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DevelopmentKansasMidwestOffice

Occidental Management Launches Coworking Concept at Aspiria Campus in Overland Park, Kansas

by Kristin Harlow

OVERLAND PARK, KAN. — Occidental Management has launched a 45,000-square-foot coworking space at its Aspiria office campus in Overland Park. Named Aspiria NOW, the coworking concept provides members with multiple membership options and workspace configurations. Amenities included in the membership packages include onsite Wi-Fi, free covered parking, printing allowances, fully equipped conference rooms, 24/7 security, dining options and free membership to the fitness center. Occidental hired coworking expert Robert Curland to help launch and run Aspiria NOW.

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AcquisitionsKansasMidwestRetail

Blue West Capital Negotiates Sale of 22,800 SF Retail Property in Wichita, Kansas

by Kristin Harlow

WICHITA, KAN. — Blue West Capital has negotiated the sale of Killarney Center, a 22,800-square-foot retail property in Wichita. Located at 3101 N. Rock Road, the center is home to Golftec, T-Mobile, Oh Yeah China Bistro, Oreck Clean Home and The Health Connection. The sale also included a Scooters Coffee ground lease. Shawn Dickmann and Carly Kelly of Blue West Capital represented the buyer, an out-of-state, private real estate investment company. The seller and sales price were not released.

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AcquisitionsKansasMidwestMultifamily

Midloch Investment Partners, Artisan Capital Group Sell Apartment Complex in Suburban Kansas City for $43.6M

by Kristin Harlow

OVERLAND PARK, KAN. — Midloch Investment Partners and Artisan Capital Group have sold Villa Medici Apartments and Townhomes in Overland Park for $43.6 million. The partnership acquired the asset in August 2020 for $25 million. The 166-unit multifamily property is located at 9550 Ash St. The developer for the property was J.C. Nichols Co., which was also the developer of Kansas City’s Country Club Plaza. Jeff Stingley and Max Helgeson of CBRE represented the sellers. The buyer was undisclosed.

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KansasMarket ReportsMidwestMidwest Market ReportsMissouriMultifamily

No End Is in Sight for Kansas City’s Multifamily Development Needs

by Kristin Harlow

By Chris Armer, Hoefer Welker People who call the Kansas City metropolitan area home know it’s a desirable place to live. From the robust job market and vibrant arts scene to its rich history and, of course, stellar sports teams, the Kansas City metro area attracts a diverse group of people. Kansas City is evolving and so are its housing needs.  In recent years, the demand for multifamily development in Kansas City has grown, driven by a range of factors. Mass retirements and flexible work arrangements are shifting priorities, while the housing shortage and rising interest rates are sending prospective homeowners on the search for attractive alternatives. The multifamily housing trend stands to gain momentum, creating a space for discerning real estate and architecture firms with development expertise to pave the way in an evolving housing market.  The great shuffle   Much has been said about the Great Resignation, but the COVID-19 pandemic didn’t only affect young and midlife workers who left their jobs to pursue higher-paying and more meaningful employment. It also hastened the Great Retirement, a massive wave of baby boomers leaving the workforce, many of them earlier than planned.  Now those homeowners are selling their suburban single-family …

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AcquisitionsKansasMidwestMultifamilyNorthmarq

Northmarq Arranges $46.6M Sale of Multifamily Portfolio in Lawrence, Kansas

by Kristin Harlow

LAWRENCE, KAN. — Northmarq has arranged the sale of a two-property multifamily portfolio in Lawrence for $46.6 million. The properties, Aberdeen and Alvadora, total 404 units. Jeff Lamott and Gabe Tovar of Northmarq represented the seller, a partnership between CAPREIT and Dome Equities. David Link of Northmarq arranged acquisition financing on behalf of the buyer, Griffis/Blessing Inc.

