Midwest Dental Corporate Lease – 190 Offices in 17 States – Parent Company of Four Regional Dental Brands – The subject property is leased to Midwest Dental on a long term corporate guaranteed lease from Midwest Dental Holding Company (parent company). Midwest Dental is also the parent company of four regional brands – Mountain Dental, Midwest Dental, Merit Dental and Mondovi Dental. Midwest Dental is a nationally recognized brand servicing 190 offices in 17 states.
Recent Early 10-Year Lease Extension (May 2019) – Commitment to Site – Recent Capital Improvements to the Building – Midwest Dental has been successfully operating at this location since 2012 and recently executed (May 2019) a 10-year lease extension early, leaving 12+ years remaining on the lease term. Additionally, the landlord recently replaced several of the HVAC units and upgraded the exterior front entry facade in the summer of 2019.
Extremely Low Rent – Mitigated Future Vacancy Risk – Ideal Long-Term Hold Investment – The tenant is paying an extremely low rent for a medical tenant ($8.98 per square foot). The low rent provides an investor with an easily replaceable rent and even some potential rent upside, in the very unlikely event the tenant was to ever vacate. The extremely low rent also provides an investor with added security knowing that it’s highly probable the tenant will be profitable at this location and thus, remaining at this location for many years to come.
Located Near Hard Corner Signalized Intersection – Heavy Traffic Counts (26,000 CPD) – Multiple Access Points & Ample Parking – The subject property is located near the signalized hard corner intersection of E. James St & Rock Rd, offering excellent visibility to combined traffic counts of 26,00+ cars per day. The site offers multiple entrances and ample parking (55 total spaces).
Ideal Location Along Major Retail Corridor – Area of New Commercial Development – New Home to Hobby Lobby, TJ Maxx, Ross Dress for Less – Strong Draw to the Trade Area – The property is located along Rock Rd, which is a heavily trafficked retail corridor. This corridor houses many retailers such as T-Mobile, WinCo Foods, LA Fitness, Stein Mart, Sprouts, Kohl’s, Sherwin-Williams, Goodwill, and Midas, as well as restaurants including McDonald’s, Taco Bell, Black Bear Diner, Arby’s, Wendy’s, El Pollo Loco, Pizza Hut, Carrabba’s Italian Grill, and many more.
The majority of the commercial development has been along Rock Road, which has become a shopping and dining destination for residents of surrounding towns. Chipotle, Chick-fil-A and Hobby Lobby all opened locations there within the past year. TJ Maxx and Ross Dress for Less are expected to follow within weeks, with a Hardee’s not far behind. Two medical facilities — Wesley Derby ER and MedExpress urgent care center — opened in December 2016
Located in Derby, Suburb of Wichita: The Largest City in Kansas – Home of Koch Industries & Cargill, Two Largest Privately Held Companies in the U.S. – The property is located in the City of Derby, a suburb of Wichita, the largest city in Kansas, wih an estimated population of over 680,000 people. Wichita is the industrial hub of the region, with an economy built heavily on manufacturing, which accounts for 24% of area employment. Healthcare is Wichita’s second-largest industry.
Koch Industries and Cargill, the two largest privately held companies in the United States, both operate headquarters facilities in Wichita. Koch Industries’ primary global corporate headquarters is located in a large office-tower complex in northeast Wichita. Cargill Meat Solutions Div., at one time the nation’s 3rd-largest beef producer, is headquartered downtown. Other firms with headquarters in Wichita include roller-coaster manufacturer Chance Morgan, gourmet food retailer Dean & Deluca, renewable energy company Alternative Energy Solutions, and Coleman Company, a manufacturer of camping and outdoor recreation supplies. Air Midwest, the nation’s first officially certificated “commuter” airline, was founded and headquartered in Wichita and evolved into the nation’s 8th largest regional airline prior to its dissolution in 2008.