PRA ICON
Office | 142,697 SqFt
Marketing description
The ICON Campus is a premium 142,697 SF medical research and office facility located at 9755 Ridge Drive in Lenexa, Kansas. This exceptional net-lease investment opportunity offers stable, growing cash flow backed by investment-grade tenancy in one of Kansas City's most dynamic submarkets. Located in Northwest Johnson County submarket with 9.3% vacancy rate (4.4% YOY improvement) and strong fundamentals driven by major developments including the $200M Solera mixed-use project, AdventHealth Life Campus, and expanding Kiewit Engineering campus.
This offering represents a rare opportunity to acquire a mission-critical facility leased to an investment-grade tenant with exceptional revenue visibility and minimal landlord responsibilities.
Investment highlights
Investment Highlights:
Pricing Guidance: Unpriced
NOI: $2,506,177 ($17.56 PSF) beginning January 2026
WALT: ~5.4 years remaining with two 5-year renewal options
Escalations: 2.00% annually
Prime Tenancy:
Primary Tenant: ICON plc (NASDAQ: ICLR) - global contract research organization
Credit Rating: BBB- (Stable) from S&P
Financial Strength: $8.1B TTM revenue, $1.6B Adjusted EBITDA, $24.7B revenue backlog
Subtenant: Community American Credit Union occupying 27% of building
Property Details:
Built: 2004 as build-to-suit for ICON with 2005 addition
Site: 11.54 acres with 667 parking spaces
Use: Specialized First-in-Human clinical trial facility with 114 beds
Capital Investment: $9.5 million in tenant improvements since 2017
Lease Structure: Double-net with landlord responsible for roof, structure, and major systems
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