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Northmarq Capital LLC Arranges $29M in Financing for Two MF Properties

27 Sep 2013, 9:54 pm

By Gabriel Circiog, Associate Editor

Northmarq Capital LLC recently announced that Senior Vice President and Managing Director of the company’s Kansas City regional office Greg Duvall has arranged $29 million in financing for two multifamily properties: 302 Cabana Boulevard in Panama City, Fla. and Waterford Place Apartments in Overland Park, Kansas.

Located at 11220 West 108th Street in Overland Park, Kansas, Waterford Place Apartments is a 192-unit, market-rate multifamily property. NorthMarq arranged the refinancing for the borrower through its relationship with a correspondent life company lender. The refinancing was based on a 20-year term and a 20-year amortization schedule.

In other local news, The City of Springfield recently launched a campaign to build a roadside park celebrating the city’s history as the birthplace of Route 66. The City Council has unanimously approved the use of $100,000 in fund balance reserves from the ¼ cent Capital Improvement Sales Tax Fund to kick-start the development.

The City has partnered with locally-based Crowdit to crowdfund the most important elements of the roadside park. The crowdfunding project will go live at the kick-off party which will take place on Oct. 2. The first fundraiser will aim to cover the construction costs on a re-creation of the iconic Red’s Giant Hamburg sign. Other projects include a relocated motor court cottage with restrooms and a sign replica; a filling station replica, vending machines and visitor information; and a Birthplace of Route 66 sculpture.

For further information on the revitalization project visit: www.crowdit.com/route66sgf

Photo Courtesy of: www.waterfordplaceaptskc.com

Lenexa City Council Approves 203-Unit Apartment Project in Lenexa City Center

6 Sep 2013, 11:33 pm

By Gabriel Circiog, Associate Editor

The City of Lenexa recently announced the addition of The Domain at City Center as part of their growing vision for the Lenexa City Center. The Lenexa City Council gave preliminary plan approval for the new 203-unit luxury apartment building at their recent meeting.

Located on the southwest corner of 88th Street and Penrose Lane, the new development will feature a mix of efficiency, one-bedroom and two-bedroom units with structured parking. The new construction will also feature a clubhouse with massage, tanning and personal training options for residents.

“We are pleased to see this project move forward,” said Beccy Yocham, director of community development for the City of Lenexa. “The Domain will exemplify the type of high-quality urban development that is a hallmark of Lenexa City Center and will give folks who want to live, work and play in this unique and exciting environment an exciting opportunity to do so.”

Terry O’Leary and Steve Coon, principles of ePartment Communities LLC, a company specializing in developing lifestyle-oriented residential communities and mixed-use developments, commented: “We are committed to providing a much needed mid-rise residential product type to the Kansas City market that provides amenities and finishes necessary to change our customers’ perception of leasing. Our residents of all ages look forward to coming home to a community where all their lifestyle needs are met, from concierge services, exercise facilities and the adjacency to other services within walking distance. Lenexa City Center will provide what our customers are looking for.”

The new residential project is scheduled to break ground in spring 2014, and the first phase of the development is expected to open approximately 15 month later. The construction is expected to be completed in approximately 18 to 20 months.

The Domain at City Center now joins other new developments at Lenexa City Center, including, as previously reported by Multi-Housing News, The Residences at City Center, a $64 million luxury apartment project. Other developments at Lenexa City Center include Renner89@City Center Lenexa, B.E. Smith’s headquarters and the ongoing construction of Perceptive Software’s headquarters.

Mazuma Credit Union Invests $15.9M in New Corporate Headquarters

6 Sep 2013, 11:26 pm

By Gabriel Circiog, Associate Editor

Mazuma Credit Union has broken ground on its new corporate headquarters in the Shoppes at Deer Creek Woods on the northwest corner of 135th Street and Metcalf Avenue in Overland Park, Kansas.

Officially announced in June, the project broke ground in July. The Kansas City Business Journal reports the new corporate headquarters will represent a $15.9 million investment by the Kansas City credit union. Mazuma’s current headquarters are located on 9300 Troost and will continue to serve as a branch for members in south Kansas City once the Overland Parking building is complete. The new headquarters is scheduled to open in September of 2014.

“We’re growing and our current headquarters no longer offers the space and infrastructure we need to expand,” said Brandon Michaels, president/CEO of Mazuma. “More importantly, we’re responding to the demand for services with the dramatic increase of Members in Johnson County. We’re establishing a presence to better serve our Members and expand services in that area.”

The new 60,000-square-foot building will feature a three-story atrium, a fitness center and a coffee bar. Other features will include a 1,700-square-foot community center available to local residents and a series of uniquely themed “innovation areas.” For this project Mazuma partnered with architecture firm Praxis 3, financial industry experts Level 5 and interior design group Sky Design. “We’re excited to bring Members, Overland Park and Kansas City a fantastic new landmark that everyone will be proud of,” Michaels said.

