Kansas

Joint Venture Acquires 589,391 SF Industrial Portfolio in Lenexa, Kansas

by Kristin Harlow February 5, 2018

LENEXA, KAN. — A joint venture between Prism Real Estate Services LLC and Ameritas Life Insurance Corp. has acquired the Lenexa Industrial Park portfolio in Kansas. The purchase price was not disclosed. The portfolio consists of 17 industrial and flex buildings totaling 589,391 square feet. Hugh Zimmer developed the properties, which are located at the interchange of I-35 and I-435. Michael VanBuskirk, David Zimmer and Chris Robertson of Newmark Grubb Zimmer (NGZ) represented the buyer in the transaction. NGZ will handle leasing and management of the properties. Joe Platt and Alex Hilton of Grandbridge Real Estate Capital will arrange debt placement on behalf of the buyer.

February 5, 2018

Hospitality Kansas Midwest

TGC Completes $1.9M Interior Renovation of 82-Room TownePlace Suites in Wichita, Kansas

by Kristin Harlow February 5, 2018

WICHITA, KAN. — TGC Development Group has completed a $1.9 million interior renovation of the TownePlace Suites by Marriott Wichita East. The 82-room, extended-stay hotel is located at 9444 E. 29th St. Renovations include fully updated guest rooms and new furniture, flooring and décor in the lobby. The hotel is designed for travelers who need accommodations for longer stays, including fully equipped kitchens and separate working areas. Wichita-based SBA Construction was the general contractor for the project. TGC manages the hotel.

February 5, 2018

Kansas Midwest Self-Storage

Phillips Development Buys 1.5-Acre Site, Plans 100,000 SF Self-Storage Facility in Kansas City

by Kristin Harlow February 2, 2018

KANSAS CITY, KAN. — Phillips Development and Realty (PDR) has acquired a 1.5-acre land parcel on Southwest Boulevard in Kansas City. The firm plans to build a 100,000-square-foot, 710-unit self-storage facility on the site. Construction of the Class A development is slated to begin during the third quarter of 2018 and be completed in the third quarter of 2019. Kansas City presents opportunities for development as the population continues to grow and employers expand, according to Donald Phillips, managing director of Tampa, Fla.-based PDR. Kansas City’s metro area population ranks 30th on a list of the 382 metropolitan statistical areas within the United States.

February 2, 2018

Industrial Kansas Midwest

Kessinger/Hunter to Develop 567,115 SF Industrial Warehouse in Olathe, Kansas

by Kristin Harlow January 30, 2018

OLATHE, KAN. — Kessinger/Hunter & Co. is developing its third speculative industrial building within the I-35 Logistics Park in Olathe. The 567,115-square-foot industrial warehouse, known as Building C, will be located directly to the east of the existing 821,663-square-foot Building B. KGPCo, a provider of supply chain and network transformation solutions for the communications industry, has pre-leased 251,873 square feet of space at Building C. Tom Walrich of Lee & Associates represented KGPCo in the lease transaction. Bentall Kennedy advised ownership and has been retained as the asset manager of the new building, as well as Building B and remaining development sites. Completion of Building C is slated for the end of 2018. The project team includes Merit General Contractors, Bozich Architects, TranSystems and BSE Structural Engineers.

January 30, 2018

Kansas Midwest Office

The Keith Corp. Sells 239,366 SF Office Building in Overland Park, Kansas

by Kristin Harlow January 19, 2018

OVERLAND PARK, KAN. — The Keith Corp. (TKC) has sold the Quintiles Building in Overland Park for an undisclosed price. The 239,366-square-foot office building is located at 6700 W. 115th St. just southeast of the intersection of College Boulevard and Metcalf Avenue. The building was originally constructed as a build-to-suit for Quintiles in 2006. The integrated information and technology-enabled healthcare company recently extended its 176,839-square-foot lease through 2023. Honeywell took occupancy of the remaining 62,527 square feet in June 2017. Mark Katz, Peter Merrion and Sean Fogarty of HFF marketed the asset for sale on behalf of TKC. The buyer was not disclosed.

