Dave Karson, a director with Sonnenblick, tells GlobeSt.com thatthe Atlanta-based Rubicon wants to get out of the Midwest. "It'sthe only property they own that's not on the East Coast," he says.The company has owned the building for a year, he says.


The buyer would take over a $55 million loan for theproperty , and an included $10 million available loan thatwould allow the buyer to move out a low-rent paying tenant, Karsonsays. The Kansas City Gift Mart is only paying about $7 per sf forits 230,000 sf, about half of the $14 per sf lease paid by theother two tenants, United Healthcare and MNI Bank. The averagelease rate for the area is $18 per sf, Karson says. The healthgroup takes up most of the rest of the building, with the banktaking 25,000 sf.


Karson says the health care company has spent $60 million toexpand into all corners of the building with high tech space, andwould likely take the space vacated by the Gift Mart. He says hethinks that would boost the value of the building up by up to $25million. "I think this property appeals to a lot of people. Someonecan buy it and just clip coupons, or work to get out the Gift Mart.This is a good opportunity at $115 per sf."

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