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Holland 1916 Inc. Relocates to Liberty, Mo.

19 Jul 2013, 9:53 pm

By Gabriel Circiog, Associate Editor

Holland 1916 Inc., a private company that is corporate parent for five manufacturing companies, has recently announced it will relocate its corporate headquarters and three of its companies to Liberty, Mo.

Mike Stradinger, CEO of Holland 1916, said: “We needed a facility that could accommodate future growth, provide a more attractive work environment for our current employees and become a centerpiece of future marketing efforts to new customers and new employees. After an extensive search, we determined that the Liberty facility best accomplished those goals.”

The company has leased a 95,000-square-foot facility at 2901 Heartland Drive in the Heartland Meadows Industrial Park and plans to start operations at the new location in August. Holland 1916 Inc. was represented by Patrick J. McGannon, SIOR of Kessinger/Hunter & Co. The owner of the building, Monmouth Real Estate Investment Corp., a public REIT, was represented by Dan Jensen, SIOR and Michael Watson also of Kessinger/Hunter & Company.

The Missouri Department of Economic Development, the City of Liberty and LEDC came up with a strategic economic incentive package to assist Holland 1916 with its expansion. “This move signifies a lot of effort and collaboration among many partners including LEDC, the city and the state,” said Rick McDowell, LEDC executive director. “LEDC is pleased to welcome Holland 1916 Inc., along with the 62 new jobs it brings to Liberty.”

Besides the corporate headquarters relocation, the company will also move its manufacturing operations for Holland Interface Solutions Inc., Holland Integrated Metal Solutions Inc. and Osprey Evaporation Technologies LLC. Holland will keep the other two subsidiaries, Holland Nameplate Inc. and Holland RFID Inc., in North Kansas City, Mo.

Photo Courtesy of: www.mreic.com



Hunter Hotel Advisors Closes on Sale of Holiday Inn Express; Blue KC Announces First Live Blue Center in Zona Rosa

25 Jun 2013, 9:46 pm

By Gabriel Circiog, Associate Editor

Hunter Hotel Advisors recently announced the firm closed on the sale of the 84-guestroom Holiday Inn Express & Suites Wichita Airport in Wichita, Kansas.

Located just north of Wichita Mid-Continent International Airport, on West Kellogg Avenue and just west of Interstate 235 and downtown Wichita, the 5-year-old Holiday Inn Express & Suites Wichita Airport is conveniently situated close to numerous companies in the aviation sector and close to several regional attractions such as Town West Mall, Botanica Gardens, Museum of World Treasures and Exploration Place.

Hunter represented TNJ Group as the seller, and arranged the sale of the asset to KAJ Hospitality who also owns two other IHG properties in the local market. Marilyn Cox, vice president of Hunter Hotel Advisors, said: “This is a strong performing asset that is positioned to reap the benefits of the strengthening Wichita economy.”

In other news, in Kansas City, Blue Cross and Blue Shield of Kansas City (Blue KC) has announced the launch of the Live Blue service mark, an innovative center which will focus on wellness and education. The first Live Blue center is scheduled to open on Aug. 1 in Zona Rosa, and the company expects to finalize and open a second location in Prairie Village this fall.

“Blue KC is taking our leadership position in health and wellness to the next level with Live Blue,” said David Gentile, president and chief executive officer, Blue Cross and Blue Shield of Kansas City. “Live Blue is a tangible example of our dedication to help the Kansas City community be inspired, be informed and be well.”

The nearly 4,000-square-foot space will include a multipurpose room for seminars, fitness classes and a hospitality area for demonstrations on healthy eating. A dynamic calendar wall will also be displayed with details of the Live Blue offerings as well as runs, walks and healthy lifestyle events occurring throughout the community.



Block Plans $100M Industrial Development on Agricultural Site

4 Jun 2013, 3:17 pm

By Gabriel Circiog, Associate Editor

Block Real Estate Services Inc. recently closed on the purchase of a 118.5-acre Lenexa site which is set to be transformed into a $100 million industrial development.

The Kansas City Business Journal reports Block Real Estate Services Inc. has closed the $4.6 million sale for the buyers, Renner 113 Associates, a partnership led by Block which includes investment partner Chymiak Logistics LLC. The former agricultural land, located on the west side of Renner Road north of 113th Street, was sold by Busch Farms. Ken Block, Michael Block and Lou Serrone of Block Real Estate Services Inc. represented the buyers.