January 19, 2018

Kansas Midwest Retail

Planet Fitness Opens 18,052 SF Location in Overland Park, Kansas

by Kristin Harlow January 12, 2018

OVERLAND PARK, KAN. — Planet Fitness has opened an 18,052-square-foot gym at 9331 Quivira Road in Overland Park. Best Buy is the other tenant in the 65,000-square-foot building. The property is located across from Oak Park Mall. Block & Co. Inc. Realtors negotiated the lease transaction for Planet Fitness and will oversee the building’s property management.

January 12, 2018

Healthcare Kansas Midwest

CNL Healthcare Acquires 38,496 SF Medical Office Building in Overland Park, Kansas for $14M

by Kristin Harlow January 10, 2018

OVERLAND PARK, KAN. — CNL Healthcare Properties II has acquired a 38,496-square-foot medical office building in Overland Park for $14 million. Constructed in 2007, the building is located at 5525 W. 199th St. on the campus of HCA Menorah Medical Center. The two-story property is fully leased to five tenants, with an ambulatory surgical center anchoring the property. Evan Kovac, Ben Appel, Anthony Frogameni, Andrew Milne, Matt DiCesare and Sean Fogarty of HFF represented the undisclosed seller. The team also procured the buyer, which is a non-traded REIT sponsored by CNL Financial Group.

January 10, 2018

Healthcare Kansas Midwest

NGZ Brokers Sale of 8,400 SF Medical Office Building in Olathe, Kansas

by Kristin Harlow January 2, 2018

OLATHE, KAN. — Newmark Grubb Zimmer (NGZ) has brokered the sale of an 8,400-square-foot medical office building in Olathe for an undisclosed price. The Class A building, constructed in 2006, is located at 820-832 W. Frontier Lane near the Olathe Medical Center. The property was 85 percent occupied at the time of sale by two tenants, Preferred Pediatrics and KC Allergy and Asthma. Michael VanBuskirk, Justin Beal and Chris Robertson of NGZ brokered the sale on behalf of the seller, a local private investor group. Don Maddux of Block Real Estate Services LLC represented the buyer, a California-based private investor.

January 2, 2018

Hospitality Kansas Midwest

Choice Hotels to Acquire WoodSpring Suites Brand and Franchise Business for $231M

by Kristin Harlow December 20, 2017

WICHITA, KAN. — Choice Hotels International Inc. (NYSE: CHH) has reached a definitive agreement to acquire the brand and franchise business of WoodSpring Suites from WoodSpring Hotels Holdings LLC, a portfolio company of Lindsay Goldberg, for approximately $231 million. The acquisition will add nearly 240 extended-stay hotels in 35 states to the Choice Hotels portfolio, creating an extended-stay portfolio of more than 350 properties with existing brands MainStay Suites and Suburban Extended Stay. Wichita, Kansas-based WoodSpring Hotels is an extended-stay hotel company, with nearly 240 properties in 35 states nationwide. Over the past few years, the company has executed a brand relaunch and repositioning, resulting in WoodSpring Suites unit growth of more than 25 percent and franchise fee revenue growth of 45 percent in the last three years, according to Choice Hotels. More than 25 Woodspring hotels are expected to open in 2018. The transaction is expected to close in the first quarter of 2018. Moelis & Co. LLC is serving as financial advisor to Choice Hotels on the transaction, while Willkie Farr & Gallagher is serving as legal advisor. Morgan Stanley & Co. LLC is serving as financial advisor to WoodSpring, while Weil, Gotshal & Manges LLP is serving as legal advisor. Lindsay …

December 20, 2017

Kansas Loans Midwest Multifamily

KeyBank Arranges $24.9M Acquisition Loan for Multifamily Property in Olathe, Kansas

by Kristin Harlow December 11, 2017

OLATHE, KAN. — KeyBank Real Estate Capital has arranged a $24.9 million Fannie Mae loan for the acquisition of Greenwood Reserve Apartment Homes in Olathe, about 22 miles southwest of Kansas City. The 228-unit apartment property consists of seven buildings. Built in 2016, the Class A property is situated on 13.2 acres. Chris Black and Caleb Morton of KeyBank arranged the 10-year loan, which features a 30-year amortization schedule. The borrower was not disclosed.

December 11, 2017

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