JLL Secures $221.3M Loan for Acquisition of 2.2 MSF Office Campus in Metro Kansas City
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 in secondary and tertiary U.S. markets. The company currently oversees 9 million square feet, primarily in the Midwest.
— Katie Sloan