OVERLAND PARK, KAN. — Block & Co. Inc. Realtors has arranged the $8.8 million sale of a 61,657-square-foot retail building in Overland Park to an undisclosed buyer. A Jo-Ann Fabric and Craft Stores anchors the freestanding building, which is located at 11401 Metcalf Ave. The property is situated on more than five acres. The Tile Shop also occupies 18,847 square feet of the building. David M. Block and Bill Maas of Block & Company, Inc., Realtors negotiated the transaction on behalf of the seller, a third party TIC.
OVERLAND PARK, KAN. — Marcus & Millichap has brokered the $15.8 million sale of Regency Square North, a 74,085-square-foot grocery-anchored shopping center in Overland Park. The sales price equates to $214 per square foot. Built between 2001 and 2002 on more than seven acres, Regency Square North is located at 7201-7401 W. 91st St. Regency Square North is anchored by one of two Whole Foods locations currently operating in the Kansas City metropolitan area; a third is built and scheduled to open in March. Garrette Matlock of Marcus & Millichap’s Denver office represented the seller, Regency North Retail LLC, an entity sponsored through AMG National Trust Bank. The buyer, ACF Property Management Inc., represented itself in the transaction. Greg Bates of the firm’s Kansas City office is Marcus & Millichap’s broker of record in Kansas. In addition to Whole Foods, Regency Square North’s tenancy includes Cinzetti’s, a Italian restaurant offering a marketplace-style display kitchen with multiple exhibitor stations, Metcalf Discount Liquors and Hitch Fit Gym. Cinzetti’s and Metcalf Liquors are original tenants with eight years and six years remaining on their leases, respectively. Hitch Fit Gym recently leased 3,783 square feet of space adjacent to Whole Foods.
OVERLAND PARK, KAN. — Marcus & Millichap has arranged the $18.6 million sale of Town Center Apartments, a 156-unit apartment complex in Overland Park located 20 miles southeast of Kansas City. Built in 1997 on nearly 14 acres, the 176,904-square-foot property includes 20 two-story buildings. The complex’s one-, two- and three-bedroom apartments average 1,134 square feet and feature nine-foot ceilings with crown molding, in-unit washers and dryers and fully equipped kitchens. Select units have attached garages. The complex is located at 6233 W. 120th St. Alex Blagojevich of Marcus & Millichap’s Tampa office, David Gaines of the firm’s Chicago downtown office, and Michael Sullivan, Grant Kollman and Brett Meinzer of the firm’s Kansas City office represented the undisclosed seller and buyer.
OVERLAND PARK, KAN. — Mid-America Real Estate Corp. has brokered the sale of Quivira Crossings located in Overland Park. Cincinnati-based Phillips Edison purchased the 111,304-square-foot grocery-anchored center for $14.5 million. Quivira Crossings is located at 135th Street and Quivira Road and features a long-term lease with grocery store Price Chopper. Joe Girardi of Mid-America listed the property on behalf of an investment group advised by Overland Park, Kan.-based Rubenstein Real Estate Co.
EDGERTON, KAN. — Kubota Tractor Corp. will open a 450,000-square-foot parts distribution center in Edgerton, 37 miles southwest of Kansas City. The company has entered into a five-year lease agreement with ELHC XI LLC., a Kansas limited liability company. Kubota plans to have the facility operational during the third quarter of 2015. The center will primarily service the Midwest and will employ approximately 75 people after the first year. Kubota’s current divisional parts operations in Suwanee, Ga., Fort Worth, Texas, Columbus, Ohio and Lodi, Calif., will continue to provide regional support to local Kubota dealers.
