Leawood Office Building in Prime Location | College Boulevard | Leawood, Johnson County, Kansas | Opening Bid $500,000
Ended: 12/30/19 at 12:30 PM CST
5001 College Boulevard, Leawood, Kansas
Both existing leases as written will transfer with the building.
This attractive office property formerly Forsa Technologies features a 23,602 SF +/- freestanding, two-story, multi-tenant office building on a 1.74 +-/ acre site with 100 +/- surface parking spaces and is located in one of the country’s best real estate investment markets, Johnson County, Kansas.
The property is situated in an exceptional location on a major commercial corridor with excellent visibility, close proximity to top-rated retail, restaurants, entertainment, schools, etc. and offers easy access to I-435, I-35, and US-69 highways. Significant upside can be achieved through upgrades, vacancy absorption, and stabilization. Don’t miss this unique opportunity to Bid Your Price! This outstanding investment is only available through the auction date. Online bidding opens at $500,000 and ends Monday, December 30, 2019 at 12:30 p.m.
• 23,602 SF +/- Freestanding Two-Story Office Building in Prime Leawood, KS Location
• Situated on 1.74 +/- Acre Site with 100 +/- Surface Parking Spaces
• Exceptional Location on Major Commercial Corridor with Excellent Visibility & Highway Access
• Close Proximity to Top-Rated Retail, Restaurants, Entertainment, Schools
• Significant Value Enhancement through Upgrades, Vacancy Absorption & Stabilization.
• Located in One of the Best Real Estate Investment Markets in the Country, Johnson County, KS
• Attractive Owner/User or Investment Opportunity. 1031 Exchanges Welcome!
• Opening Bid $500,000! Auction Ends: December 30, 2019 at 12:30 pm
Tenant 1 is leasing 1771 sq. ft. @ $19.75/sq. ft. on a 3-month auto-renewable lease through 12/31/19. The lease has a 30-day out and has been in place since 2012.
Tenant 2 is leasing 1021 sq. ft. @ $4.70/sq. ft. on a 5-year lease through 10/31/22 with the option to renew for another 5-year term. This lease was in effect when our seller purchased the building.
Lease documents available upon request.
Gross Building Area
23,602 SF +/-
Net Rentable Area
19,041 SF +/-
1.74 Acres +/- (75,595 SF)
SD-O, Planned Office District
Roof mounted units
100 asphalt surface spaces +/-
2018 RE Taxes
TRADE AREA HIGHLIGHTS
• Leawood residents are among the wealthiest in Johnson County, boasting an average household income of more than $163,198.
• Leawood residents are extremely educated, with more than 75.96% having a 4-year college degree or graduate degree. They consistently score in the national top twenty rankings in terms of High School graduation numbers and Bachelor’s/Post Bachelor’s degrees earned.
• Leawood is well-connected to the Kansas City Metro’s vast system of highways, providing access in 30 minutes or less to almost every community within the Metro Area.
• Johnson County is the wealthiest county in the State of Kansas.
• Johnson County accounts for 55% of the new businesses in the Kansas City MSA and 60% of the new businesses in the State of Kansas. Approximately 360 new businesses are added annually.
• Johnson County is known for its strong public education opportunities. Within the trade area, there are two major districts: Blue Valley and Shawnee Mission. Both districts have consistently been named among the top public school districts nationwide. Johnson County is home to 24 public golf courses, including designs by Johnson County resident Tom Watson, and Kansas City native Jim Colbert.
• Johnson County’s population within a 5-mile radius of the subject property is approximately 230,000.
KANSAS CITY MSA
• The population in the Kansas City MSA is currently more than 2.34 million and is expected to grow an additional 5% in the next five years.
• Greater Kansas City is one of the fastest-growing labor markets in the Midwest while featuring affordable lifestyle and business costs.
• According to the ACCRA Cost of Living Index, Kansas City is one of the most affordable among large U.S. cities in addition to being ranked as one of the most affordable housing markets, by the National Association of Home Builders.
* – Above information from sources deemed reliable
“ONLINE ONLY” REAL ESTATE BIDDING
AUCTION TERMS AND CONDITIONS
Proper and complete online registration is required to bid. All bidders must provide valid contact information including full name, address, phone number, and email address to register. A credit card (MC, Visa or Discover) is also required and will be validated before bidding access is granted, but is not a recognized form of payment for the earnest money deposit or purchase price. Bidders may also be required to provide proof of funds, bank letter of credit or other financial documentation if deemed necessary. By registering, all bidders acknowledge having read and agree to be bound by the Auction Terms and Conditions. Bidders may register prior to, or during the bidding period. At registration bidders are given the option of receiving emails confirming their individual bids and/or when they are outbid.
