Kansas

NKF Brokers Sale of Towne West Square Regional Mall in Wichita, Kansas for $14M

by Kristin Harlow July 25, 2019

WICHITA, KAN. — Newmark Knight Frank (NKF) has brokered the sale of Towne West Square in Wichita for $14 million. The regional mall spans nearly 900,000 square feet and is situated on 46 acres at 4600 W. Kellogg Drive. It opened in 1980. Anchor tenants include Dick’s Sporting Goods, Dillard’s Clearance Center, JC Penney and Regal Cinemas. Shopping mall investment company Kohan Retail Investment Group purchased the asset. Kohan focuses on distressed properties with value-add opportunities. Thomas Dobrowski of NKF represented the seller. In February, ownership of the mall was transferred to Wells Fargo, according to the Wichita Business Journal.

July 25, 2019

Development Kansas Midwest Multifamily Student Housing

Opus Begins Construction on Three-Story Student Housing Community Near University of Kansas

by Kristin Harlow July 10, 2019

LAWRENCE, KAN. — The Opus Group has begun construction on a new three-story student housing community near the University of Kansas. The project will include 120 units accommodating 312 residents as well as 8,200 square feet of retail space. The development is the first in Lawrence to use the new Smart Code portion of the city’s zoning code, requiring the project to incorporate more civic space and encourage less automobile usage. Residents will be able to take public transportation from a bus stop adjacent to the property. A biking and hiking trail from the property will lead directly to campus. Indoor amenities will include a fitness center, spa, clubroom, game room, podcast booth and study spaces. Outdoor amenities will include a terrace area along 23rd Street in front of the retail space for public use, as well as a pool, fire pits, gas grills and fitness area. The project is a joint venture with The McKinney Fund & Co. Central Bank of St. Louis and Central Bank of the Midwest provided construction financing. Completion is slated for July 2020.

July 10, 2019

Acquisitions Kansas Midwest Office Top Stories

Occidental Management Closes on Acquisition of 190-Acre Sprint Headquarters in Overland Park, Kansas

by Kristin Harlow July 10, 2019

OVERLAND PARK, KAN. — Occidental Management Inc. has closed on its previously announced acquisition of the 20-building, 190-acre Sprint headquarters campus in Overland Park. The purchase price was not disclosed, but the campus is valued at more than $342 million, according to the Johnson County Appraiser. The deal includes a sale-leaseback agreement with Sprint Corp., which will occupy the buildings primarily in the southern portion of the property. The first buildings opened in 1997 when Sprint consolidated operations in the Kansas City metro area. The campus was designed to accommodate 14,500 employees and reached maximum capacity in 2004 when Sprint merged with Nextel. Since then, Sprint has been downsizing. Of the roughly 4 million-square-foot campus, approximately 1.7 million square feet is leased to other tenants and 250,000 square feet is vacant, according to Gary Oborny, CEO and chairman of Occidental. Wichita-based Occidental has yet to release specific plans for the property’s future, but expects to do so by year’s end. The company does intend to re-invigorate the campus and focus on adding amenities that will help employers retain and recruit talent. “The Sprint campus has been one of our ideal acquisition targets in the Kansas City market, and we’re excited …

July 10, 2019

Acquisitions Kansas Midwest Multifamily

Skyline, ND Consulting Acquire Multifamily Property in Kansas City, Kansas for $8.9M

by Kristin Harlow July 1, 2019

KANSAS CITY, KAN. — Skyline LLC and ND Consulting have acquired Silver City Apartments in Kansas City for $8.9 million. Originally built in the 1970s, the 160-unit property underwent a tax credit renovation in the mid-1990s. Dan Piatkowski of Affordable Housing Investment Brokerage Inc. brokered the transaction. Commercial Group, a Topeka, Kan.-based owner and operator, sold the asset. The buyers were interested in the HAP contract in place at the property and plan to expedite renovations needed. A tax credit renovation is the renovation of an existing property in effort to provide quality affordable housing to low-income tenants, according to Piatkowski. In exchange for tax credits and other fees, which lessen a developer’s financial exposure, developers renovate properties that are often project-based Section 8, agreeing to specific rental restrictions for a certain period of time based on tenant’s income. All different types of debt service are used to finance these types of properties, including Freddie Mac, Fannie Mae, HUD and other loan programs.