SHAWNEE, KAN. — Cassidy Turley has arranged two leases totaling 50,000 square feet at WestLink Business Center in Shawnee, located 10 miles southwest of Kansas City. The 170,000-square-foot industrial building is located at Highway K-7 and 43rd Street. The property is now fully leased following the two lease transactions. Missouri Valley Wildlife Products leased 20,000 square feet of space at 23112 W. 43rd St. for five years, and NWC of Kansas LLC leased 30,000 square feet at 23108 W. 43rd St. for 10 years. Brad Jacobs and Whitney Kerr, Jr. of Cassidy Turley represented the landlord, Airtex Inc., in the lease transactions. Airtex is planning to develop buildings two and three at the site, pending incentives and city approvals. The newly constructed WestLink Business Center was built on a speculative basis and delivered in January. The property features 28-foot clear heights, ESFR sprinkler systems, T5 lighting and dock and drive-in loading options.
TOPEKA, KAN. — NorthMarq Capital has arranged the $15.8 million refinancing of The Overlook Apartments, a 318-unit multifamily property in Topeka. The apartment community is located at 1310 S.W. Summit Woods Drive. Dan Trebil of NorthMarq Capital’s Minneapolis office arranged financing for the borrower through its seller/servicer relationship with Freddie Mac.
In what might be the twilight of the Fannie Mae and Freddie Mac years, investors in Kansas City’s apartment market have fully capitalized on the continued availability of cheap debt and a slowly improving economy. As reminders of the 2008–2010 economic downturn, bank-owned properties are still being sold, but the bulk of REO sales have already occurred. Additionally, local job creation surged in the past three months, buoying investors’ confidence. As a result, sales of Class B and C properties will continue to rise and approach historic levels. The sales velocity of top-quality apartment product is also normalizing, albeit on a downward trajectory. All Classes Normalizing So far this year, transaction volume and average sales price per unit have both been strong. Nevertheless, the data suggests the market is stabilizing below the levels of 2011 and 2012, which represented after the pent-up demand from 2008 through 2010. Annualizing the year-to-date sales data from Hendricks-Berkadia suggests there will be 36 transactions of Class A, B and C properties with 40 or more units this year. An end-of-year boost in sales is expected, but we still anticipate fewer than the 55 and 54 transactions completed in 2011 and 2012, respectively. Total sales …
Kansas City is best known for its beer, barbecue and jazz, and an economy inextricably linked to railroads and cattle. It’s not unusual for an Easterner flying over Kansas City on his way to Los Angeles to remark, “I hear I can get a great steak down there.” You can indeed find a great steak down here, but most importantly the economy is more about the steak than the sizzle. The truth is that the local economy is so broad-based that it is difficult to define. Kansas City’s economic growth today is driven by life sciences, architecture and engineering, information technology as well as financial services. All of these industries feature homegrown companies and institutions that began with entrepreneurial roots such as telecommunications giant Sprint, a company that traces its roots to a small utility company west of Kansas City. The world’s power plants and sports stadiums are designed in Kansas City, and a cure for cancer is ongoing driven by The Stowers Institute for Medical Research and the University of Kansas in conjunction with the Kansas City Area Life Sciences Institute. Cerner, the second largest health care technology company in the world with more than 8,000 employees, announced in …
The commercial real estate market in Wichita stabilized in the second half of 2010 and has started seeing slow, but steady, improvement during the first four months of 2011. The majority of the activity has been on the leasing side of the business, with limited sales activity. Market conditions still favor tenants but are starting to move back to a more balanced position, giving landlords more leverage in their negotiations. Development activity has been minimal the past two years, but the strengthening economy is starting to generate interest in bringing new projects into the market. Laham Development Company continues to be very active in the local market, particularly in the popular northeast area. Laham’s showcase Bradley Fair lifestyle center is at 98 percent occupancy after the opening of Sephora’s in April. The developer’s Regency Park project at 21st North and Greenwich got a major boost earlier in the year when Cabela’s announced plans to construct a new store there. This is Cabela’s first location in the area; it will be anchoring the center with Super Target and World Market. In addition to Cabela’s, other national retailers expanding into the market include Sephora’s, Five Guys Burgers & Fries and Menards. These …