The L-shaped site will be developed into the Lenexa Logistics Centre, which is expected to feature over 1.6 million square feet of industrial space. The project will be built in two phases. A roughly 80-acre phase will have frontage on 113th Street and Renner Road. and a 40-acre phase will have frontage on College Boulevard.

Principal with the firm, Michael Block, told the journal that construction of the first building within the project, which will cover 260,000 square feet, is set to start in July. Occupancy is scheduled for May or June 2014.

The building was set to be built on a speculative basis but Michael Block revealed that they have already received several proposals, including one for the whole construction. The first building of the project could turn into a build-to-suit.

The project plan calls for the construction of a total of 10 buildings, including some build-to-suits and some specs. The buildings will range in size from 72,000 square feet to 350,000 square feet.



PQ Corp. Invests $120M in Kansas City Plant Expansion

18 May 2013, 2:38 am

By Gabriel Circiog, Associate Editor

PQ Corp. recently announced plans to invest $120 million in the expansion of its chemical plant in Kansas City, Kansas. The expansion would add between 40 and 50 jobs to the 100 existing jobs.

The Kansas City Star reports the Pennsylvania-based company held a ceremonial groundbreaking with Governor Sam Brownback and other state and local officials in attendance. Design and engineering work has already started at the plant located at 1700 Kansas Avenue. Construction is expected to be completed by the end of 2014.

PQ Corp. has several other manufacturing plants across the country but said it chose the one in Kansas City, for expansion due to its dedicated workforce, existing infrastructure and the strong backing it has received from the state. The investment demonstrates the company’s commitment to Kansas, Wyandotte County and the Kansas City area.

Business incentives for hiring additional employees and sales tax incentives for capital construction purchases to be used in the expansion were received as economic development aid from the state. The State and local governments will also offer around $25 million to the company in grants, loans and training costs. State officials said they expect to recover their investment in the next two years.

Based in Malvern, Pennsylvania, PQ Corp. produces inorganic specialty chemicals and engineered glass materials.

In other local real estate news, The Kansas City Star reports a record $115 million in construction activity was reported in April by Overland Park city officials. Around two-thirds of the total was due to a significant increase in residential construction activity with $59 million in apartment construction and $17 million in single-family housing.

Logo Courtesy of: www.pqcorp.com



Lenexa City Council Approves $64M Luxury Apartment Development for City Center

22 Apr 2013, 4:30 pm

By Gabriel Circiog, Associate Editor

A new luxury apartment project has been approved by the Lenexa City Council for the City Center mixed-use development.

The Kansas City Star reports the $64 million development project, which was previously turned down after a 5-to-3 vote from the planning commission, will go ahead as the Lenexa City Council decided against the recommendation of its planning commission. The commission initially rejected the proposal due to concerns regarding its density and the effect it will have on traffic.

The project, dubbed as the Residences at City Center, will feature a total of 306 units in the first phase, out of which 168 will be one-bedroom apartments and 138 will be two-bedroom units, in four- and five-story buildings. Located on a 28-acre site northeast of 87th Street Parkway and Renner Boulevard, the development is being built by Block Real Estate Services. With an additional 246 units planned for the second phase, the project will end up delivering a total of 552 units targeting young professionals and empty-nesters. The new apartment project will also include covered parking, outdoor fireplaces, elevator access and a center green space.

According to the newspaper, the city community development director, Beccy Yocham, said the council considered the project will fit with the strategic plan for City Center. She also mentioned that the city planning staff recommended its approval.

The City Center project has made significant progress recently after Perceptive Software moved its headquarters there from Shawnee last year. Lenexa approved $11 million in tax increment financing for the $50 million headquarters development and up to 1,000 employees are expected to work there upon completion of the building. Other recent activity at the City Center includes the leasing of office space by B.E. Smith in a four-story existing building. Grand Street Café also announced it was opening on the first floor. Another 20,000-square-foot office and retail building is also planned along with a major civic center which will include a recreation and fitness center as well as an auditorium.

For more market data from Kansas City, click here.

