington, Managing Partner.

“Despite the current unprecedented investing environment due to the ongoing pandemic, we were able to complete this transaction. We successfully negotiated mutually beneficial terms for both parties. 1031 exchange investors with large gains and hefty tax implications will continue to seek investment properties with strong real estate fundamentals,” said Brandon Gayeski, Associate.

About Blue West Capital

Blue West Capital is a net lease real estate investment advisory firm focused on the acquisition and disposition of single-tenant net leased properties, retail shopping centers, and commercial investment properties nationwide. We are a team of commercial real estate experts committed to helping our clients achieve their investment goals through a combination of exceptional client communication, professional collaboration, and individual experience. 

PR Contact

Krissy Simmons
(720) 996-1631