July 1, 2019

Acquisitions Kansas Midwest Multifamily

NorthMarq Arranges Sale of Three Multifamily Properties in Topeka, Kansas

by Kristin Harlow June 28, 2019

TOPEKA, KAN. — NorthMarq has arranged the sale of three multifamily properties totaling 216 units in Topeka for an undisclosed price. The properties include the 117-unit Shawnee Lake, the 65-unit Wanamaker View, and the 34-unit Brentwood Apartments. Jeff Lamott of NorthMarq arranged the sale on behalf of both parties. Orozco Capital Trust sold the assets to Vertex Investments. Built in the 1990s, the Class B properties are nearly fully occupied.

June 28, 2019

Development Hospitality Kansas Midwest

Brinkmann Constructors Breaks Ground on 100-Room, Dual-Branded Hotel in North Kansas City

by Kristin Harlow June 5, 2019

KANSAS CITY, KAN. — Brinkmann Constructors has broken ground on a new dual-branded hotel in north Kansas City. The hotel will feature the brands Aloft and Element, both of which are owned by Starwood. KMG Hotels is developing the 135,000-square-foot project, which will consist of approximately 100 rooms connected to a 15,000-square-foot convention center. The project is within the One North development. Completion is slated for September 2020. US Bank is providing financing. Hoefer Wysocki is the project architect.

June 5, 2019

Development Kansas Midwest Multifamily Seniors Housing

Hunt Midwest, Principal Senior Living Group Open Assisted Living Community in Olathe, Kansas

by Kristin Harlow June 4, 2019

OLATHE, KAN. — Hunt Midwest, in partnership with Senior Living Group, has opened Benton House of Olathe, an assisted living and memory care community in Olathe. This is the partnership’s ninth Benton House community in metro Kansas City. Benton House of Olathe features 55 studio and one-bedroom units. The single-story, 52,000-square-foot building is situated on 4.4 acres. The Beacon Neighborhood is a secured area dedicated to residents in need of additional memory care services and support. Monthly rental rates start at $3,000.

June 4, 2019

Kansas Market Reports Midwest Midwest Market Reports Mixed-Use

Increased Development Brings New Life to Wichita’s Core

by Kristin Harlow May 30, 2019

Like many U.S. cities, Wichita’s downtown has experienced an unprecedented revitalization in recent years, with new development and the reimagining of older structures. Growth in the core is not slowing anytime soon if current projects under construction or on the drawing board are any indication. A number of projects, revolving around a new baseball stadium, are poised to inject new life into the historic Delano District. Plans for a new performing arts center are under discussion, and major mixed-use developments and public improvement projects along East Douglas Avenue are positioned to enhance the link between Delano and the city’s Old Town district. According to the organization Downtown Wichita, more than $1 billion has been invested in the urban core in the last 10 years, $631 million of which was private investment. The city center has retained a number of high-profile businesses after a decade of notable companies relocating to northeast suburban office locations. Project pipeline Following the recent addition of more than 800 apartment units in and around the central business district, commercial activity is on the upswing. The Spaghetti Works District, expected to be completed this fall, is a $23 million mixed-use development led by TGC Development Group and …

May 30, 2019

Acquisitions Industrial Kansas Midwest

Colliers Brokers Sale of 26,800 SF Industrial Building in Lenexa, Kansas

by Kristin Harlow May 29, 2019

LENEXA, KAN. — Colliers International has brokered the sale of a 26,800-square-foot industrial building in Lenexa for an undisclosed price. The property is located at 9641 Lackman Road. Tom Haverty of Colliers represented the seller, Compass Properties LLC. John Stafford of Colliers represented the buyer, RMS Real Estate LLC.

May 29, 2019

Development Kansas Midwest Multifamily Seniors Housing

Tutera Underway on $1.5M Renovation of Senior Living Community in Overland Park, Kansas

by Kristin Harlow May 23, 2019

OVERLAND PARK, KAN. — Tutera Senior Living & Health Care is underway on a $1.5 million renovation of its senior living community in Overland Park known as The Atriums. This month, Tutera expects to complete Phase I of the project, which includes renovation of the first-floor common living areas. Tutera will also begin Phase II, an expected $1 million remodel of the property’s 203 units. Amenities within the 50,000-square-foot common living area include a dining area, pub, billiards room, reading corner and community lounges. The property features 168 independent living units and 35 assisted living units. The residences will be updated with new lighting, flooring, paint and other upscale finishes. Phase II is slated for completion in the next 12 to 18 months.

May 23, 2019

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