Comotara Center is a ±57,012 SF center on ±5.14 acres approximately 5 miles northeast of downtown Wichita. The property is situated within an established corridor of commercial development. The property has frontage on two major arterials with reported combined traffic counts exceeding 37,000 vehicles per day.
Improvements consist of three buildings, ranging in size from 17,760 SF to 20,620 SF, constructed in 1985 of structural steel with masonry and concrete encasement on a reinforced concrete slab-on-grade foundation. Exterior walls are brick masonry accented by painted EIFS. The roofs are flat with built-up roofing covers, accented by pitched roofs with clay tiles at buildings 2929 and 2939 N. Rock Rd. Building 2949 has a flat roof with TPO cover accented by pitched roofs with clay tiles. Heating and cooling is provided by rooftop packaged units controlled by individual thermostats in tenant units. All roofs to receive a silicon coating with a 10-year warranty in summer of 2019.
The 2949 building is protected by a wet-pipe automatic fire sprinkler systems with central fire alarm and outside dialer. Fire extinguishers are located throughout the remaining tenant spaces in the other buildings. Units are separately metered for electrical use. Driveways and parking areas consist of concrete pavement in the parking lot N.E. of building 2939, and at solid waste pads behind 2929 building. Asphalt paving is utilized throughout the rest of the property. The property has a total of 282 parking spaces including 10 handicapped spaces (per the 10/22/2018 Survey). Parking lot was resealed and restriped in 2019.
The three buildings currently contain 13 tenant spaces ranging in size from ±1,100 SF to ±13,200 SF, broken down per the rent roll, which reflects 94% overall occupancy by 11 tenants, with 2 total available units, ranging in size from ±1,200 SF to ±1,805 SF:
• Building 2929: ±18,631 SF configured as 7 units, ranging from ±1,100 SF to ±7,453 SF, 93% occupied, single available unit is ±1,200 SF;
• Building 2939: ±17,760 SF demised into 5 units, 4 of which (±15,530 SF/90%) are occupied, single available suite is ±1,805 and;
• Building 2949: ±20,620 SF divided 80/20 among 2 units, both of which are occupied.
Wichita, the largest city in Kansas with a population 389,965, is the county seat of Sedgwick County. Major highways, including the Kansas Turnpike, US 400 and Interstate I-135, link the city with a large trade area that encompasses a population of more than one million people within a 100-mile radius. The nearest large cities are Denver to the west, Kansas City of the northeast, and Oklahoma City to the south, and Tulsa to the southeast.
Wichita, Kansas ranked #1 best city for manufacturing workers, #9 top city with the best work-life balance, #1 growth rate of digital services jobs, #2 recession-proof cities in the U.S. and #3 city for low startup costs in the U.S. Commute times are the lowest among the 100 major metropolitan markets. Wichita has also been named the most “Uniquely American” city by Newsmax Magazine, in addition to being designated an “All-American City” four times.
In the 20th century, aircraft pioneers such as Clyde Cessna, Walter Beech and Bill Lear began projects that would lead to Wichita’s establishment as the “Air Capital of the World.” In 1917, the Cessna Comet was the first airplane that was manufactured in Wichita. Cessna and Beechcraft remain based in Wichita today, along with Learjet and Spirit Aerosystems. Airbus maintains a workforce in Wichita. Since the growth of the aircraft industry began during the inter-war years, Wichita has been a leading producer of general aviation and commercial aircraft. McConnell Air Force Base was activated in 1951 and has remained an important factor in the community.
Wichita has long been known as a center of entrepreneurship. In addition to aircraft pioneers, Fred Koch founded Koch Industries in Wichita, and Dan and Frank Carney founded Pizza Hut. Coleman, Freddy’s Frozen Custard, and many other successful companies began in Wichita.
- Opportunity to acquire a stable, well positioned asset in Wichita’s Prime Northeast Retail Trade Area
- Long term Value Add Opportunity at below replacement cost
- Over $300,000 of recent investment in Capital Improvements include roof coating with a 10-year warranty and resealing/restriping parking lot
- E Commerce resistant tenants
- Upside through renewals, re-tenanting at market rents, and filling existing vacancies
- Average weighted historical occupancy of 10.61 years