Haith & Co. Sells Kansas City Office Campus

Prairie View Business Center was 97 percent occupied by several tenants, including the U.S. Military, at the time of the sale.
Prairie View Business Center

Haith & Co. has sold Prairie View Business Center, a 109,089-square-foot office campus in Kansas City, Mo., to Boyd Watterson Asset Management for $11.7 million. According to Yardi Matrix data, Haith and Co. owned the property since 2005, when it purchased the asset from Barings.

The property is located at 10320-10336 NW Prairie View Road, next to the Kansas City International Airport and just off Interstate 29. It comprises two one-story buildings, which were completed in 1993. The office center was almost entirely leased at the time of the sale to five tenants, including the U.S. Military Entrance Processing Station for Kansas City, which occupies approximately half of the rentable area.

The building is LEED certified and sits on a 12-acre site which includes a parking lot for up to 384 vehicles. In 2015, the property became subject to a $7.8 million loan held by Sunflower Bank.

Director Scott Briggs of Stan Johnson Co.’s Tulsa office represented both the buyer and the seller in the deal.

With 82 percent of the property leased to the United States of America (…) and 94 percent of the rental income coming from the federal government, this was a very attractive asset,” said Briggs in a prepared statement.

In 2017, Boyd Watterson Asset Management acquired an office portfolio in Virginia for $13.2 million.

Image courtesy of Yardi Matrix