Newmark Zimmer, as exclusive advisor, is pleased to present the Mills Building (the “Property”), located at 901 S Kansas Avenue, Topeka, Kansas. The property is 100% leased to five State of Kansas tenants with a 11+ Year WALT. The Property is being offered at a 9.86% cap rate, for $8,950,000 ($97.00/SF), offering compelling returns. The Property is 65% leased to the Kansas Department of Revenue (KDOR) through 2041–committing to over $17M of revenue for the property. Other tenants include the Kansas Attorney General and the Kansas Department of Administration.
Originally built in 1911, the property was renovated in 2016. The Property is located in Downtown Topeka, one block from the State Capitol, and three blocks from I-70. Office occupancy in Topeka has remained strong historically, averaging 4.5% in the last decade.