Kansas

NGZ, Gasperi Group Broker Sale of 23,652 SF Retail Center in Kansas City, Kansas

by Kristin Harlow September 18, 2017

KANSAS CITY, KAN. — Newmark Grubb Zimmer (NGZ) and Gasperi Group Commercial Real Estate LLC have brokered the sale of Parallel Parkway Center in Kansas City along Parallel Parkway. The sales price was not disclosed. Anchored by AutoZone, the 23,652-square-foot retail center was 100 percent leased at the time of sale to five tenants. Originally built in 1971, the property was fully renovated in 2014. Michael VanBuskirk and Chris Robertson of NGZ, along with Steve Gasperi of Gasperi Group, brokered the transaction on behalf of the undisclosed seller. A private West Coast-based investor purchased the property.

September 18, 2017

Kansas Market Reports Midwest Midwest Market Reports Missouri Office

Myriad Factors Help Explain Why Kansas City Office Market Has Not Reached Full Altitude

by Kristin Harlow September 14, 2017

The Kansas City office market is poised for increasing rental rates and decreasing vacancy rates for the remainder of 2017 and into 2018. Kansas City has realized its 14th consecutive quarter of increased rental rates (through March 2017), while vacancy has decreased in the overall metro area due to lack of new office construction and a steady pace of absorption. Several factors contribute to the complexity of why the market is good but not great, steady but not dynamic, with no one factor driving the steady upward climb. It has been like a plane taking off but never reaching full altitude. A contradiction of sorts is contributing to the rental rate increases and vacancy decline, while there is still a lack of newly constructed space. Bread-and-butter leasing absorption and a lack of new speculative development have been the main ingredients in the overall solid market for office activity. The velocity in the market is doing its job of generating positive absorption each quarter while rates inch up. The lack of large blocks of space has created a few new construction projects, but not as many as experts had predicted and hoped for. Costs on the rise Higher construction costs and …

September 14, 2017

Kansas Midwest Restaurant Retail

Block & Co. Brokers Sale of Retail Property Occupied by Panda Express in Overland Park, Kansas

by Kristin Harlow September 5, 2017

OVERLAND PARK, KAN. — Block & Co. Inc. Realtors has brokered the sale of a 2,448-square-foot retail property occupied by Panda Express in Overland Park. The sales price was not disclosed. The property is located within Glenwood Plaza Shopping Center at 9090 Metcalf Ave. Other tenants at the shopping center include Walmart, TJ Maxx, Dollar Tree and Subway. Alex Block and David M. Block of Block & Co. brokered the sale on behalf of the seller, Glo-Rae Glenwood LLC. Block & Co. is the leasing and property management company for both the shopping center and the Panda Express property.

September 5, 2017

Hospitality Kansas Midwest

$20M SpringHill Suites by Marriott Opens in Lenexa, Kansas

by Kristin Harlow August 24, 2017

LENEXA, KAN. — SpringHill Suites by Marriott has opened at 17190 W. 87th St. Parkway in Lenexa. The $20 million, 86,000-square-foot hotel consists of five stories and 124 rooms. The property features a 1,300-square-foot meeting space, lobby bar, fitness center and indoor pool. Part of the Lenexa City Center development, the hotel also includes 1,600 square feet of retail space with outdoor seating. Orangetheory Fitness is located in the hotel’s storefront. Midas Hospitality is managing the hotel. Sister company MC Hotel Construction was the general contractor.

August 24, 2017

Kansas Midwest Multifamily

CBRE Arranges Sale of Two Multifamily Properties Near Major Universities in Kansas

by Kristin Harlow August 21, 2017

TOPEKA AND MANHATTAN, KAN. — CBRE has arranged the sale of two multifamily properties near major universities in Kansas for an undisclosed price. Constructed between 2009 and 2014, the Lofts at College Hill is a 220-unit property located near Washburn University in Topeka. Amenities include a clubhouse, fitness facility, resort-style pool, media room, game room and business room. The Campus East Apartments consists of 110 units and is located one block from Kansas State University in Manhattan. Amenities include a pool, on-site laundry and on-site storage areas. A private equity group led by Oklahoma City-based real estate investor Lew McGinnis acquired the properties. Jeff Lamott of CBRE arranged the transaction on behalf of the sellers, Newsome Development and First Management.

