National Retail Tenants Enter, Expand Into Kansas City Market

The greater Kansas City area retail market remains solid as a rock, despite CoStar Group’s mid-year report showing a slight decline in the average asking rental rate and a slight increase in vacancy. The retail vacancy rate in the second quarter of 2017 stood at 5.7 percent, up slightly from the previous quarter’s 5.5 percent. The average asking rental rate for retail is $13.05 per square foot, down from $13.07 in the previous quarter. Local, regional and national restaurant chains..

September 21, 2017

Opus Begins Construction of 230,122 SF Industrial Building in Olathe, Kansas

OLATHE, KAN. — The Opus Group has broken ground on the second building at 56 Commerce Center in Olathe. The 230,122-square-foot industrial building will feature a 32-foot clear height, a front parking lot and a rear truck court. The location offers access to major interstates such as I-35, I-435 and I-49. The project is slated for completion in May 2018. This is the second phase of construction at 56 Commerce Center, a master-planned industrial development on 53 acres. The site can house..

September 20, 2017

NGZ, Gasperi Group Broker Sale of 23,652 SF Retail Center in Kansas City, Kansas

KANSAS CITY, KAN. — Newmark Grubb Zimmer (NGZ) and Gasperi Group Commercial Real Estate LLC have brokered the sale of Parallel Parkway Center in Kansas City along Parallel Parkway. The sales price was not disclosed. Anchored by AutoZone, the 23,652-square-foot retail center was 100 percent leased at the time of sale to five tenants. Originally built in 1971, the property was fully renovated in 2014. Michael VanBuskirk and Chris Robertson of NGZ, along with Steve Gasperi of Gasperi Group,..

September 18, 2017

Myriad Factors Help Explain Why Kansas City Office Market Has Not Reached Full Altitude

The Kansas City office market is poised for increasing rental rates and decreasing vacancy rates for the remainder of 2017 and into 2018. Kansas City has realized its 14th consecutive quarter of increased rental rates (through March 2017), while vacancy has decreased in the overall metro area due to lack of new office construction and a steady pace of absorption. Several factors contribute to the complexity of why the market is good but not great, steady but not dynamic, with no one factor..

September 14, 2017

Block & Co. Brokers Sale of Retail Property Occupied by Panda Express in Overland Park, Kansas

OVERLAND PARK, KAN. — Block & Co. Inc. Realtors has brokered the sale of a 2,448-square-foot retail property occupied by Panda Express in Overland Park. The sales price was not disclosed. The property is located within Glenwood Plaza Shopping Center at 9090 Metcalf Ave. Other tenants at the shopping center include Walmart, TJ Maxx, Dollar Tree and Subway. Alex Block and David M. Block of Block & Co. brokered the sale on behalf of the seller, Glo-Rae Glenwood LLC. Block & Co. is..

September 5, 2017

$20M SpringHill Suites by Marriott Opens in Lenexa, Kansas

LENEXA, KAN. — SpringHill Suites by Marriott has opened at 17190 W. 87th St. Parkway in Lenexa. The $20 million, 86,000-square-foot hotel consists of five stories and 124 rooms. The property features a 1,300-square-foot meeting space, lobby bar, fitness center and indoor pool. Part of the Lenexa City Center development, the hotel also includes 1,600 square feet of retail space with outdoor seating. Orangetheory Fitness is located in the hotel’s storefront. Midas Hospitality is managing the..

August 24, 2017

CBRE Arranges Sale of Two Multifamily Properties Near Major Universities in Kansas

TOPEKA AND MANHATTAN, KAN. — CBRE has arranged the sale of two multifamily properties near major universities in Kansas for an undisclosed price. Constructed between 2009 and 2014, the Lofts at College Hill is a 220-unit property located near Washburn University in Topeka. Amenities include a clubhouse, fitness facility, resort-style pool, media room, game room and business room. The Campus East Apartments consists of 110 units and is located one block from Kansas State University in..

August 21, 2017

Passco Sells Remaining Interests in 360-Unit Apartment Community in Overland Park, Kansas for $48M

OVERLAND PARK, KAN. — Passco Cos. LLC has sold its remaining interest in The Village at Lionsgate in Overland Park for $48 million. The 360-unit apartment community is located at 14631 Broadmoor St. The buyer was a real estate investment firm that already had a partial ownership stake in the asset. During ownership, Passco brought the average occupancy at the property up to approximately 95 percent. Mac Crowther of ARA Newmark represented both the buyer and seller in the transaction.

August 15, 2017

JLL Secures $221.3M Loan for Acquisition of 2.2 MSF Office Campus in Metro Kansas City

OVERLAND PARK, KAN. — JLL has secured $221.3 million in acquisition financing for the majority of Corporate Woods, a 2.2 million-square-foot office campus located roughly 11 miles outside Kansas City in Overland Park. The borrower was an affiliate of Group RMC Corp. The acquisition includes 22 of the 29 buildings that make up Corporate Woods. Seven buildings on the property, including the Doubletree Hotel, are under separate ownership and were not included in the sale. Adam Schwartz,..

August 15, 2017

Beef Jerky Experience opens at Corbin Park in Overland Park, KS

OVERLAND PARK, KAN. — Beef Jerky Experience has opened at the Corbin Park shopping center in Overland Park. The 1,329-square-foot retail store is located at 6301 W. 135th St. Other tenants within the 16,500-square-foot pad building include 810 Restaurant, Joplimo Mattress and Light Rx. Beef Jerky Experience sells jerky from a variety of animals as well as hot sauces and edible insects. David M. Block and Max Kosoglad of Block & Co. Inc. Realtors negotiated the lease transaction. Block..

August 14, 2017