REBusinessOnline

Berkadia Arranges $32.9M Financing for Apartment Conversion Project in Kansas City

KANSAS CITY, MO. — Berkadia has arranged a $32.9 million loan for the conversion of the former Commerce Bank executive office building in Kansas City into apartments. Known as Flashcube Apartments, the property will include 184 units. Construction began in January and is expected to take 12 to 18 months to complete. Community amenities will include a game room, basketball court, fitness center, pickleball court, lounge, dog run and bike storage. John Schorgl of Berkadia arranged the 2.5-year …

M&T Realty Capital Corp. Provides $3.9M Fannie Mae Loan for Acquisition of Apartment Property in Kansas City

KANSAS CITY, MO. — M&T Realty Capital Corp. has provided a $3.9 million Fannie Mae Green Rewards loan for the acquisition of Colony Court Apartments in Kansas City. The 80-unit, garden-style apartment community offers two-bedroom floor plans. Amenities include carports, a pool and complimentary Google Fiber high-speed internet access. The borrower, Prosperity CRE, plans to implement energy- and water-saving improvements as part of the Green Rewards program. The company also plans to …

Block & Co. Arranges Sale of 33,340 SF Shopping Center in Lee’s Summit, Missouri

LEE’S SUMMIT, MO. — Block & Co. Inc. Realtors has arranged the sale of the 33,340-square-foot Raintree Village shopping center in Lee’s Summit for an undisclosed price. The property sits on eight acres at 817-899 SW Lemans Lane. Phil Peck of Block & Co. represented the seller, Compton Holdings LLC. The buyer was not disclosed. Block & Co. will continue to handle leasing for the center. Six spaces are currently available for lease, ranging from 1,139 to 3,626 square feet. Some …

Bellomy & Co. Brokers Sale of Self-Storage Facility in Grain Valley, Missouri

GRAIN VALLEY, MO. — Bellomy & Co. has brokered the sale of Spare Garage Storage in Grain Valley, an eastern suburb of Kansas City. The sales price was not disclosed. The self-storage facility sits on 3.2 acres and includes 204 non-climate-controlled units. The property spans 39,700 square feet. Bill Bellomy and Michael Johnson of Bellomy & Co. represented the seller, Mid Central Title Inc. The team also procured the buyer, Kaup Properties

USDA Selects Kansas City for Relocation of Two Divisions

KANSAS CITY, MO. — The U.S. Department of Agriculture (USDA) has selected the Kansas City region for the relocation of the Economic Research Service (ERS) and National Institute of Food and Agriculture (NIFA). U.S. Secretary of Agriculture Sonny Perdue cites affordability, easy commutes and quality of life for the site selection process. “The Kansas City region has proven itself to be a hub for all things agriculture and is a booming city in America’s heartland,” he says. “There is …

Timberland Partners Acquires 608-Unit Apartment Community in Hazelwood, Missouri

HAZELWOOD, MO. — Timberland Partners has acquired Knollwood Apartments in Hazelwood for an undisclosed price. The garden-style, 608-unit apartment community was built in two phases in 1980 and 1984. Amenities include two outdoor pools, two dog parks, a fitness center and clubhouse. Timberland plans to implement a capital improvement plan and rebrand the property as The Finn. Renovations will include new cabinet fronts, faux wood flooring, stainless-steel appliances, updated lighting fixtures …

Partnership Acquires 624-Unit Apartment Community in Kansas City

KANSAS CITY, MO. — A partnership between L5 Investments, Odyssey Properties Group and BH Equities has acquired The Crossing at Barry Road Apartments in Kansas City for an undisclosed price. The buyers plan to begin a three-year, $13.8 million renovation of the 624-unit apartment community. Built in 1997, the garden-style community is situated on nearly 41 acres and includes 54 three-story buildings. Amenities include a clubhouse, fitness center, business center, Starbucks coffee bar, two …

Comfort Dental Signs 10-Year Lease at Former Blockbuster Space in Blue Springs, Missouri

BLUE SPRINGS, MO. — Comfort Dental has signed a 10-year lease at a building formerly occupied by Blockbuster in Blue Springs, 19 miles east of Kansas City. The 3,000-square-foot building is located at the intersection of Highway 7 and Highway 40. Marshal Blount and Phil Peck of Block & Co. Inc. Realtors represented the owner, MJP 40 Highway LLC. Mohammed Starks of Square State Realty represented Comfort

Investcorp Acquires 11 Multifamily Properties Across U.S. for $370M

NEW YORK CITY — Global asset manager Investcorp, which is based in Bahrain and has its U.S. office in New York City, has acquired 11 multifamily properties totaling 2,615 units across the United States. The sales price was $370 million. The properties are located throughout six primary markets: Orlando, Tampa, Raleigh, Atlanta, Philadelphia and St. Louis. Madison Apartment Group, an affiliate of the seller, Philadelphia-based Equus Capital Partners, will continue to manage the communities …

Platform Ventures Acquires 10-Story Office Building in Kansas City for $118.2M

KANSAS CITY, MO. — Platform Ventures has acquired Plaza Vista, a 253,720-square-foot Class A office tower in Kansas City, for $118.2 million. Completed in 2013, the 10-story property is fully leased and anchored by law firm Polsinelli. Retail tenants include Jax Fish House, JJ’s and The Monarch Cocktail Bar and Lounge. The building is situated at 900 W. 48th St. within the Country Club Plaza submarket of Kansas City. Mark Katz, Danny Kaufman and Peter Merrion of HFF represented the seller, …

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