August 21, 2017

Kansas Midwest Multifamily

Passco Sells Remaining Interests in 360-Unit Apartment Community in Overland Park, Kansas for $48M

by Kristin Harlow August 15, 2017

OVERLAND PARK, KAN. — Passco Cos. LLC has sold its remaining interest in The Village at Lionsgate in Overland Park for $48 million. The 360-unit apartment community is located at 14631 Broadmoor St. The buyer was a real estate investment firm that already had a partial ownership stake in the asset. During ownership, Passco brought the average occupancy at the property up to approximately 95 percent. Mac Crowther of ARA Newmark represented both the buyer and seller in the transaction.

August 15, 2017

Kansas Midwest Office Top Stories

JLL Secures $221.3M Loan for Acquisition of 2.2 MSF Office Campus in Metro Kansas City

by Katie Sloan August 15, 2017

OVERLAND PARK, KAN. — JLL has secured $221.3 million in acquisition financing for the majority of Corporate Woods, a 2.2 million-square-foot office campus located roughly 11 miles outside Kansas City in Overland Park. The borrower was an affiliate of Group RMC Corp. The acquisition includes 22 of the 29 buildings that make up Corporate Woods. Seven buildings on the property, including the Doubletree Hotel, are under separate ownership and were not included in the sale. Adam Schwartz, Jonathan Schwartz and Mark Fisher of JLL secured the 10-year, fixed-rate loan through an institutional lender. A joint venture between CenterSquare Investment Management and Stoltz Real Estate Partners sold the property, according to reports by the Kansas City Business Journal. The office campus offers 2.17 million square feet of rentable space, and was over 90 percent leased at the time of sale to tenants including symplr, Affinis Corp., Kansas City Vision Performance Center and KBP Foods. Amenities at Corporate Woods include a wooded park with jogging trails, streams and wildlife; a PGA regulation-sized putting green; restaurants; free parking; and on-site banking facilities. Group RMC Corp. is a real estate co-investment group based in New York and Montreal. The company invests in and sponsors income-producing office properties …

August 15, 2017

Kansas Midwest Retail

Beef Jerky Experience opens at Corbin Park in Overland Park, KS

by Kristin Harlow August 14, 2017

OVERLAND PARK, KAN. — Beef Jerky Experience has opened at the Corbin Park shopping center in Overland Park. The 1,329-square-foot retail store is located at 6301 W. 135th St. Other tenants within the 16,500-square-foot pad building include 810 Restaurant, Joplimo Mattress and Light Rx. Beef Jerky Experience sells jerky from a variety of animals as well as hot sauces and edible insects. David M. Block and Max Kosoglad of Block & Co. Inc. Realtors negotiated the lease transaction. Block & Co. handles all leasing, management and construction management for the pad building.

August 14, 2017

Industrial Kansas Midwest

Horizon Global to Open 512,000 SF Industrial Facility at LPKC in Edgerton, Kansas

by Kristin Harlow July 25, 2017

EDGERTON, KAN. — Horizon Global has unveiled plans to open a 512,000-square-foot distribution facility in Logistics Park Kansas City (LPKC) in Edgerton. Construction is nearing completion on the facility, which is expected to create more than 120 new jobs. Horizon Global’s new home will be located in Inland Port XXXII. NorthPoint Development serves as the master developer for LPKC, a 1,700-acre master-planned distribution and warehouse development anchored by BNSF Railway’s newest intermodal facility. Since opening in 2013, LPKC is now home to more than 11 million square feet of warehouse and distribution space.

July 25, 2017

Hospitality Kansas Midwest

Homewood Suites by Hilton Topeka Opens in Kansas

by Kristin Harlow July 5, 2017

TOPEKA, KAN. — Homewood Suites by Hilton Topeka has opened at 1519 Southwest Arrowhead Road in Topeka. Developed, owned and managed by Kansas Hospitality Inc., the 87-suite hotel features a mix of studio, one- and two-bedroom accommodations. Amenities include a fitness center, game room, indoor pool and outdoor patio with grilling area.

July 5, 2017

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