The 2-story building at 1414 Genessee Street adjacent to the CBD was built in 1996 and rehabbed in 2006. Sprint Nextel has 1,000 employees in the facility for a call center operation.
Eric Wollan, a senior vice president with Orix, says the property was attractive because it features a combination of an investment-grade credited tenant on a long-term lease in a building that is very well suited for its needs.
In addition, Wollan says that the Kansas City renaissance, with billions of dollars poured into new projects in the CBD, is bringing in a lot of corporate interest to the market raising its profile.
The Orix-Boulder JV is seeking office and industrial net lease properties nationwide that are between $7 million and $20 million. Earlier this year, the partnership acquired an industrial building in Lincoln, Nebraska's airport submarket.
Wollan says the JV is a higher-yield investor willing to take on more risk. Also, they operate as an all-cash buyer, he says.
“We have been able to take advantage of situations that leveraged buyers cannot,” Wollan says. “We provide an institutional investor process in markets that haven’t always had that and we provide an all-cash close. It means we can look at assets with shorter lease terms and credit that is less-than-desirable making the assets challenging and difficult to finance frankly. We don’t have those restrictions.”
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