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.
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.
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.
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.
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.
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.
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 …
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.
By David Zimmer, SIOR, Newmark Zimmer The industrial real estate market in the metropolitan Kansas City area ended 2020 on a high note. 2021 will pick up right where 2020 ended, with no outward or visible signs of a slowdown. New industrial construction is visible in every geographic sector of the metro area, with upwards of 2.5 million square feet of buildings under construction. Without exception, all these are high cube, modern distribution-type facilities intended to capture the ever-growing e-commerce, logistics and food and beverage sectors of the economy. With the one possible exception being the 880,000-square-foot office and distribution building for Urban Outfitters in Wyandotte County, all industrial construction underway is on a speculative basis with lease-up taking place before the buildings are placed into service. Development activity is being sponsored by both local development entities and regional and national developers who state that Kansas City’s geographical central location, coupled with a skilled workforce and extensive transportation infrastructure, are the primary reasons why Kansas City has attracted numerous companies to establish major distribution operations over the past decade. Investor appetite In addition to new development activities, the investor market for industrial properties has also reached record levels. In one …
KANSAS AND MINNESOTA — Colliers Mortgage has provided three separate HUD 223(a)(7) loans totaling $20.4 million for the refinancing of three seniors housing properties in Kansas and Minnesota. The properties include Village Cooperative of Albert Lea and Village Cooperative of Red Wing in Minnesota as well as Village Cooperative of Lawrence in Kansas. The three communities total 146 units. By refinancing the properties, the borrowers were able to reduce the interest rate on each loan and generate substantial annual savings, according to Colliers. The two loans for the Minnesota properties carry 38-year terms and the Kansas loan features a 40-year term.