Kansas

Copaken Brooks Begins Development of 500,000 SF Industrial Property in Edgerton, Kansas

by Kristin Harlow May 8, 2017

EDGERTON, KAN. — Copaken Brooks has begun development of Midwest Gateway, a 500,000-square-foot industrial property near the BNSF intermodal facility in Edgerton. The property will include two speculative buildings of 301,603 square feet and 186,107 square feet. The project is designed to meet the needs of warehouse, distribution and manufacturing users of smaller footprints. The buildings will feature 32-foot clear heights, motion sensor lighting, docks, truck parking and trailer storage. Construction is slated for completion in February 2018. Midwest Gateway is the closest development site to the BNSF intermodal, according to a press release. Bucky Brooks of Copaken Brooks, along with Nathan Anderson and Russel Pearson of NAI Heartland, are marketing the property for lease. Project team members include GMA Architects, ARCO National Construction, Shafer, Kline & Warren, Krudwig & Associates and Metro Air.

May 8, 2017

Kansas Midwest Retail

Lane4 Begins Demolition of Former Metcalf South Mall Near Kansas City

by Kristin Harlow April 24, 2017

OVERLAND PARK, KAN. — Lane4 Property Group has begun the demolition of the vacant Metcalf South Mall in Overland Park. The mall, which opened in 1967, officially closed to the public in September 2014. Early phases of demolition will occur on the interior of the building, making visible demolition on the exterior not likely until next month. The mall is located at located at the southeast corner of 95th Street and Metcalf Avenue. Once the mall has been razed, site work will begin to level the land and construct frontage roads. Construction of a Lowe’s store is scheduled slated to begin this fall. The overall project plan also includes a number of smaller-format retail buildings and restaurants, but potential tenants have yet to be announced. Lane4 worked with both the Overland Park Historical Society and the Johnson County Museum to preserve items of historical significance from within the mall. Lane4 and The Kroenke Group jointly purchased the Metcalf South Mall site in 2014.

April 24, 2017

Healthcare Iowa Kansas Midwest Missouri Multifamily Nebraska Seniors Housing

Blueprint Brokers $82M Sale of 18 Skilled Nursing Facilities in the Midwest

by Kristin Harlow April 7, 2017

CHICAGO — Blueprint Healthcare Real Estate Advisors, a Chicago-based brokerage firm, has negotiated the sale of 18 skilled nursing facilities located throughout the Midwest for $82 million. The portfolio included nine properties in Kansas, six in Missouri, two in Iowa and one in Nebraska. The specific names and locations of the properties were not disclosed. The regional portfolio comprises 1,843 total licensed beds and generated approximately $110 million in revenue on a trailing basis at the time of sale. Most of the facilities are situated in suburban neighborhoods, while several of the centers were in secondary markets within driving distance from Kansas City. The seller, a publicly traded owner-operator, was looking to exit the Midwest region to create a tighter geographic density for its properties, as well as focus on hospital partnerships. The buyer is Illinois-based Cascade Capital Group, which went through several rounds of bidding. The sale includes an undisclosed level of HUD mortgage debt and two leased assets. The sales price equates to $45,000 per bed. Ben Firestone, Christopher Hyldahl and Michael Segal of Blueprint structured the transaction.

April 7, 2017

Company News Kansas Midwest Retail Top Stories

Payless ShoeSource Files for Bankruptcy, Plans to Close 400 Stores

by Nellie Day April 5, 2017

TOPEKA, KAN. — Payless ShoeSource has filed for Chapter 11 bankruptcy and announced plans to immediately close nearly 400 underperforming stores. The company, which bills itself as the largest specialty family footwear retailer in the Western Hemisphere, currently operates approximately 4,400 stores in more than 30 countries. The shoes and accessory retailer was founded in 1956 in Topeka, Kan. “This is a difficult, but necessary, decision driven by the continued challenges of the retail environment, which will only intensify,” says W. Paul Jones, the company’s CEO. “We will build a stronger Payless.” Payless has entered into a Plan Support Agreement (PSA) with its lenders to reduce its debt load by almost 50 percent. The plan will also allow Payless to lower its annual cash interest costs, access additional capital and provide a path to emergence from Chapter 11 with a sustainable capital structure. The agreement will also allow Payless to invest in areas that may provide further growth, including omnichannel expansion, product and inventory initiatives, and international expansion in Latin America and elsewhere. The company plans to optimize its store footprint through the immediate store closures, as well as managing its existing real estate lease portfolio. This may include modifying …