At the groundbreaking ceremony, Tracey Osborne, president of the Overland Park Chamber of Commerce said: “We’ve been looking forward to this day for a really, really long time. I know there’s a lot of excitement and energy already surrounding this building. This is an important and momentous occasion for the entire metro region.”

Rendering Courtesy of: www.mazumahq.com

Cerner Corp. Enters Agreement to Purchase 237-Acre Bannister Mall Site

13 Aug 2013, 5:13 pm

By Gabriel Circiog, Associate Editor

Cerner Corp., one of the world’s top healthcare software developers, recently announced that it has entered into an agreement to purchase approximately 237 acres of land on the site of the former Bannister Mall, in the Three Trails Crossing region.

The company plans to use the site to accommodate its expected growth. Currently Cerner employs 2,866 associates at its Innovation campus and has a total of 8,794 employees in the Kansas City metropolitan area. The new site aims to be an extension of the nearby Innovation campus, and it could potentially house between 12,000 and 15,000 additional associates upon build-out.

The magnitude of the construction would be based on Cerner’s growth and would occur over an extended period. The company anticipates that the extended campus would feature an on-site daycare center, a clinic for associates, fitness facilities, food service and training spaces. Depending on the needs of the company, it could also house data centers. Cerner could also make available a portion of the site for retail, restaurant or hotel development.

Commenting on the announcement, Kansas City Mayor Sly James said: “This is a great step forward for the former Bannister Mall site. South Kansas City has been on an impressive forward trajectory in recent months, but this site has remained an issue. Redeveloping the Three Trails Crossing region into a Cerner property will turn that area into a beacon of innovation. Cerner is a valuable community partner and I deeply appreciate the company’s commitment to our City. We look forward to working with Cerner to finalize a plan soon.”

“From Day One, my administration has pursued proven, fiscally responsible policies to make Missouri a more attractive place for high-tech, high-growth companies like Cerner to invest and expand,” Missouri Governor Jay Nixon said. “Today, we continue to see the results of this approach paying real dividends for communities in Kansas City and across our state. My administration will continue to work with Cerner and local officials as plans for this transformative project proceed.”

In other local news, IBC North America and Clean Tide Container are set to co-open a new facility in Chillicothe to manufacture and refurbish intermediate bulk containers. The sister companies will invest over $5 million in the new 50,000-square-foot facility, an expansion project which will create 87 new jobs.

“The entire Kansas City region celebrates this announcement today along with the addition of more than 80 skilled manufacturing jobs,” said Bob Marcusse, president and CEO, Kansas City Area Development Council. “American manufacturing is alive and well, and the KC region is an ideal location for the industry to grow.”

Photo Courtesy of: laflaneuse via flickr.com

Resource Real Estate’s REIT Enters Agreement to Acquire Another REIT’s Portfolio for $52.7M

30 Jul 2013, 9:53 pm

By Gabriel Circiog, Associate Editor

Resource Real Estate Opportunity REIT, a non-traded real estate investment trust sponsored by Resource Real Estate Inc. recently announced that it has entered into an agreement and plan of merger to acquire Paladin Realty Income Properties L.P.

Paladin Realty Income Properties is the operating partnership through which Paladin Realty Income Properties Inc., a non-traded REIT that focuses on multifamily investments, owns its real estate investments. Excluding closing costs and subject to some price adjustments, the merger consideration has been agreed upon at $52.7 million.

Paladin Realty Income Properties at the moment owns equity interests with certain priority rights in 12 different real estate joint ventures with operating partners. One of the properties owned by the joint ventures is currently under contract to be sold before the close of the merger. The assets which will be purchased by Resource Real Estate Opportunity are expected to consist of 10 multifamily assets with a total of 2,513 units and two office properties featuring 75,518 rentable square feet. The properties include Hilltop located at 6700 East 87 Street in Kansas City, Mo.; Pheasant Run located at 1102 North East Independence Avenue in Lee’s Summit, Mo.; and Retreat at Shawnee located at 11128 West 76th Terrace in Shawnee, Kansas. Other multifamily assets include Champion Farms (Louisville, Ky.), Fieldstone (Woodlawn, Ohio), Coursey Place (Baton Rouge, La.), Pines of York (Yorktown, Va.), Stone Ridge (Columbia, S.C.) and Conifer Crossing (Norcross, Ga.). The two office buildings are Two and Five Governor Park in San Diego.

Resource Real Estate Opportunity will own all of Paladin Realty Income Properties’ interests in the joint ventures and will own a majority interest in nine of them upon completion of the merger. At the moment Resource Real Estate Opportunity and its affiliates oversee around 27,000 multifamily units.

Photo Courtesy of: www.rentpheasantrun.com

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

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