EDGERTON, KAN. — Barings has provided a $244 million loan for the refinancing of a 10-building industrial portfolio totaling 6.4 million square feet within Logistics Park Kansas City in Edgerton, about 40 miles southwest of Kansas City. A joint venture between an Ares Management Real Estate fund and NorthPoint Development owns the portfolio, which was developed between 2014 and 2017. On average, the buildings feature a clear height of 35 feet and 706 dock doors. The portfolio is currently 93 percent leased to tenants such as Amazon, Stanley Black & Decker, Sam’s Club, Assa Abloy and Smart Warehousing. All 10 properties offer immediate access to BNSF Railway’s intermodal rail facility.
LAWRENCE, KAN. — Tailwind Group has acquired The Reserve on West 31st, a 192-unit student housing property located 1.5 miles from The University of Kansas in Lawrence. Built in 1999, the community features a mix of three- and four-bedroom floor plans. Amenities include a study lounge, pool, fitness center and picnic area. Ryan Lang, Jack Brett and Ben Harkrider of Newmark arranged a structured equity facility on behalf of Tailwind to finance student housing acquisitions nationwide. Tailwind leveraged the facility to complete the acquisition of The Reserve on West 31st and plans to make capital improvements to the property.
WICHITA, KAN. — Equity Bancshares Inc., the Wichita-based holding company of Equity Bank, has completed its acquisition of KansasLand Bancshares Inc., the parent company of KansasLand Bank. With the acquisition, Equity has added to its existing presence in Quinter, Kan., and expanded into Americus, Kan. KansasLand locations opened as Equity Bank on July 2. The company expects to consolidate the core and digital banking systems late in the third quarter. Equity first announced the merger in April. Equity has approximately $5.3 billion in proforma consolidated assets and operates 74 locations in Kansas, Missouri, Arkansas and Oklahoma. Equity’s Kansas franchise now includes 37 banks.
GARDEN CITY, KAN. — Burlington has opened a 22,547-square-foot store in Garden City, a city in western Kansas. The Woodmont Co. owns the property. Burlington occupies a portion of the space that formerly housed Sears. The expansion of the shopping center also included the entry of Kohl’s with an in-store Sephora. David Adams and Kendall Graff represented Woodmont on an internal basis in the lease with Burlington. Rickey Hayes of Retail Attractions LLC facilitated the identification of the project on behalf of the Finney County Economic Development Corp. he also helped facilitate the project’s development and obtained city approvals. Mike Clements of Embree Capital Markets Group Inc. arranged project financing through Dream First Bank, represented by Brandon Mumgaard. Good Neighbor Coffee, spearheaded by Andy Hooper of Hooper Hospitality, is proposed to be the latest addition to the shopping center.
LENEXA, KAN. — Walker & Dunlop Inc. has arranged $29.6 million in federal Low-Income Housing Tax Credit (LIHTC) equity for the financing of Canyon Creek East, an affordable housing project in Lenexa. The development will include 212 units across five buildings. Jennifer Erixon led the Walker & Dunlop team that arranged the LIHTC equity, which will finance approximately 40 percent of the total development costs, on behalf of MRE Capital. Canyon Creek East is part of the larger Cedar Canyon West development plan, which encompasses a mix of residential, commercial and recreational facilities. MRE’s development will provide units for households earning between 30 and 80 percent of the area median income.
OLATHE, KAN. — Hand & Stone Massage and Facial Spa has opened at 20160 W. 153rd St. in the Kansas City suburb of Olathe. Owned by Lisa and John Paulson, the spa marks the brand’s third location in Kansas. The husband-and-wife team plans to open two more spas in metro Kansas City. The Olathe location offers professional massage services, including Swedish, Himalayan salt, sports, deep tissue, oncology and prenatal. Guests can also enjoy hot stone massages, facials and Neveskin Cryo treatments. All services are performed by experienced estheticians and licensed massage therapists.
NEW CENTURY, KAN. — CJ Logistics America, a supply chain and technology company, has unveiled plans to build a new cold storage warehouse in New Century, about 30 miles outside of Kansas City. Developed in a joint venture with Yukon Real Estate Partners and BGO, the rail-served project will consist of a 291,000-square-foot warehouse with refrigeration. Completion is slated for the third quarter of 2025. The new warehouse will be attached to Upfield’s production plant through an above-ground conveyor bridge being constructed by Upfield, which is a plant-based food company that produces brands such as Country Crock, I Can’t Believe It’s Not Butter and Imperial. There will be 100,000 square feet available at the project for other tenants.
OVERLAND PARK, KAN. — Sierra, an off-price active and outdoor apparel retailer, has opened a 19,374-square-foot store at The Marketplace within Bluhawk, a 277-acre mixed-use development in the Kansas City suburb of Overland Park. Sierra is part of the TJ Maxx, Marshalls and HomeGoods family. Additional recent store openings at the property include Ulta (9,962 square feet), Bath & Body Works (4,651 square feet) and Rack Room Shoes (5,838 square feet). This summer, OHM Fitness will open a 2,106-square-foot studio. Price Brothers is the developer of Bluhawk and AdventHealth Sports Park.
By Bob Ale-Ebrahim, Occidental Management Wichita has seen significant growth in the commercial real estate market for two years in a row. There have been sizable investments in downtown, new industrial campuses, medical offices and higher education institutions. These projects are spurring strong momentum in downtown Wichita. Wichita is a thriving hub of social, professional and cultural experiences with 350 new residential units under development with over 120 unique retailers and 4.1 million square feet of occupied office space. Add in the solid job growth, and Wichita continues to show significant signs of a solid and expanding economy. Projects recently completed include the WSU Tech National Institute for Culinary & Hospitality Education (NICHE), The Hudson St. Francis (event space), The Arcade and the Chester I. Lewis Reflection Square Park. Projects under construction include Hi-Tone Lofts, Sutton Place student housing and the Broadway Plaza AC Marriott Hotel. Projects in the planning stage are street improvements at Commerce and St. Francis streets, the Wichita Biomedical Campus, Wichita Transit multimodal facility, ballpark/riverfront stadium development, Exploration Place amphitheater and destination playscape, Delano Riverfront Stadium project and the Kingdom Building. Wichita’s economic development generated more than $418 million in capital investment in 2023 alone. Remarks …
WICHITA, KAN. — The Annex Group is underway on the development of Union at Purple Heart Trail, a $61 million affordable housing community in Wichita. The property will offer 240 units for households whose income level is at or below 60 percent of the area median income. Completion is slated for early 2026. The project will encompass two four-story buildings surrounded by landscaping and open space. Amenities will include a community center with fitness center, media center, business center, outdoor gazebo, playground, dog park, walking path and picnic areas. Project partners include: HDJ as the architect; Baughman for civil engineering, surveying and planning; Summit LIHTC Consulting; the City of Wichita, which provided incentives and $45.4 million in tax-exempt bonds; and Kansas Housing Resources Corp., which issued the tax credit award. Aegon Asset Management provided $26.8 million in federal tax credit equity and $18.4 million in state tax credit equity, and Bank of America provided $45.5 million in construction financing. Merchants Capital provided $14.4 million for the project.
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