All bidding in this auction is being conducted online. (If you need assistance placing a bid or prefer to submit a bid in person, please call our office for assistance. 816-781-1134) To place a bid, bidders can either bid the next bid increment being asked for or enter a maximum bid by clicking the “SET MAX” feature. This feature allows a bidder to enter their maximum bid and authorizes the system to only bid the smallest acceptable bid increment on their behalf when they have been outbid and only up to their maximum bid. The benefit is, not having to login and physically bid each time you have been outbid. In the case of an auction with a reserve, if the maximum bid entered is less than the reserve, the system will place the bid at the bidder’s maximum bid. If the reserve has been met or it is an auction without reserve, the system will only bid the smallest acceptable bid increment on the bidders behalf when they have been outbid and only up to their maximum bid. This auction utilizes a “Soft Close” feature that automatically extends the bidding time if a bid is received in the last 2 minutes of the auction. These extensions will continue until 2 minutes have lapsed without any bidding activity, at which time the auction is concluded. The benefit of these extensions is to provide an even playing field for all bidders.
A buyer’s premium of the greater of $2,500 or ten percent (10%) of the high bid shall be added to the high bid and included in the total purchase price to be paid by the successful bidder(s).
Sample calculation — High bid = $50,000
Buyer’s Premium = $ 5,000
Total purchase price = $55,000
Financing is not a contingency of sale in this offering. Therefore, it is strongly recommended that potential bidders ensure in advance that they are able to obtain the necessary financing to close the transaction and provide a pre-approval letter from their lender.
At the conclusion of the auction the Winning Bidder will be notified and receive an email and/or phone call confirming their winning bid status. In this or a subsequent email the Winning Bidder will receive a link to sign all documents electronically along with wiring instructions for submitting the required earnest money deposit to the named title company. Should the electronic processes described above be unavailable, alternative arrangements will be made. In any event, the contract signing and deposit payment process must be completed by close of business on auction day. A Winning Bidder whose documents and deposit are not received within the required time frame is subject to paying a liquidated damages amount equal to the down payment (charged to the credit card used at registration) and will not be allowed to bid in any future auctions. Please note that property-specific purchase contracts are available prior to the auction end date and reviews of such documents should be undertaken PRIOR to bidding. All final bids are subject to Seller’s reserve unless advertised otherwise. Any property with a high bid exceeding the Seller’s reserve will be declared “sold” by the Auctioneer. In instances where the seller’s reserve was not met in the auction, the signed contract and accompanying deposit will be presented to the Seller for approval, which shall be given or denied in the Seller’s sole discretion within 5 business days of the auction. If approval is denied, all documents and the deposit will be returned immediately.
EARNEST MONEY DEPOSIT:
The Winning Bidder shall be required to make an earnest money deposit equal to ten percent (10%) of the total purchase price. This deposit must be received by wire transfer (or by certified funds), by the close of business auction day. Winning Bidders whose documents and deposit are not received within the required timeframe are subject to paying a liquidated damages amount equal to the earnest money deposit, charged to the credit card used at registration, and will not be allowed to bid in any future auctions.
The Winning Bidder shall close within 45 days of the auction date, unless stated differently in the Purchase Agreement.
EVIDENCE OF TITLE:
Seller shall furnish at seller’s expense an Owner’s Policy of Title Insurance in the amount of the total purchase price and shall execute a warranty deed conveying the real estate to the buyer(s).
REAL ESTATE TAXES & ASSESSMENTS:
2019 taxes are to be prorated as of the closing date.
EASEMENTS AND LEASES:
Sale of said property is subject to any and all easements of record and any and all leases.
Cates Auction & Realty Co., Inc. and its representatives are Exclusive Agents of the Seller.
A commission of 3% of the high bid (unless a different percentage is stated in the property’s MLS listing) is offered to all participating properly licensed Brokers. This commission will be paid at closing to the Broker representing the Winning Bidder, who has completed, returned and met the terms of the Broker Participation Agreement. This agreement is available on our website and must be completed prior to the Broker’s bidder placing a bid and returned no later than 48 hours prior to the auction end date.
DISCLAIMERS AND ABSENCE OF WARRANTIES:
The information in the auction advertising was obtained from sources believed to be accurate, but is subject to verification by all parties relying on it. All sketches, dimensions, square footage, acreage amounts, etc. are approximate. No liability for its accuracy, errors or omissions is assumed by the Seller or the auction company. All bidders are responsible for conducting their own inspections, investigations, inquiries and due diligence concerning the property. The property is being offered on an “AS IS”, “WHERE IS” basis and no warranty or representations, expressed or implied, is made by the Seller or the auction company. All information contained in the advertising and all related materials are subject to verification by all parties and the terms and conditions outlined in the purchase agreement. The Auctioneer reserves the right to bid on behalf of the Seller up to, but not beyond the Seller’s reserve (if applicable). This property is available for and subject to sale prior to the auction end date.
We hope you enjoy bidding in this online auction!
Video: Leawood Office Building in Prime Location
I-435 to Nall Ave., south to College Blvd., east to 5001. Watch for signs.