LENEXA, KAN. — Easterly Government Properties Inc., a publicly traded real estate investment trust, has acquired a 169,585-square-foot Environmental Protection Agency (EPA) regional headquarters in Lenexa. Originally constructed in 2007, the two-story office building is situated on a 30.5-acre parcel. The EPA completed a renovation of the property in 2012. While headquartered in Washington, D.C., the EPA also operates 10 regional offices throughout the country.
OVERLAND PARK, KAN. — Academy Bank, a full-service community bank and wholly owned subsidiary of Dickinson Financial Corp., has opened a new retail banking center in Overland Park. The new branch spans 2,356 square feet and is located at 6976 W. 135th St. It is Academy Bank’s second branch in Overland Park. In addition to ATM and mobile services, the location features interactive teller machine video banking. By the end of the year, the Overland Park branch will also feature Academy Express, a drive-thru video banking service that connects to a live banker seven days a week. Academy Bank also operates centers in Fairway, Lenexa, Olathe and Shawnee.
LEAWOOD, KAN. — VanTrust Real Estate LLC, in partnership with Hallbrook Office Center LLC, has unveiled plans to develop a new 120,527-square-foot office building at Hallbrook Office Center in Leawood. This is the third building planned for the office park. Miles McCune and Jeff Winters of Cushman & Wakefield will market the building for lease. The new structure will sit on eight acres at College Boulevard and State Line Road. While the first two buildings at Hallbrook were built on a speculative basis, the project team does not plan to begin construction on the third building until commitments for at least one floor of the property (30,000 square feet) are secured.
EDGERTON, KAN. — Kubota Tractor Corp. will host a grand opening ceremony for its new North American distribution center in Edgerton on Wednesday, Aug. 21. Joining Kubota executives will be Kansas Gov. Laura Kelly and other state and local officials. Set on 200 acres of land, the new campus includes two 1 million-square-foot buildings. The property will serve as a logistics hub for Kubota’s North American operations and home to the company’s Midwest sales division office. Kubota is based in Grapevine, Texas.
OVERLAND PARK, KAN. AND BLUE SPRINGS, MO. — LANE4 Property Group has begun development of two senior living communities in metro Kanas City. Both facilities, expected to open in summer 2020, will be branded as Novel Place. One property will be situated at 95th Street and Metcalf Avenue in Overland Park, while the other will be located at Highway 40 and Highway 7 in Blue Springs. Each location will include 134 independent living units across three stories. Community amenities will include common areas, outdoor courtyards and fitness studios. Omaha-based NewStreet Properties LLC has joined LANE4 as an investment partner on both Novel Place properties. Davidson Architecture + Engineering and Centric General Contractors make up the project team. Academy Bank is providing construction financing for the Blue Springs location, while Security Bank is providing financing for Overland Park. Monthly rental rates are expected to start at $1,800, according to the Shawnee Mission Post.
NEW CENTURY, KAN. — Sumner Investment LLC, a local partnership arranged by Jones Development, has acquired a 311,100-square-foot distribution and manufacturing facility in New Century within Johnson County. The purchase price was not disclosed. The building is situated on 17.7 acres in the New Century AirCenter near I-35. The facility features clear heights ranging from 22 to 26 feet, 12,000 square feet of office space, 36 dock doors, six drive-in doors and 95 trailer parking stalls. The property will undergo a capital improvement plan.
OVERLAND PARK, KAN. — A joint venture between Wexford Lodging Advisors and Trinity Private Equity Group has purchased the 398-room Marriott Kansas City Overland Park. The purchase price was not disclosed. The joint venture plans to invest approximately $17 million to upgrade the hotel’s guest rooms and public spaces. Davidson Hotels and Resorts will operate the hotel. In addition to a renovation of the meeting space and lobby, plans call for the addition of Marriott’s M Club concierge lounge and a new fitness center. Located at 10800 Metcalf Ave., the 11-story hotel is situated on I-435.
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.
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.
Occidental Management Closes on Acquisition of 190-Acre Sprint Headquarters in Overland Park, Kansas
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 …