Deal of the Week

CBRE awarded bulk of Corporate Woods property management portfolio

CBRE’s Property Management business line has been awarded a significant portfolio by New York- based real estate co-investment firm, Group RMC.

The 34-building office and retail portfolio totals 3.38 million SF across the Kansas City metro area

The assignment contains three Group RMC sub-portfolios; the largest component of the

portfolio is Corporate Woods, a premiere office park in Overland Park, KS with amenities including wooded walking trails, a wide selection of cafés and restaurants and electric vehicle charging stations. The complete portfolio includes:

  • 2,167,784 SF in 22 buildings in Corporate Woods, Overland Park, KS

  • 806,864 SF along College Boulevard, Overland Park, KS

  • 397,627 SF in South Kansas City along Ward Parkway

The CBRE Property Management team of Cori McLain and Melissa Gray will be overseeing the assignment.

“We are thrilled to have the opportunity to service these best-in-class assets. CBRE has a complete spectrum of integrated services and an enterprising team that will be able to institutionally maintain these properties for years to come,” McLain said.

Group RMC currently oversees over 16.3 million SF representing over $2 billion in asset value in the

U.S., principally in the midwest.

“I am consistently amazed at the world-class outcomes our Property Management team delivers to clients and this assignment speaks to that demonstrated success,” said Mike Klamm, CBRE Kansas City’s managing director.

CBRE assumed management of the properties effective October 1, 2019.

Kessinger Hunter brings Silicon Valley's ITRenew to I-35 Logistics Park

Kessinger Hunter & Company has finalized a long-term lease with ITRenew, an information technology and service provider from Silicon Valley.

The 315,000+ SF space in Building C was the last vacancy of the 1.3 million SF presently constructed at Olathe's I-35 Logistics Park.

“We could not be more excited to make I-35 Logistics Park our largest North American facility. As our processing and production capabilities continue to scale at a rapid rate, I-35 Logistics Park and Kansas City more broadly offers us the skills and resources we need to grow,” said Aidin Aghamiri, CEO of ITRenew.

Located only 2.5 miles from the city’s new 159th & Lone Elm interchange at I-35, and 8.5 miles from the 1,200-acre BNSF Intermodal Center, I-35 Logistics Park is primed to deliver up to its capacity of 4.7 million SF.

“Companies like ITRenew in the information technology sector are just another example of the continuing strong demand for state-of-the-art, large facilities in the Midwest,” said Dan Jensen, Kessinger Hunter landlord rep.

Based in the heart of Silicon Valley, ITRenew is the world’s leading provider of hyper-scale data center services. The firm is orchestrating a circular global IT hardware ecosystem by providing technology-enabled hardware decommissioning services to the largest technology businesses in the world and using hyper-scale technology to create high-performance compute and storage solutions for all other IT-hardware buyers.

Eliminating all data security risk and ensuring complete regulatory compliance for clients lies at the foundation of the firm’s work.

“We are now looking to move forward on developing our next building at I-35 Logistics Park and our belief is that the availability of Class A big-box space will make Kansas City an even more enticing destination for expanding companies,” Jensen added.

The landlord was represented by Dan Jensen, SIOR and Kurt Jensen, SIOR member associate, both of Kessinger Hunter. ITRenew was represented by Brad Struck, SIOR and Sharon Morrison, SIOR of esrp Tenant Advisory Services of Dallas; and represented locally by Matthew Severns, SIOR of Kessinger Hunter.

NorthPoint “Crown Jewel” lands 500,000 SF tenant

Third-party logistics provider PAE will lease 500,000 square feet of warehouse space at Logistics Park Kansas City (LPKC), bringing 75 jobs to the Edgerton community. LPKC is adjacent to the BNSF intermodal facility in southwest Johnson County.

“PAE’s decision to locate at Logistics Park Kansas City is another example of the benefits of co-locating at the BNSF Intermodal and a reason that LPKC continues to be the ‘Crown Jewel’ of NorthPoint Development's portfolio,” said NorthPoint CEO and Founder Nathaniel Hagedorn. “The ability to readily access the BNSF intermodal and the interstate highway system provides substantial cost savings and enhances the movement of goods and products throughout the Midwest and the continental United States.”

PAE provides records handling and mail management services supporting the U.S. government in over 100 locations.

“LPKC continues to prove itself as perfectly positioned in the center of the county providing our tenants access to first class infrastructure connecting them directly to markets nationwide,” added Edgerton Mayor Donald Roberts

CBKC's Blue Parkway building hits full occupancy

Mid-America Assistance Coalition (MAAC) has leased 3,000 square feet at 4001 Blue Parkway, bringing the 69,000-square foot office building developed by Community Builders of Kansas City (CBKC) to 100 percent occupancy.

“With average occupancy for commercial real estate in Kansas City at 91 percent in the fourth quarter of 2018, we are especially excited to announce full occupancy at one of our flagship developments,” said Art Chaudry, president and CEO of CBKC, KC’s largest urban core developer.

Built in 2003 with a $10.5 million investment by CBKC, the building was one of the developer’s first projects in the Blue Parkway corridor as part of its nationally recognized Mt. Cleveland Initiative. In partnership with Ross Simpson of Colliers International, CBKC has continued to transform the space into a community service hub, with tenants including Boys and Girls Clubs of Greater Kansas City, Catholic Charities Kansas City-St. Joseph, Junior Achievement of Kansas City, and Legal Aid of Western Missouri. 

“Since the opening of this building, CBKC has carefully curated a group of like-minded organizations who are dedicated to serving the urban core, and Mid-America Assistance Coalition perfectly complements and completes the offering here,” Chaudry added.

MAAC offers information systems, training and advocacy to residents and social services providers.

“We're excited to join the tenants in the 4001 Blue Parkway space and look forward to serving Jackson, Clay and Platte County with our programs including our newly added Low Income Home Energy Assistance Program (LIHEAP),” said John Rich, executive director of MAAC.

CBKC has developed more than $225 million in urban renewal projects in Kansas City since its founding in 1991. It currently operates more than 700 units of rental housing and 200,000 square feet of commercial real estate. 

For more information, visit http://www.cb-kc.org/.

VanTrust, JE Dunn, and HOK partnership takes flight with TIA deal

VanTrust Real Estate, JE Dunn Construction Co., and HOK have leveraged their collective strength in the Kansas City market land a large-scale office development project adjacent to Tampa International Airport (TIA).  

The Hillsborough County Aviation Authority (HCAA) awarded a contract to VanTrust to develop a 9-story, 270,000-square foot office building near TIA, which served 21 million passengers in 2018. The tower will be the first commercial structure linked to the airport by a people mover.

“This will be a Class A office building in an excellent location with unrivaled access to Tampa International Airport,” said TIA Executive Vice President Chris Minner. “With easy connectivity to the Airport, downtown Tampa and St. Petersburg, this is really the ideal location for a wide range of companies.”

Located in a prime spot in the new SkyCenter development, the building will feature an elevated pedestrian walkway connecting its atrium to the SkyConnect station at the airport’s rental car center. Other amenities include a conference center, fitness center, café and access to multipurpose trails that will eventually join with Tampa Bay’s regional trail network.

 The building will serve as the primary home for HCAA employees and will comprise the nerve center for all airport operations. By relocating its in-terminal offices to the new building, HCAA is making way for expanded curbside service, with express lanes for passengers who aren’t checking bags.

Construction should be completed in 2021. VanTrust is leading development of the office building and adjacent parking garage; J.E. Dunn will provide construction services of the office building, and HOK will handle design.