OVERLAND PARK, KAN. — Colliers International has brokered the sale of 101 acres of land in Overland Park. The sales price was not disclosed. The site is located at 167th Street and Antioch Road. John Stafford of Colliers brokered the transaction on behalf of the seller, S.I.K. LLC. John Nolan and Scott Buescher of Price Commercial Realty represented the undisclosed buyer.
OVERLAND PARK, KAN. — Fogelman Properties has acquired Sandstone Creek Apartments in Overland Park for $48.1 million. The 368-unit, Class A luxury apartment community was built in 2000. The community features one-, two- and three-bedroom apartments, with rental rates ranging from $854 to $1,477 per month. The community is currently 93 percent occupied. Fogelman acquired Sandstone Creek in a joint venture with New York-based DRA Advisors.
OVERLAND PARK, KAN. — Midas Hospitality and sister company MC Hotel Construction are building a new Home2 Suites by Hilton in Overland Park. The 123-room hotel will be located at 7121 W. 135th St., which is the former site of a Smokehouse Bar-B-Que restaurant. The 65,000-square-foot hotel will offer suites with fully equipped kitchens, a fitness center, indoor pool and outdoor living area. Construction will begin in June and be completed by May 2018. Midas Hospitality will manage the hotel. The builder is MC Hotel Construction, and the architecture firm is Gray Design. All three companies are based in St. Louis.
KANSAS CITY, KAN. — Capital Electric Construction Co. Inc. has signed a 50,296-square-foot industrial lease to consolidate its regional headquarters in Kansas City. The company currently operates out of the Rivergate Building at 600 Broadway as well as warehouse space on Dodge Street in the Fairfax District. The new location will house all local operations at 627 Adams St., and is expected to open in July. Bob Fagan, Matt Eckert and Joe Orscheln of CBRE represented Capital Electric Construction in the lease transaction. Paul Neal of Grindstone Properties represented the landlord, Prime Investments. Capital Electric Construction is a wholly owned subsidiary of MDU Construction Services Group Inc. in North Dakota.
LEAWOOD, KAN. — AMC Theatres has expanded its headquarters within Park Place Village in Leawood by 36,315 square feet to a total of over 170,000 square feet. The expansion consists of newly constructed Class A office space completed this year. The new space will help accommodate the more than 125 new jobs AMC created after recently acquiring Georgia-based Carmike Cinemas. Approximately 600 associates will work in the Theatre Support Center in Park Place. The mixed-use office and retail property is comprised of 10 buildings that were developed in phases starting in 2007 and completed in 2013. The property, located at 1150 Ash St., is currently 99 percent leased. Bob Fagan and Matt Eckert of CBRE represented the landlord, KBS, in the transaction.
Berkadia Arranges Sale and Secures Acquisition Financing for Multifamily Property in Mission, Kansas
MISSION, KAN. — Berkadia has arranged the sale of the Bridges at Foxridge in Mission, just north of Overland Park. Berkadia also arranged the acquisition financing for the buyer, Landmark Realty of San Francisco. The seller was New York-based Sterling Equities. The sales price was not disclosed. Constructed between 1966 and 1973, the 317-unit apartment community is located at 5250 Foxridge Drive. Unit sizes average at 1,267 square feet. Community amenities include a swimming pool, fenced dog park, garages and carports, children’s playground, fitness center, tennis court and clubhouse with full kitchen, complimentary computers and Wi-Fi. Michael Sullivan, Grant Kollman, Brett Meinzer and Alex Blagojevich represented the seller in the transaction. John Schorgl originated the acquisition loan with Fannie Mae. The 10-year loan includes 36 months of interest-only payments.
OVERLAND PARK, KAN. — Block & Co. Inc. Realtors has brokered the sale of 1.65 acres of land located at Metcalf 75 Shopping Center in Overland Park. The land was purchased by an undisclosed buyer and will be used to build a 16,870-square-foot medical facility. Metcalf 75 Shopping Center will be torn down to make way for the new medical facility. David M. Block and Darren Siegel brokered the transaction on behalf of the property owners. Cary Fox and Bill Shakelford of AREA Real Estate Advisors represented the buyer. Darren Siegel, David M. Block and Steve Caffey of Block & Co. also handled lease negotiations between the new buyer and the existing tenants to vacate the property. Block & Co. has been the leasing and property management company for Metcalf 75 Shopping Center since the 1970s.
OVERLAND PARK, KAN. — Avison Young Hospitality Group has brokered the sale of a Hilton Garden Inn located at 5800 College Blvd. in Overland Park. The sales price was not disclosed. A West Coast-based family office purchased the 125-room hotel. The seller was an institutional hospitality platform based in the Southeast. Michael Bernath and Andrew Broad of Avison Young brokered the transaction.
EDGERTON, KAN. — Spectrum Brands Hardware and Home Improvement (HHI) has unveiled plans to move into a 927,112-square-foot distribution center at Logistics Park Kansas City (LPKC) in Edgerton. Spectrum Brands HHI will consolidate two existing distribution facilities in Charlotte, N.C. and Mira Loma, Calif. Construction of the building, known as Inland Port XXXIII, began in March 2016. The building is the largest to ever be constructed on a speculative basis in Kansas City, according to LPKC. The park is a 1,700-acre distribution and warehouse development anchored by BNSF Railway’s newest intermodal facility.
OVERLAND PARK, KAN. — Metropolitan Capital Advisors Ltd. (MCA) has arranged a $17.5 million loan for the refinancing of The Dunes at St. Andrews Apartments in Overland Park. The property, built in 2000, consists of 240 units and is 97 percent occupied. The 10-year loan features an interest rate of 4.3 percent. Charley Babb and Tiffany Mullins of MCA placed the loan with a Fannie Mae/DUS lender.