KANSAS CITY, KAN. — Industrial Logistics Properties Trust (NASDAQ: ILPT) has purchased a Class A warehouse in Kansas City for $44 million. Built in 2018, the 645,000-square-foot building is situated on 57 acres at 17001 W. Mercury St. The property is fully leased to one tenant, which has 12 years remaining on its lease. The sales price represents a cap rate of 6.5 percent. Industrial Logistics Properties Trust is a publicly traded REIT with 301 properties spanning 43.8 million rentable square feet in its portfolio as of Sept. 30.
WICHITA, KAN. — Berkadia has arranged a $12.4 million Fannie Mae loan for the acquisition of Angel Fire/Southern Shores, a 138-unit multifamily property in Wichita. The complex is located at 3701 W. Angel St. and features two-, three- and four-bedroom floor plans. John Schorgl of Berkadia secured the financing on behalf of the borrower, Kansas City-based Worcester Investments. The 10-year loan features an interest rate under 3.5 percent, a 30-year amortization schedule and three years of interest-only payments.
OVERLAND PARK, KAN. — The new name of the former Sprint headquarters will be Aspiria, according to owner Occidental Management. The name change will be effective Jan. 1. Occidental submitted a preliminary development plan to the city in mid-September. The mixed-use project will revitalize the existing 17 buildings housing approximately 3.5 million square feet of Class A office space. Occidental will also build an additional 60 acres into retail, restaurant, entertainment, office and multifamily space. There will be space for outdoor gatherings and events as well as expanded walking and biking trails. Occidental says it will continue to release more details about the project over the coming months. Leasing is underway for the existing buildings as well as the first new office building at the corner of 119th Street and Nall Avenue. Sprint sold the campus to Occidental in summer 2019. Sprint later merged with T-Mobile. “Aspiria reflects an innovative and transformative destination — one we are eager to watch take shape,” says Gary Oborny, CEO and chairman of Occidental. “The project is of a grand scale on the global stage, and we needed a name and brand that was representative of an environment with limitless options.”
OVERLAND PARK, KAN. — Midas Hospitality has opened its first hotel property in Overland Park. Located at 4081 Indian Creek Parkway, the $20 million SpringHill Suites rises five stories with 128 suites. Amenities at the all-suite hotel include a fitness center, indoor swimming pool and meeting room. The property is situated near the Overland Park Arboretum & Botanical Gardens. Midas served as developer and Thomas Construction was the general contractor. Midas will manage the new hotel, with Rosa Perez serving as general manager. Midas owns and manages 38 hotels across the country, three of which are in Kansas. SpringHill Suites is under the Marriott umbrella of hotels. In response to COVID-19, Marriott has implemented the Marriott Cleanliness Council, which actively monitors cleaning and safety standards. Face masks and social distancing are implemented within amenity areas.
TOPEKA, KAN. — Red Oak Financial has provided a $5.4 million loan for the acquisition of Deer Creek Apartments in Topeka. The multifamily property includes 111 units. The fixed-rate bridge loan will enable the undisclosed borrower to expand the asset into a 153-unit community through the renovation and expansion of two buildings, as well as the construction of a new eight-unit building. Completion of the expansion and revitalization project is slated for fall 2021.
OLATHE, KAN. — Schlage Lock Co. has renewed its 253,440-square-foot industrial lease at 2119 E. Kansas City Road in Olathe. Dan and Kurt Jensen of Kessinger Hunter represented the landlord, a fund managed by DRA Advisors LLC. Ed Elder of Colliers International represented Schlage, which is one of the nation’s largest producers of commercial and consumer locks. The building has convenient access to major highways and nearby logistics support services.
KANSAS CITY AND PARK CITY, KAN. — Amazon.com Inc. has unveiled plans to open two new fulfillment centers in the state of Kansas. The centers, which are expected to open in 2021, will together create more than 1,000 new, full-time jobs. Each facility will span roughly 1 million square feet. One will be located at 9700 Leavenworth Road in Kansas City while the other will be located at 7130 N. Broadway Ave. in Park City. Amazon associates will pick, pack and ship bulky or large items such as patio furniture, outdoor equipment and rugs. Amazon also says it plans to open a new delivery station in Wichita. Since 2010, Amazon has created more than 4,500 jobs in Kansas and invested nearly $3 billion across the state.
LEAWOOD, KAN. — AMC Entertainment Holdings Inc. (NYSE: AMC) anticipates that existing cash resources will be largely depleted by the end of this year or early 2021 and will therefore require additional liquidity or increases in attendance levels, according to an SEC filing from Tuesday. As of Oct. 9, Leawood-based AMC had resumed operations at 494 of its 598 U.S. theaters, with limited seating capacities between 20 and 40 percent. Since the resumption of operations in U.S. markets, AMC has served more than 2.2 million customers, representing an attendance decline of roughly 85 percent compared with the same period a year ago. AMC cites new movie releases in October and November as incentive to stay open, even when other movie chains like Regal Cinemas have announced plans to temporarily suspend U.S. operations. In a recent interview with Bloomberg, CEO Adam Aron said AMC was doing everything it could to raise money to weather the COVID-19 pandemic and wasn’t considering bankruptcy at this time. AMC’s stock price closed at $2.96 per share Wednesday, Oct. 14, down from $8.95 per share one year ago.
WICHITA, KAN. — Berkadia has brokered the sale of a five-property multifamily portfolio in metro Wichita. The garden-style assets include Eastgate, High Point East, Morgan’s Landing, Springcreek and Northridge Crossing Apartments. The portfolio totals 696 units. Alex Blagojevich, Michael Sullivan, Brett Meinzer and Dominic Martinez of Berkadia brokered the sale. Peter Benedetto of Berkadia originated acquisition financing through Fannie Mae on behalf of the buyer, Colorado-based Monarch Investment and Management Group. The seller and sales price were undisclosed.
SHAWNEE, KAN. — An investment group headed by Block & Co. Inc. Realtors has sold Monticello Center, an 8,000-square-foot retail building in Shawnee. The sales price was undisclosed. The property is fully leased to Chipotle, Farmers Insurance, Domino’s, Lush Nail Spa and Yoga Fit. Block & Co originally developed the building in 2004 and has remained its leasing and property management company. David Block and Larry Graves of Block & Co. represented the seller. Cory DeLong of AREA Real Estate Advisors represented the undisclosed buyer.