42 West

$6.5M

Total project cost, realized through an August 2026 sale

THE OPPORTUNITY

In June 2021 PETRA acquired 42 West off-market: a fully occupied flex industrial portfolio of twelve units across about 57,000 square feet, with a paved, ground-leased parking lot and an 86,000-square-foot development parcel.

The property sits along the K-42 highway with immediate access to I-235, US 400 and Eisenhower National Airport, in one of Wichita's most logistics-friendly submarkets.

THE CHALLENGE

Twelve small units on short lease terms need steady attention. Every expiration is a decision for the tenant, and every vacancy is lost income.

The property also carried two pieces that needed a plan of their own: a paved parking lot and an undeveloped parcel.

WHAT WE DID

Managed the flex buildings closely. Twelve units on NNN leases, with tenants paying utilities, maintenance, taxes and insurance. Short lease terms gave PETRA steady opportunities to bring rents toward market.

Put the parking to work. The paved lot was ground-leased to Ben E. Keith, delivering low-maintenance income while keeping the option to redevelop or sell later.

Kept the development option. The 86,000-square-foot parcel remained available for additional flex product or sale to adjacent owners.

THE OUTCOME

Through PETRA's hold, all twelve units stayed leased to a diversified mix of operators, including Makino, Ben E. Keith, QuikTrip and Nestlé Dreyer's Ice Cream, across five uses: showrooms, machine shops, electronics repair, fleet dispatch and distribution staging.

PETRA sold 42 West in August 2026.

WHY IT MATTERS

42 West shows the quiet work of ownership: keeping a property full, tenant by tenant, and making every part of the site earn its keep until the right time to sell.

This case study describes a single project and is for informational purposes only. It is not an offer to sell or a solicitation of an offer to buy any security. Past performance does not guarantee future results.