Kansas

Topcoat Nail Bar Opens 2,000 SF Nail Salon in Lenexa City Center

by Kristin Harlow March 3, 2022

LENEXA, KAN. — Topcoat Nail Bar has opened at The District at Lenexa City Center in Kansas. Topcoat’s new space spans 2,000 square feet and is located on the south side of City Center Drive. Topcoat provides a full suite of nail and waxing services. Erin Johnston of Copaken Brooks represented ownership on an internal basis. When fully developed, Lenexa City Center will consist of more than 2 million square feet, including civic components for the City of Lenexa; nearly 1 million square feet of office and retail space; and 375 residential units.

March 3, 2022

Development Kansas Midwest Restaurant Retail

IHOP, Paris Baguette to Open Near Oak Park Mall in Overland Park, Kansas

by Kristin Harlow February 1, 2022

OVERLAND PARK, KAN. — IHOP and Paris Baguette will open new locations at a pad development site fronting Oak Park Mall in Overland Park. Currently, a 34,371-square-foot office building is undergoing demolition to make way for the construction of the new pad development. IHOP will occupy 4,500 square feet and Paris Baguette will lease 1,500 square feet of the 6,000-square-foot building. Additionally, negotiations are underway with a national bank to occupy the corner pad. Alex Block of Block & Co. Inc. Realtors represented the tenants, while colleagues Daniel Brocato and David Block represented ownership. Paris Baguette is a rapidly expanding bakery café concept with dozens of locations nationwide. This will be the first location in metro Kansas City for the brand.

February 1, 2022

Kansas Loans Midwest Multifamily

American Street Capital Arranges $4.3M Bridge Loan for Acquisition of Multifamily Property in Wichita

by Kristin Harlow January 19, 2022

WICHITA, KAN. — American Street Capital (ASC) has arranged a $4.3 million bridge loan for the acquisition of a 180-unit multifamily property in Wichita. Built in 1941 and recently renovated, the community is situated on 10 acres. The property was 88 percent occupied at the time of loan closing. Kyle Tyrrell of ASC arranged the loan, which features a 12-month term and interest-only payments. A debt fund provided the loan. The borrower was not disclosed.

January 19, 2022

Acquisitions Kansas Midwest Retail

Marcus & Millichap Negotiates $7.7M Sale of Retail Property in Olathe, Kansas

by Kristin Harlow January 5, 2022

OLATHE, KAN. — Marcus & Millichap has negotiated the $7.7 million sale of Shops of Sunnybrook in Olathe, about 20 miles southwest of Kansas City. The 38,273-square-foot retail property is located at 11120 S. Lone Elm Road. Tenants include Austin’s Bar & Grill, Prairie Liquors, Pour Coffehouse, Subway, Hotworx and Performance Rehab. Shops of Sunnybrook was 86 percent occupied at the time of sale. The sale included three acres of developable land. Zach Turner, Erin Patton, Craig Fuller and Scott Wiles of Marcus & Millichap represented the seller, a Kansas City-based partnership. The team also secured the buyer, a Kansas City-based developer.

January 5, 2022

Acquisitions Kansas Midwest Retail

Block & Co. Brokers Sale of Orchard Corners Shopping Center in Lenexa, Kansas

by Kristin Harlow January 4, 2022

LENEXA, KAN. — Block & Co. Inc. Realtors has brokered the sale of Orchard Corners shopping center in Lenexa, about 15 miles southwest of Kansas City, for an undisclosed price. The more than 200,000-square-foot property is located at the southwest corner of 95th Street and Quivira Road across from Oak Park Mall. Anchor tenants include Nordstrom Rack, TJ Maxx, HomeGoods and Michaels. There is a 37,000-square-foot space available for lease that was previously occupied by Stein Mart. Orchard Corners was built in 1971 and renovated in the 1990s. David Block of Block & Co. represented the buyer, a group of local investors that includes himself. CBRE represented the undisclosed seller. Block & Co. will handle property management and leasing.

