La-Z-Boy | Corporate Long-Term Net Lease 1935 Wanamaker Rd

Pegasus Investments Real Estate Advisory Inc. and ParaSell, Inc., as exclusive investment sale advisors to Seller, are excited to offer the opportunity to acquire the fee simple interest in a newly constructed single-tenant net lease La-Z-Boy in Topeka, Kansas (“The Property”). The Property is secured by a corporate lease with La-Z-Boy (NYSE: LZB), the market leader in residential furniture. The lease features 10 years of base term with a 10% rent increase in 2029, as well as four (4) 5-year optional extensions with 10% rent increases at the start of each option. The lease has minimal landlord responsibilities. The landlord is only responsible for roof and parking lot replacement and structural repair and replacement. The tenant is responsible for all else including roof and parking lot repair and maintenance. Additionally, an investor benefits from a new 20 year roof warranty and a concrete parking lot with a 20+ year useful life.
The Property is strategically located along SW Wanamaker Road (20,611 VPD), just off the SW 21st Street (20,597 VPD) exit of US HWY 470 (51,300 VPD), one of the two major highways serving the Topeka metro area. This prime outparcel is adjacent to West Ridge Mall, which is currently undergoing a major transformation to become an outdoor lifestyle center, highlighted by Advisor Excel’s 175,000 SF office headquarters, employing 1,000 people. Situated in the heart of Topeka’s #1 retail corridor, the Property boasts excellent visibility and is surrounded by high-traffic retailers, including the #2 Walmart in Kansas (top 5% nationwide), the #1 Chick-fil-A in the state (top 4% nationwide), and top-performing locations of Home Depot, Kohl’s, Hobby Lobby, Chili’s (#1 in Kansas, top 40% nationwide), Olive Garden (#2 in Kansas, top 30% nationwide), and Panda Express (#1 in Kansas, top 15% nationwide).
The Property is located in Topeka, the capital of Kansas, a city home to several Fortune 500 companies with manufacturing or distribution facilities, including Frito-Lay Inc, Burlington Northern Santa Fe Railway, Payless Shoe Source, Goodyear Tire & Rubber, Hallmark Cards, and Hill’s Pet Nutrition. A recent report from Wichita State University’s Center for Economic Development and Business Research predicts that Kansas will add more than 469,000 residents by 2072, a 16% increase from its 2022 population. The state’s three major metros (Kansas City, Topeka, and Wichita) are expected to lead this growth. Recent job creation efforts in Topeka are contributing to these projections. For example, Topeka and Shawnee County’s Joint Economic Development Organization (JEDO) board recently approved an agreement to expand Southwest Publishing & Mailing, now rebranded as Moore Digital Print & Mail Center – Topeka. This expansion, with a projected $240 million local economic impact over 10 years, is anticipated to yield a 246% return on investment for the community.