April 5, 2017

Kansas Midwest Mixed-Use

ESS, Lane 4 Break Ground on $60M Mixed-Use Development in Edwardsville, Kansas

by Kristin Harlow March 28, 2017

EDWARDSVILLE, KAN. — Emery Sapp & Sons (ESS) and Lane 4 Property Group have broken ground on the $60 million Village South development in Edwardsville. The 32-acre site is located at the corner of 110th Street and I-70. The mixed-use project will include both a Holiday Inn and La Quinta hotel in addition to a 22,000-square-foot conference center and 17,000 square feet of retail space. Six additional pad sites will be available for retail uses. Minnesota-based Compass Commodity Group III is the landowner and master developer. Lane 4 is managing the first phase of construction, while ESS is doing all of the earthwork. Other members of the development team include BHC Rhodes as project engineer, Lamont Cos. as hospitality developer, Base4 Architects and Engineers as design partner and Polsinelli PC as legal counsel. Phase I construction is slated for completion in summer 2018.

March 28, 2017

Industrial Kansas Midwest

Colliers Brokers Sale of 515,132 SF Industrial Building in Olathe, Kansas

by Kristin Harlow March 28, 2017

OLATHE, KAN. — Colliers International has brokered the sale of a 515,132-square-foot industrial building located at 16600 S. Theden St. in Olathe. John Stafford of Colliers brokered the transaction on behalf of the buyer, Himoinsa Power Systems Inc., while Mike Mitchelson of CBRE represented the seller, Lone Elm 515 LLC. The sales price was not disclosed.

March 28, 2017

Kansas Midwest Retail

CycleBar Opens 2,400 SF Facility in Leawood, Kansas

by Kristin Harlow March 16, 2017

LEAWOOD, KAN. — CycleBar has signed a long-term lease for 2,400 square feet in Town Center Plaza in Leawood. The facility, now open, is the indoor cycling fitness studio’s first location in the greater Kansas City area. CycleBar is located at 5053 W. 117th St. Founded in 2004, the indoor cycling franchise offers a variety of cycling classes at over 200 locations nationwide. David M. Block and Max DiCarlo of Block & Co. Inc. Realtors negotiated the lease transaction on behalf of CycleBar.

March 16, 2017

Kansas Loans Midwest Multifamily

NorthMarq Arranges $46.5M Acquisition Loan for Multifamily Property in Overland Park, Kansas

by Kristin Harlow March 9, 2017

OVERLAND PARK, KAN. — NorthMarq Capital has arranged a $46.5 million loan for the acquisition of Residences at Prairiefire in Overland Park. The 426-unit multifamily property is located at 5750 W. 137th St. The 10-year loan features a 30-year amortization schedule. NorthMarq arranged the financing through Fannie Mae. The borrower was a joint venture between a local Kansas City-based sponsor and a national private equity real investment manager. The private equity firm invested on behalf of a large municipal retirement fund.

March 9, 2017

Industrial Kansas Midwest

Simmons Pet Foods Signs 42,960 SF Industrial Lease in Topeka

by Kristin Harlow March 9, 2017

TOPEKA, KAN. — Simmons Pet Foods has signed a 42,960-square-foot industrial lease in the Forbes Industrial Park in Topeka. The building is located at 7215 SW Topeka Blvd. Jerry Fogel of Kessinger/Hunter negotiated the lease transaction. The Arkansas-based pet food manufacturer also maintains an operations plant in Emporia, Kan.

March 9, 2017

Healthcare Kansas Midwest

MedCraft to Develop $5M Medical Facility for Via Christi in Derby, Kansas

by Kristin Harlow March 6, 2017

DERBY, KAN. — MedCraft Healthcare Real Estate LLC is developing a $5 million build-to-suit medical facility for Via Christi Clinic in Derby, a suburb of Wichita. The 15,000-square-foot clinic will be located on the northwest corner of Tall Tree Road and Newberry Street. Completion is slated for this fall. The new building will allow Via Christi to expand from four family medicine and pediatric providers to eight, as well as integrate primary care and physical therapy. The clinic’s current location opened 19 years ago at 1720 Osage Road. Eby Construction is the contractor for the project, and Howard + Helmer Architecture is the project architect.

March 6, 2017

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