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AcquisitionsKansasMidwestMultifamily

Cantor Fitzgerald, BH Acquire 309-Unit Apartment Complex in Lenexa, Kansas

by Kristin Harlow

LENEXA, KAN. — A joint venture between affiliates of Cantor Fitzgerald LP and BH Cos. Inc. has acquired West End at City Center in Lenexa. The 309-unit apartment complex is situated within walking distance of Lenexa City Center, a 200-acre development featuring a mix of retail, restaurant, entertainment, multifamily and hospitality space. Built in 2009, the property features one-, two- and three-bedroom units with an average size of 970 square feet. Amenities include a fitness center, pool, business center and picnic area. As of late July, the community was nearly 96 percent leased. Mac Crowther and Whittaker Potts of Newmark brokered the transaction, which marks the seventh multifamily acquisition by the joint venture. The seller and sales price were undisclosed.

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AcquisitionsKansasMidwestMultifamilyNorthmarq

Northmarq Arranges $10M Sale of Multifamily Property in Overland Park, Kansas

by Kristin Harlow

OVERLAND PARK, KAN. — Northmarq has arranged the sale of Antioch Crossing in Overland Park for $10 million. The 90-unit, three-story multifamily property, built in 1968, is located at 8710 W. 106th Terrace near I-435. Jeff Lamott and Gabe Tovar of Northmarq represented the seller, Worcester Investments. Greg Duvall and John Duvall of Northmarq arranged acquisition financing through an agency lender on behalf of the buyer, Balfour Real Estate, which plans to renovate the majority of the units.

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AcquisitionsHospitalityKansasMidwest

Mission Hill Hospitality Acquires 102-Room Hotel in Lawrence, Kansas

by Kristin Harlow

LAWRENCE, KAN. — Mission Hill Hospitality has acquired the Oread Hotel, a 102-room property adjacent to the University of Kansas in Lawrence. The purchase price and seller were undisclosed. Mission Hill will rebrand the asset as Oread Hotel, Tapestry Collection by Hilton. Tapestry-branded properties are uniquely designed to maintain an independent character from other hotels within the collection. Located at 1200 Oread Ave., the property features 15,000 square feet of meeting space, a full-service restaurant and bar, retail space, two outdoor terraces and a fitness center. The 10-story hotel was originally developed in 2010 with 99 hotel rooms and nine condominium units. Plans call for the conversion of three condo units into hotel suites. Additional improvements will be made to bathrooms, furnishings and public space. The transaction marks the 24th acquisition for Mission Hill since the company was launched in 2021. Mission Hill is a KSL Capital Partners portfolio company that is focused on select-service and extended-stay hotel investing.

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AcquisitionsKansasMidwestRetail

Marcus & Millichap Negotiates $4.5M Sale of Retail Building in Lawrence, Kansas

by Kristin Harlow

LAWRENCE, KAN. — Marcus & Millichap has negotiated the $4.5 million sale of Lawrence 27, a 12,945-square-foot retail building in Lawrence. The property was built in 2014 and expanded in 2017. Lawrence 27 was fully occupied at the time of sale by Buffalo Wild Wings, Tropical Smoothie Café, Vapor World, Sports Clips and SunTan City. Zachary Turner, Scott Wiles, Erin Patton and Craig Fuller of Marcus & Millichap represented the buyer, a Kansas-based partnership. A Kansas City-based development firm was the seller.

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AcquisitionsKansasMidwestRetail

PEBB Enterprises, Contrarian Capital Management Sell Shopping Center in Overland Park for $16.8M

by Kristin Harlow

OVERLAND PARK, KAN. — PEBB Enterprises and Contrarian Capital Management have sold the Pinnacle Village shopping center in the Kansas City suburb of Overland Park for $16.8 million. Lawrence, Kan.-based Cherry Hill Properties was the buyer. PEBB and Contrarian purchased Pinnacle Village in May 2018 and enhanced the 108,729-square-foot center through leasing activity and property improvements. DSW and Michaels are anchor tenants at the property, which is 90 percent leased. Additional tenants include Firehouse Subs, Goldfish Swim School and First Watch. Evan Halkias and Jeffrey Benz of Cushman & Wakefield represented the sellers.

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