520-580 N Rogers Rd

520-580 N Rogers Rd is a multi-tenant industrial property at 520 North Rogers Road in Olathe, KS. It is a 208,605 SF building pairs conditioned production space with office area, giving investors an asset oriented toward tenants that need both functions under one roof.

The production area has 20 ft clear height, 14 dock-high doors and 2 drive-in doors. The building includes 161,744 SF of production area and 46,861 SF of office area, with air conditioning throughout. Built in 1981, it sits on 11.54 acres and has 440 parking spaces, a ratio of 2.12 per 1,000 SF. That combination supports a range of production and workplace layouts within a multi-tenant property.

At 93% occupancy, the property offers an existing income base while retaining some leasing upside. The asking price is $12,200,000, or $58.48 PSF, with $854,000 in NOI and a 7.02% cap rate. The mix of conditioned production area, office space and multiple tenants gives buyers several facets of the asset to underwrite rather than a single-use building.

Jon England and his team with NAI Heartland were hired by the out-of-town ownership to create a competitive marketing process from a national pool of buyers. Jon's effort and results yielded multiple offers and a successful closing in the midst of the Covid pandemic.