1716 North Waldron Street, Hutchinson, Kansas 67502
The subject property is a 2,901 SF building 100% leased to AT&T Wireless located in Hutchinson, KS. The tenant was recently acquired by Gamestop (NYSE: GME) and is operated as a wholly owned subsidiary under a 10 year NN lease with 6.8 years remaining.
The rent increases 10% in 2021 and 10% in the option period. The landlord responsibilities are limited to roof and structure. The tenant reimburses for CAM, taxes, and insurance.
In 1876 Alexander Graham Bell invented the telephone. That was the foundation of the company that would become AT&T - a brand that has become synonymous with the best, most reliable telephone service in the world. In 1984, through an agreement between the former AT&T and the U.S. Department of Justice, AT&T agreed to divest itself of its local telephone operations but retain its long distance, R&D and manufacturing arms. From this arrangement, SBC Communications Inc. (formerly known as Southwestern Bell Corp.) was born. Twelve years later, the Telecommunications Act of 1996 triggered dramatic changes in the competitive landscape. SBC Communications Inc. established itself as a global communications provider by acquiring Pacific Telesis Group (1997), and Ameritech Corp. (1999). In 2005, SBC Communications Inc. acquired AT&T Corp., creating the new AT&T. With the acquisition of BellSouth in 2006, and the consolidated ownership of Cingular Wireless, AT&T led the industry in one of its most significant transformations since the invention of the telephone more than 130 years ago.
The site is located adjacent to 83-acre Hutchinson Regional Medical Center & Camps with over 1,980 employees combined and serves over 65,000 residents of central Kansas. Its across from Walmart Supercenter Target, Lowe's, Home Depot, and Kohl's. Its close in proximity to Hutchinson Community College with 5,575 students. Its also within 1 mile of 7 hotels and the Greater Hutchinson Convention Center.
Strong intrinsic value
Wholly owned subsidiary of Gamestop (NYSE: GME)
10% rent increase in 2021
Minimal management investment opportunity