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DevelopmentIndustrialKansasMidwestSelf-Storage

StorTropolis Self-Storage Opens 867-Unit Facility in Olathe, Kansas

by Kristin Harlow

OLATHE, KAN. — StorTropolis Self-Storage has opened a new facility in Olathe at 601 N. Millridge St. The property features 113,010 square feet of leasable storage space divided into 867 units. Alongside indoor units with temperature control, the facility also offers indoor drive-up units. The property utilizes StorageDefender, a motion-sensing technology that alerts tenants by text of any activity in their storage unit. Additional security features include a gated and fenced property with keypad access, 24/7 recording cameras and onsite management. Storage Asset Management will oversee daily operations. StorTropolis is a Hunt Midwest self-storage platform.

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AcquisitionsKansasMidwestMultifamilySeniors Housing

SLIB Arranges Sale of 65-Unit Seniors Housing Community in DeSoto, Kansas

by Kristin Harlow

DESOTO, KAN. — Senior Living Investment Brokerage (SLIB) has arranged the sale of Hillside Village, a seniors housing community in DeSoto, about 20 miles southwest of Kansas City. Hillside Village features 38 assisted living units and 27 skilled nursing units, totaling 95 licensed beds. The seller was a local owner exiting the business, and the buyer was a public company based in California. The sales price was undisclosed. Ryan Saul, Nick Cacciabando and Jeff Binder led the transaction for SLIB.

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AcquisitionsKansasMidwestMultifamily

MLG Capital Acquires 280-Unit Silverwood Apartments in Mission, Kansas

by Kristin Harlow

MISSION, KAN. — MLG Capital has acquired Silverwood Apartments in Mission, a southwest suburb of Kansas City. The purchase price was undisclosed. Located at 5100 Foxridge Drive and built in 1986, the 280-unit multifamily property features amenities such as a pool, fitness center, clubhouse and picnic area. Approximately 80 percent of the units have been recently renovated, and MLG plans to renovate and modernize the remaining units. The firm plans to install in-unit washers and dryers in all units. MLG is partnering with Parkwest Real Estate on the execution of its business plan at the property. Silverwood marks MLG’s third acquisition in metro Kansas City and brings the firm’s total number of units owned in Kansas to 913. Michael Spero and Niko Vrentas of Berkadia represented the seller, California-based Canyon View Capital.

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AcquisitionsDevelopmentKansasMidwestMixed-UseRetail

Advisors Excel Begins Revitalization of West Ridge Mall in Topeka, Kansas

by Kristin Harlow

TOPEKA, KAN. — Advisors Excel has acquired the West Ridge Mall in Topeka with plans to convert it into a mixed-use destination with dining, event, entertainment, green and corporate spaces. Advisors Excel is a Topeka-based financial and investment services company. West Ridge Mall, totaling 992,000 square feet, is the third-largest enclosed mall in Kansas. Upon completion of the renovation project, the property will serve as Advisors Excel’s new headquarters, accommodating more than 1,000 employees. Originally opened in 1988, West Ridge Mall has seen a steady decline in business and occupancy over the last decade. Anchor stores Macy’s and Sears closed in 2012 and 2018, respectively. By 2021, the mall’s occupancy rate had dropped to 39 percent. Renovation plans call for a fresh urban design and layout. The new center will incorporate uses such as coworking spaces, theaters, fitness spaces, spas, breweries and cafes. Advisors Excel selected Texas-based investment and development firm Russell Glen to assist with the redevelopment. Architectural firm RDC will be responsible for the design of the retail, entertainment and restaurant components, while Hufft will focus on the design of Advisors Excel’s new headquarters. The mall redevelopment is currently in its initial stages, with Advisors Excel working to …

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KansasLeasing ActivityMidwestRetail

Block & Co. Completes Lease-up of Former Stein Mart Space at Orchard Corners Shopping Center Near Kansas City

by Kristin Harlow

LENEXA, KAN. — Block & Co. Inc. Realtors has completed the lease-up of a former Stein Mart anchor space at Orchard Corners shopping center in Lenexa near Kansas City. Petco leased the remaining 18,500-square-foot endcap space and will join Sierra in backfilling the 37,000-square-foot space formerly occupied by Stein Mart. David Block of Block & Co. represented ownership in the leases with Petco and Sierra. Anchor tenants at Orchard Corners include Nordstrom Rack, TJ Maxx, HomeGoods and Michaels.

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IndustrialKansasLoansMidwest

Barings Provides $244M Loan for Refinancing of 6.4 MSF Industrial Portfolio in Edgerton, Kansas

by Kristin Harlow

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.

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AcquisitionsKansasMidwestMultifamilyStudent Housing

Tailwind Group Acquires 192-Unit Student Housing Property in Lawrence, Kansas

by Kristin Harlow

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.

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AcquisitionsKansasMidwestRetail

Equity Bancshares Completes Merger with KansasLand Bancshares

by Kristin Harlow

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. 

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KansasLeasing ActivityMidwestRetail

Burlington Opens 22,547 SF Store in Garden City, Kansas

by Kristin Harlow

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.

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Affordable HousingDevelopmentKansasLoansMidwestMultifamilyWalker & Dunlop

Walker & Dunlop Arranges $29.6M in LIHTC Equity for Affordable Housing Project in Lenexa, Kansas

by Kristin Harlow

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.  

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