JUNCTION CITY, KAN. — Marcus & Millichap has negotiated the sale-leaseback of a 35,000-square-foot property occupied by Orscheln Farm & Home in Junction City in central Kansas. The sales price was $4.4 million. The newly constructed property is located at 121 E. Chestnut St. John Nuzman brokered the sale-leaseback and represented both parties. A New York-based limited liability company purchased the asset. Orscheln operates farm and ranch supply stores with over 170 locations across the Midwest.
OVERLAND PARK, KAN. — NXT Capital has provided a $51.3 million loan for the refinancing of Promontory Apartments in Overland Park. The 291-unit, Class A apartment community is located on Metcalf Avenue. Amenities include a clubroom, rooftop terrace, coffee lounge, sundeck, pool, fitness center and pet care station. The property also features 21,000 square feet of ground-floor retail space. Noah Laredo of BMC Capital arranged the loan. The borrower and loan terms were undisclosed.
COFFEYVILLE, KAN. — An affiliate of Phoenix Investors has purchased an approximately 880,000-square-foot distribution center in Coffeyville in southeastern Kansas. The purchase price was undisclosed. The original facility was built as a distribution center for Golden Brooks in 1978 and then served as an Amazon fulfillment center from 1999 through 2014. The property, which features 70 dock doors and three drive-in doors, sits on 105 acres adjacent to the Coffeyville Municipal Airport. Upon closing, Phoenix executed a lease for the entire facility with Array Technologies for the distribution of solar tracking equipment. Wisconsin Bank & Trust provided acquisition financing. Ken Szady of Marcus & Millichap brokered the sale.
TOPEKA, KAN. — Darland Construction Co. has completed the conversion of a former Kmart store in Topeka into Wanamaker Hills Shopping Center. The 108,546-square-foot retail property is now home to Ulta, Old Navy, DSW, Five Below and Petco. Equity Investment Group, an Indiana-based developer, bought the property in 2014. Schwerdt Design Group was the project architect.
OVERLAND PARK, KAN. — MAG Capital Partners LLC has acquired a 43,000-square-foot retail building located at 12100 Blue Valley Parkway in Overland Park for an undisclosed price. The seller, Lukas Wine & Spirits Superstore, will lease back the property. Brendan McPherson of Polsinelli PC and Mary Garnett of Barnes & Thornburg LLP represented MAG Capital Partners, which is led by principals Dax T.S. Mitchell and Andrew Gi. Victor Saponari of Quantum Capital arranged acquisition financing through Deutsche Bank. Michael Kaider of CBRE represented the seller.
OLATHE, KAN. — LANE4 Property Group is partnering with the city of Olathe for a proposed new library-anchored, mixed-use project downtown. The project calls for a restaurant, library and office space within a five-story building located immediately east of Olathe City Hall. The development will span 70,000 square feet. The Civic Center Park currently on the site will remain intact and be integrated into the new project. The city council approved a pre-development agreement allowing the project to move forward through the planning and zoning process, but LANE4 must present the development to the city council for approval in early 2020. Groundbreaking is slated for later in 2020.
TOPEKA, KAN. — Echo Development Group Inc., in association with Quivet Neck HCRE LLC, has acquired a Class A medical office building anchored by the University of Kansas Health System and Stormont Vail Health. The property spans approximately 27,000 square feet and is located at 601 SW. Corporate View. The fully occupied building is also home to a hearing, balance and physical therapy clinic as well as a pharmacy. An additional 1.5 acres adjacent to the building were included in the acquisition. Echo plans to build 20,000 square feet of complementary Class A medical space. Neither the seller nor the sales price were disclosed.
WICHITA, KAN. — The Boulder Group has negotiated the sale of a single-tenant property net leased to Integrated Healthcare Systems in Wichita for $8.1 million. The 30,472-square-foot building is located at 9211 E. 21st St. Randy Blankstein and Jimmy Goodman of Boulder represented the seller, a Midwest-based real estate development company. A real estate investment trust was the buyer. Integrated Healthcare Systems is a wholly owned subsidiary of Ascension Medical Group.
LENEXA, KAN. — Meritex has broken ground on two 120,000-square-foot industrial buildings in Lenexa. The new buildings will each feature a clear height of 28 feet and insulated wall panels. The buildings, located at 9800 Britton St., will share a truck court. Site work will continue this fall with vertical construction expected to begin in the spring. Project completion is slated for December 2020. Colliers International will market the properties for lease.
NEBRASKA, IOWA AND KANSAS — Blueprint Healthcare Real Estate Advisors has arranged the sale of 15 skilled nursing facilities in Nebraska, Iowa and Kansas. The portfolio included 10 locations in Nebraska, four in Iowa, and one in Kansas, and consists of over 950 licensed beds. The facilities are in predominantly secondary and tertiary submarkets, and the majority were built in the 1960s and 1970s. Blueprint’s Michael Segal, Ben Firestone and Steve Thomes handled the transaction. Buyer and seller information was not disclosed.