Rendering Courtesy of: www.lenexacitycenter.com



Gladstone Announce $28M Mixed-Use Project to be Developed by Flaherty & Collins

5 Apr 2013, 9:41 pm

By Gabriel Circiog, Associate Editor

Gladstone officials have announced plans for a $28 million apartment-retail project in downtown Gladstone. The project is set to be developed and managed by Indianapolis-based Flaherty & Collins Properties, The Kansas City Star reports. The development will include 222 market-rate apartments, 10,000 square feet of retail space and a 272-space interior surface parking lot.

The apartment development, dubbed the Heights at Linden Square, is part of a plan undertaken by Gladstone officials to build a new city center in the area which already includes a two-story office building. The office buildings are set to open in June, and will include the North Kansas City Schools Natatorium and the Gladstone Community Center. The apartment project’s site is located at the southeast corner of North Locust Street and Northeast 70th Street, an area referred to by local officials as Linden Square.

Around 50 percent of the apartments at the Heights at Linden Square will be one-bedrooms; 26 percent two-bedrooms; 5 percent studio units; and the balance will be two-level, two-bedroom units which will also include attached garages.

The mayor said a Chapter 100 incentive, with a 25-year property tax abatement on the project, is being provided to the developer. The city will issue bonds to finance the development, which will be repaid by the developer. The developer will also invest around $3 million in infrastructure works for the apartment project, including streets and sewers improvement. Construction is scheduled to start in the summer, and the first apartments are expected to be finalized and ready for occupancy in 2014.

For more market data from Kansas City, click here.

Rendering Courtesy of: www.flahertycollins.com



Olathe’s Mayor Announces Plans for New $51M Embassy Suites Hotel and Conference Center

8 Mar 2013, 10:16 pm

By Gabriel Circiog, Associate Editor

Olathe’s Mayor Michael Copeland announced, at his State of the City Address at the Holiday Inn Olathe Hotel, plans for a new $51 million Embassy Suites Hotel and Conference Center.

The Kansas City Business Journal reports the Olathe City Council is set to vote on a preliminary development plan with developer Heart of America Group. The Moline, IL-based developer came up with the plan shortly after the Olathe City Council terminated a development agreement with John Q. Hammonds Hotels due to the fact that their affiliate, JQH-Olathe Development LLC, informed city officials it could not obtain financing for the project.

Located in the Corporate Ridge Office Park, at the southeast corner of Kansas Highway 10 and Ridgeview Road, the Olathe Embassy Suites Hotel and Conference Center could be up to 10 stories tall, according to the proposed pre-development agreement. The proposed 200-room, 175,000-square-foot hotel will feature a swimming pool and fitness center, a high-end restaurant and lounge, as well as a business center. The development also plans to include a 22,000-square-foot conference center with a seating capacity of between 750 and 1,000 people in the main ballroom.

An estimated $19.6 million or 38.4 percent of total project costs in tax increment financing and community improvement district revenue would be redirected to the project. The proposed TIF plan could redirect incremental property taxes, 100 percent of the City’s 1 percent sales taxes and 100 percent of transient guest taxes. The reimbursement would occur on a pay-as-you-go basis semi-annually, after payment of specials. A CID would raise sales taxes 2 percent in the district boundaries and the city would issue up to $12 million GO CID special assessment revenue bonds. The City could also issue industrial revenue bonds to permit sales tax exemption on building materials and equipment purchases.

If the proposed development calendar is approved, the Embassy Suites Hotel and Conference Center could open within two years of construction start.

For more market data from Kansas City, please click here.

Photo of Holiday Inn Olathe Hotel Courtesy of: www.ichotelsgroup.com



UMKC to Add First Student Housing to Hospital Hill Campus

9 Feb 2013, 2:08 am

By Gabriel Circiog, Associate Editor

The first student housing project for the Hospital Hill Campus was recently green lighted by The Board of Curators of the University Missouri System. The panel voted to allow the University of Missouri-Kansas City to issue bonds and request proposals from developers.

Located near the intersection of 25th and Holmes streets, the Hospital Hill Campus includes UMKC’s Schools of Dentistry, Medicine, Nursing and Pharmacy. UMKC Chancellor Leo E. Morton said in a press release that student housing near the Hospital Hill campus would help the university’s efforts to grow enrollment in its health professions schools as well as boost other life-science-related activities in the area.

