FedEx Corporation (NYSE: FDX) – Globally Recognized Tenant ($4.47B Net Worth) – Corporate Lease Guaranty – The lease is guaranteed by Federal Express Corporation (Standard & Poor’s “BBB” Bond Credit Rating), the world’s largest express transportation company providing a broad portfolio of transportation, e-commerce and business services through companies competing collectively, operating independently and managed collaboratively under the FedEx brand. Headquartered in Memphis, TN, FedEx ships to more than 200 countries and territories using air, ground and sea networks to link more than 99% of the world’s GDP. In 2019, FedEx reported revenues of over $69.7 billion and an approximate net worth of $4.47B.
Build to Suit Construction – Extensive Loading Capacity – Multiple Entrances – Built in 1986 as a build to suit for FedEx, the Property consists of a 20,000-square-foot building that sits on an approximately 2.23-acre parcel. The building features (4) drive-in loading doors, expansive parking, and multiple entrances to the property.
Real Estate Advantage – Only 6 Miles to Downtown Topeka – Located at Intersection of Major Interstates – Situated on a 2.23-acre parcel, this FedEx Express distribution facility offers multiple entrances and is only 6 miles from downtown Topeka. Additionally, the site offers an ideal location at the intersection of Interstates 470, 335/Kansas Turnpike and SR-75 for quick access to Kansas City 66 miles to the east and other cities beyond.
Successful 34 Year Operating History – Multiple Lease Extensions Reflect Commitment to Site – FedEx has been operating at this location for over 34 years and extended their lease an additional 10 years in 2013, demonstrating their commitment to the site. The double-net lease rent is flat throughout the term and has (2) 5-year renewal options available.
Located in Topeka – Capital City of the State of Kansas – Major Employer of State/Government Workers – Highly Educated Workforce – Transportation & Distribution Advantages – The subject property is located in Topeka, the capital city of Kansas and the seat of Shawnee County. It is located along the Kansas River in the central part of Shawnee County, in northeast Kansas. It is located approximately 1 hour west of Kansas City. Topeka offers a low cost of living, excellent access to healthcare, an educated workforce, and a diverse economy balanced by education, healthcare, manufacturing and retail. Topeka’s overall cost of living index is 91.7, more than 10 percent below the national urban area average, particularly in the housing market which is 83.8. Just last year, Kiplinger Finance Magazine designated Topeka one of the top ten cities for the next decade. Neighborhoods, schools, civic and cultural activities, economic incentives and a “we can do that” attitude combine to make Topeka one of the best small metros in the United States.
Being the state’s capital city, Topeka’s largest employer is the State of Kansas—employing about 8,400 people, or 69% of the city’s government workers. Altogether, government workers make up one out of every five employed persons in the city.
Its location at the intersection of Interstates 70, 35 and 29 offers excellent transportation and distribution advantages for businesses, making it easier and cheaper to ship in and out of the area. Top manufacturers Goodyear Tire and Rubber Company, Hill’s Pet Nutrition, Frito-Lay, and Jostens Printing and Publishing are a few of the largest companies in the region.