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AcquisitionsIndustrialKansasMidwest

Sealy & Co. Acquires 210,500 SF Lone Elm Commerce Center in Olathe, Kansas

by Kristin Harlow

OLATHE, KAN. — Sealy & Co. has acquired Lone Elm Commerce Center, a 210,500-square-foot industrial facility in Olathe. The purchase price was undisclosed. Situated on 12 acres, the property features office space, expansive parking, loading docks, outdoor storage and a rooftop. Mark Long and John Hassler of Newmark Zimmer brokered the sale. Heise-Meyer LLC in partnership with Odyssey Real Estate Capital developed the building, which is currently 50 percent leased. Newmark Zimmer will oversee the leasing of the facility.

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AcquisitionsIndustrialKansasMidwest

SparrowHawk Acquires Four-Building College and Renner Business Center in Lenexa, Kansas

by Kristin Harlow

LENEXA, KAN. — Houston-based SparrowHawk LLC has acquired College and Renner Business Center in Lenexa for an undisclosed price. The 226,009-square-foot light industrial portfolio consists of four buildings ranging in size from 44,700 to 76,200 square feet. There are also 13 additional acres of developable land that SparrowHawk can utilize to expand the business center. At acquisition, the property was 91 percent leased to tenants such as GEICO, CVS Caremark, Mortgage Residential Center, SAFC BioSciences and US Foods. There is one vacancy of 19,871 square feet in Building A. SparrowHawk has selected JLL to manage the portfolio and the JLL brokerage team of Phil Algrim, Kevin Wilkerson and Erik Lund as the leasing agents. John Huguenard and Ed Halaburt of JLL represented the seller, BentallGreenOak.

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KansasLeasing ActivityMidwestOffice

Copaken Brooks Negotiates New Office Lease at Lenexa City Center in Kansas

by Kristin Harlow

LENEXA, KAN. — Centralized Supply Chain Services (CSCS) has joined the tenant lineup at The District at Lenexa City Center in Lenexa. Copaken Brooks is the owner and developer of the mixed-use development. CSCS is relocating from 8140 Ward Parkway to the second and third floors of Penn II, leasing approximately 6,500 square feet of office space. CSCS is a restaurant supply chain company and the exclusive purchasing agent for the Applebee’s and IHOP brands. Headquartered in Kansas City with an office in Glendale, Calif., the company provides procurement, inventory and distribution services for its clients. 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.

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DevelopmentIndustrialKansasMidwest

Contegra Underway on Construction of Two Distribution Centers in Kansas City

by Kristin Harlow

KANSAS CITY, KAN. — Contegra Construction Co. is underway on two distribution centers at the 250-acre Turner Logistics Center in Kansas City. The buildings will add 919,080 square feet and are slated for completion in late summer and early fall. NorthPoint Development is the developer. Each building will feature a clear height of 36 feet. Building II will include 54 dock doors, four drive-in ramps, parking for 284 vehicles and 137 trailers. Building III will feature 37 dock doors, two drive-in ramps and 371 parking spaces. With the completion of these new centers, Turner Logistics Center will total more than 1.3 million square feet across three buildings, all constructed by Contegra. The development has the capacity for 3 million square feet of industrial space.

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KansasLeasing ActivityMidwestNAIRetail

M.Vincè Nail Spa to Join Tenant Lineup at Bradley Fair in Wichita, Kansas

by Kristin Harlow

WICHITA, KAN. — M.Vincè Nail Spa is set to open at Bradley Fair in Wichita this summer. This will be the nail spa’s second location in the state of Kansas. The store design will feature areas for nail care, eyebrow and eyelash care, waxing services and skincare services. The unique layout enables each client to have more privacy than other salons offer, according to the company. Guests can enjoy complementary beverages during their visit. M.Vincè is a sister brand of Anthony Vincè nail spas. Bradley Fair, built in 1990, includes over 40 stores and restaurants. WS Development is the property owner.

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AcquisitionsData CentersIndustrialKansasMidwest

Verizon Data Center in Overland Park Sells for $5.8M

by Kristin Harlow

OVERLAND PARK, KAN. — A 51,299-square-foot data center occupied by Verizon in Overland Park has sold for $5.8 million. Chris Orr of Romans Properties represented the buyer, a private institutional investor. Seller information was undisclosed. Charlotte, N.C.-based Romans specializes in the sale and leasing of data centers nationwide.

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AcquisitionsKansasMidwestRetail

Cooper Group Brokers $6.3M Sale of Overland Pointe Marketplace in Suburban Kansas City

by Kristin Harlow

OVERLAND PARK, KAN. — The Cooper Commercial Investment Group has brokered the sale of Overland Pointe Marketplace in Overland Park for $6.3 million. The two-building retail property spans 80,047 square feet. Some of the tenants include The Big Biscuit, a gym, nail salon and dry cleaner. The asset is shadow anchored by Sam’s Club, Home Depot and Hy-Vee. Dan Cooper of Cooper Group represented the seller, an Ohio-based private investment group. A West Coast-based investment group was the buyer.

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AcquisitionsKansasMidwestRetail

Colliers Brokers Sale of 89,973 SF Shopping Center in Kansas City

by Kristin Harlow

KANSAS CITY, KAN. — Colliers Kansas City has brokered the sale of Westfield Shopping Center in Kansas City for an undisclosed price. The 89,973-square-foot shopping center is situated at the southwest corner of 80th Street and State Avenue. Tenants include CVS Pharmacy, Citi Trends, Save A Lot, Family Dollar, Reece Nichols, Metro PCS, Fantastic Sams and T-Mobile. Mark Arensberg and Mike Yeggy of Colliers represented the buyer, Chicago-based Newport Capital Partners. The acquisition marks the first investment in the Kansas City market for Newport. The seller was undisclosed.

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KansasMarket ReportsMidwestMidwest Market ReportsMissouriMultifamilySingle-Family Rental

Kansas City Multifamily Market Poised for More Growth in 2021

by Kristin Harlow

By Gabe Tovar, John Duvall and Kyle Tucker of NorthMarq The Kansas City multifamily market has proved it is more than resilient in the face of adversity. Throughout 2020, the market ranked consistently in the top 10 of 30 markets tracked by Yardi. It logged higher occupancies and rent growth, all while welcoming a record level of new supply. That stellar performance is likely to attract even more capital to the market in 2021. The story dominating the Kansas City market in recent years has been its booming development pipeline. Despite shutdowns and delays caused by the pandemic, developers delivered nearly 5,900 new units in 2020. That volume represents a record-high growth rate of 4.1 percent added to Kansas City’s market-rate inventory, compared with an annual average rate of 2 to 3 percent throughout the past decade. Looking ahead, that supply wave has crested, and the pipeline is shifting to the suburbs. NorthMarq forecasts completions over the next two years to average closer to 4,000 units with 70 to 75 percent of those opening across the suburban submarkets. In recent years, between 40 and 50 percent of total deliveries were concentrated in the urban core, so while this data supports …

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AcquisitionsKansasMidwestMultifamily

Newmark Zimmer Arranges Sale of 97-Unit Apartment Property in Topeka, Kansas

by Kristin Harlow

TOPEKA, KAN. — Newmark Zimmer has arranged the sale of Westgate Village in Topeka for an undisclosed price. The 97-unit apartment property underwent extensive interior and exterior renovations over the last two years, including the full renovation of a building that was damaged by a fire. Michael VanBuskirk, Chris Robertson and TJ Wahl of Newmark Zimmer brokered the transaction. A private partnership sold the asset to Chicago-based ALK Properties, which is expanding its existing presence in the Topeka market.

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