Tuesday, December 24, 2024
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Kansas

AcquisitionsKansasMidwestRetail

Marcus & Millichap Brokers $5.3M Sale of Retail Strip Center in Derby, Kansas

by Kristin Harlow

DERBY, KAN. — Marcus & Millichap has brokered the $5.3 million sale of Spring Creek Center, a 31,557-square-foot retail strip center in the Wichita suburb of Derby. Built in 2007, the property is situated on 3.3 acres at 1821 E. Madison Ave. There are 12 fully leased suites spread across three buildings featuring a mix of medical, dining and service-oriented tenants. Alex Perez and Chris Garavaglia of Marcus & Millichap represented the seller, a private equity group. An all-cash private investor from the East Coast was the buyer. Colby Haugness, broker of record in Kansas, assisted in closing the transaction.

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AcquisitionsKansasMidwestMultifamily

Pearlmark, Archstone Capital Buy 68-Unit Townhome-Style Multifamily Property in Overland Park, Kansas

by Kristin Harlow

OVERLAND PARK, KAN. — Pearlmark, in partnership with Archstone Capital, has purchased Stonehaven at Overland Park, a 68-unit, townhome-style multifamily property in the Kansas City suburb of Overland Park. The purchase price and seller were undisclosed. The asset consists of nine two-story buildings with 34 two-bedroom and 34 three-bedroom floor plans. The transaction marks Chicago-based Pearlmark’s first acquisition in metro Kansas City and its fifth investment in its latest equity fund, Pearlmark Equity Partners II LP. The fund is actively investing in the middle market value-add space across the U.S.

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AcquisitionsKansasMidwestRetail

Block & Co. Sells 46,538 SF Former Best Buy Building in Kansas City to Planet Fitness

by Kristin Harlow

KANSAS CITY, KAN. — Block & Co. Inc. Realtors has sold a 46,538-square-foot retail building formerly occupied by Best Buy in Kansas City for an undisclosed price. The property at 10500 Parallel Parkway sits on four acres within the 850,000-square-foot Plaza at the Speedway shopping center. Planet Fitness plans to utilize approximately 25,000 square feet of the building with remaining space available for lease. Construction is slated to begin immediately. Block & Co. headed the shopping center investment group that originally developed Plaza at the Speedway, which included the Best Buy building. The Best Buy property was sold to a national company and then repurchased by a Block & Co.-headed investment group in 2020. David Block, Max Kosoglad and Alex Block represented Block & Co. on an internal basis in the sale to Planet Fitness.

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DevelopmentKansasMidwest

Kansas Children’s Discovery Center Breaks Ground on $10M Expansion in Topeka

by Kristin Harlow

TOPEKA, KAN. — The Kansas Children’s Discovery Center, Topeka’s nonprofit children’s museum, has broken ground on a $10 million expansion project that will more than double the size of the museum from 15,000 to over 30,000 square feet. The expansion will feature an indoor climbing structure, 11 new exhibit experiences, three new learning lab classrooms, a 3,000-square-foot traveling exhibit gallery, indoor-outdoor learning space connecting a teaching kitchen with a garden, Kansas-themed learning opportunities, an inventive makerspace as well as access and safety additions. The project will be funded by a combination of private donations, corporate gifts, grants, Gage Park Improvement Authority sales tax revenue and operating reserves. Public feedback collected on the project included public informational meetings, an online survey and three community listening sessions. Kansas Children’s Discovery Center opened in 2011. Visitors at the museum exceeded 120,000 in 2023, breaking the all-time attendance record set in 2019.

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DevelopmentHospitalityKansasMidwest

Choice Hotels International, Highside Cos. Break Ground on 123-Room Everhome Suites Hotel in Wichita

by Kristin Harlow

WICHITA, KAN. — Choice Hotels International Inc. (NYSE: CHH) and Highside Cos. have broken ground on Everhome Suites Wichita, a 123-room hotel. The extended-stay property is located at 3880 N. Rock Road about three miles west of Wichita State University. Completion is slated for fall 2025. Everhome Suites amenities include weekly housekeeping, free WiFi, an outdoor amenity area, Homebase Market, fitness center and guest laundry facilities. The hotel marks Choice’s first Everhome Suites in Kansas.

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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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