“About 3,000 students are in our Schools of Dentistry, Medicine, Nursing and Pharmacy, and we need to grow that enrollment to help meet the growing need for healthcare workers,” Morton said. “Already there are more healthcare jobs than there are qualified people to fill them, and that deficit will grow. We know that 60 percent of our graduates stay in the metro area to practice, so this project will help us attract and retain top talent for the benefit of the region.”

The housing project calls for around 245 beds in an apartment-style design. The development also plans to include a dedicated parking structure which would feature 196 parking spaces. Developers have until March 5 to submit their proposals, according to Bob Simmons, UMKC associate vice chancellor of facilities. The student housing facility is expected to be LEED certified. The addition of student housing is expected to aid in the redevelopment of the surrounding neighborhoods. City leaders also expect it to attract numerous stores and restaurants which would give UMKC students a more diverse campus experience.

For more market data from Kansas City, please click here.

Logo Courtesy of: www.umkc.edu



NorthPoint Development Breaks Ground on $30M Apartment Project at Village West

25 Jan 2013, 10:47 pm

By Gabriel Circiog, Associate Editor

Ground was recently broken on the Village West Luxury Apartment development, the first residential development in the Village West district. The $30 million upscale apartment project, situated close to the Kansas Speedway, will feature 306 units. According to Nathaniel Hagedorn, president and chief executive of NorthPoint Development, the first apartments are expected to be available by this fall, The Kansas City Star reports.

Located along 110th Street near the Kansas City T-Bone’s stadium, the development will be comprised of six residential buildings and a clubhouse. The height of the buildings will range from four- to five-stories. Around two-thirds of the units will be one-bedroom with the balance being two- and three-bedrooms. Community amenities will include a cardio and strengthening center, yoga and pilates studio, concierge service and a resort-style pool with grilling area and cabanas. Monthly rents will be from $770 to $1,500. Prairie Village-based NSPJ Architects designed the project which is being built by Neighbors Construction. The development is financed by USBank.

Hagedorn told the newspaper that NorthPoint Development is expecting to attract 450 residents and considers the location of Village West Luxury Apartment development to be its biggest asset. Apart from being within walking distance of the CommunityAmerica Ballpark and the Legends shopping center, the gated community is also close to the Cerner office complex which is currently under construction and which is expected to employ 4,000 people.

Village West has managed to attract numerous retailers including Nebraska Furniture Mart and Cabela’s, as well as two large sporting venues: CommunityAmerica Ballpark, home of the T-Bones, and Sporting Park, home of Sporting Kansas City. After more than 10 years since its opening, Village West is adding a residential component to the mix. Heights at Delaware Ridge, a 228-unit market-rate apartment development, is also being built about two miles west of Village West.

For more market data from Kansas City, please click here.

Rendering Courtesy of: www.liveatthelegends.com



Irongate Pays $98M for Kansas City Multifamily Portfolio

11 Jan 2013, 9:21 pm

By Georgiana Mihaila, Associate Editor

Pursuing its goal of increasing holdings throughout the country, Irongate Realty Partners LLC has recently acquired three multifamily properties in Kansas City for $98.65 million.

The Class A multifamily portfolio consists of three apartment communities composed of 846 residential units and more than 950,000 square feet.

Villas at Carrington Square, Carrington Place and Carrington Park are all luxury communities with a wide array of custom features, including gourmet kitchens with built-in microwaves and black appliances, attached garages with individual driveways and private entries, and walk-in closets.

“We purchased all three of these luxury properties from a local builder,” said Robert Mascaro, vice president of acquisitions for the Irongate platform.  “The deal closed in a single transaction. This is our third acquisition under this brand in the past 14 months for a total of eight properties and 2,115 units, in excess of $230 million in transactions.”

The company, currently looking to increase its portfolio by targeting both A and B+ properties throughout the country, intends to improve upon the operations of the portfolio by establishing a regional presence in Kansas City. According to an official company release, Irongate will focus on maximizing the economics of the properties and will continue to seek additional investment opportunities in the Kansas City market during 2013.

Irongate will also be seeking properties in other markets, including South Florida, Eastern Tennessee, Charlotte, North Carolina, and the coast of South Carolina.

Image: Villas at Carrington Square via ForRent.com

 







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