January 4, 2022

Development Industrial Kansas Midwest

Block Real Estate Services Breaks Ground on 200,000 SF Industrial Build-to-Suit for MSI in Lenexa, Kansas

by Kristin Harlow December 15, 2021

LENEXA, KAN. — Block Real Estate Services LLC has broken ground on a roughly 200,000-square-foot industrial build-to-suit for MS International Inc. (MSI), a supplier of flooring, countertops, tile and hardscaping products, in Lenexa. The property will be located within Lenexa Logistics Centre, a Class A industrial park. The facility will feature nearly 195,000 square feet of warehouse space, 5,800 square feet of office space, 13 dock positions, 132 car parking spaces, 13 trailer parking spaces and a clear height of 32 feet. Future additions to the space will include a crane production area and a showroom. ARCO National Construction is serving as design-builder. John Stafford of Colliers represented MSI. Kenneth Block, Michael Block, Zach Hubbard, Andrew Block and William Block represented the developer on an internal basis.

December 15, 2021

Acquisitions Kansas Midwest Multifamily

Avanti Residential Buys Village West Apartments in Kansas City for $65M

by Kristin Harlow December 3, 2021

KANSAS CITY, KAN. — Avanti Residential has acquired Village West Apartments in Kansas City for $65 million. The 306-unit Class A apartment community is located at 8343 Leavenworth Road near Village West, a retail, dining and entertainment destination. Built in 2014, the property features amenities such as a clubhouse, media lounge, coworking lounge, fitness center and pool. Village West Apartments was 96 percent leased at the time of sale. Mac Crowther and Whittaker Potts of Newmark represented the seller, JVN Realty Corp. Avanti now owns four properties in the greater Kansas City area.

December 3, 2021

Kansas Leasing Activity Midwest Office

EML Signs 11,773 SF Office Lease at Aspiria in Overland Park, Kansas

by Kristin Harlow December 2, 2021

OVERLAND PARK, KAN. — Global payment solutions company EML has signed a lease to relocate its North American corporate headquarters to Aspiria in Overland Park. The company signed an 11,773-square-foot office lease and will occupy space on the fourth floor of Building 6100. The tenant is working with Aspiria’s owner, Occidental Management, to update the space. Occupancy is slated for April 2022. Chad Stafford and Hunter Johnson of Occidental and RC Jensen and Bryan Johnson of Colliers handled the lease transaction. Occidental plans to develop the 60 acres surrounding the Aspiria campus. Plans call for 1 million square feet of Class A office space, 380,000 square feet of retail and restaurant space, a 120-room hotel and 600 multifamily units. Design planning for the long-term project has begun.

December 2, 2021

Acquisitions Industrial Kansas Midwest

Stan Johnson Co. Brokers $16.4M Sale of FedEx-Occupied Facility in Topeka, Kansas

by Kristin Harlow November 17, 2021

TOPEKA, KAN. — Stan Johnson Co. has brokered the sale of a FedEx-occupied distribution center spanning 26,892 square feet in Topeka for $16.4 million. The property is located at 5116 SW Wenger St. Built in 2015, the facility features 36 docks and ample trailer parking. Erik Lundberg of Stan Johnson represented the seller, a New Jersey-based investor group that acquired the property less than a year ago. A Wisconsin-based investor completing a 1031 tax-deferred exchange was the buyer. The sales price represents a cap rate of 5 percent.

November 17, 2021

Kansas Loans Midwest Multifamily

Ready Capital Closes $5.8M Acquisition Loan for Multifamily Property in Kansas City

by Kristin Harlow November 12, 2021

KANSAS CITY, KAN. — Ready Capital has closed a $5.8 million loan for the acquisition, renovation and stabilization of a 62-unit multifamily property in the South Johnson County submarket of Kansas City. The undisclosed borrower plans to address deferred maintenance and make exterior improvements. The nonrecourse loan features a floating rate and a three-year term.

November 12, 2021

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