New York firm buys Fountain View apartments on the Plaza

CBRE has arranged the sale of Fountain View on the Plaza, a 398-unit luxury apartment community located adjacent to Kansas City’s County Club Plaza.

A global investment advisor sold the property to an affiliate of Abacus Capital Group in an undisclosed transaction that closed in September 2020.

The deal represents a return to the Kansas City market for the New York-based buyer after exiting in 2016 with the sale of the 596-unit Northland Passage Apartments in the metro’s Northland submarket.

Jeff Stingley, an executive vice president in CBRE’s Kansas City office, along with senior associates Max Helgeson and Michael Spero, represented the seller in the transaction.

“Fountain View is the community of choice for Kansas City renters wanting to live at the doorstep of the metro’s top amenities and attractions, while at a discount to the submarket’s newer developments and single-family homes. The high-profile, in-fill site is among the best in the Midwest and will provide significant risk mitigation for future ownership while also enabling a perpetual modernization strategy that will drive rents and provide extraordinary yields,” Stingley said.

The stretch of Main Street directly in front of the property has been slated as a high-volume stop on the future KC Streetcar line. With the planned southern extension from Union Station to 51st Street, Fountain View will also be included as a “transit-oriented development.”

“Kansas City’s multifamily market continues to show its resiliency despite the pandemic and resulting economic slowdown. The metro’s diverse economic base and concentration of durable industries have positioned Kansas City as a safe-haven for capital and buyers are knocking down our door to find opportunities,” Stingley said.

With this sale included, CBRE’s Kansas City multifamily group has completed $250 million in metro apartment sales so far in 2020, according to Stingley.

GBA acquires Texas firm Jay Engineering Company

George Butler Associates, Inc. (GBA) recently announced the acquisition of Texas-based firm Jay Engineering Company, Inc., now renamed as Jaeco, a division of GBA.

As a result of strategic planning efforts, GBA set out to acquire a firm in the water/wastewater or transportation markets. Texas was identified as a strong market with growing need for infrastructure.

“Jay’s municipal and development engineering expertise and long-standing presence in the Austin area will allow us to further strengthen our service offerings and resources in Texas,” said Tim Ross, GBA president/CEO.

Jay Engineering has served clients since 1980. Earlier this year, founder Fred Jay marked forty years in business and made the decision to retire.

“I am so glad this day has come. We have worked long and hard to develop a reputation of serving our clients with integrity and excellence in our field. With my retirement, it is good to know both employees and clients will be well served under this new arrangement. Putting the additional resources of GBA into play will allow serving needs that we could not before. The future is bright,” said Jay.

Since 2016, GBA has grown from 210 to 300 people. According to Heidi Thummel, director of business development and the firm’s M&A project manager,

"We couldn’t be more excited to welcome new teammates in Texas! GBA is adding a group of outstanding technical professionals who will expand our capabilities, and Jay Engineering is gaining the support of a firm that can help provide opportunities for growth and development,” Thummel said.

GBA/Jay closed the deal virtually due to the COVID-19 pandemic on August 31, 2020. Terms of the acquisition will not be released.

Autodesk acquires AI-powered software

Autodesk, Inc. has completed the acquisition of Pype and its portfolio of cloud-based software solutions for the construction industry.

This acquisition and resulting product integrations will provide additional value for Autodesk Construction Cloud users, allowing general contractors, subcontractors and owners to automate workflows such as submittals and project closeout to increase overall productivity and reduce risk throughout the project lifecycle.

Pype’s solutions use artificial intelligence and machine learning to extract and process data from project plans and specifications. The resulting data provides unprecedented insights on project management workflows, helps teams identify actionable information to close communication gaps between design, construction and operations teams, and ensures a higher level of quality, efficiency and risk management on projects.

Pype marks Autodesk’s fourth construction-based acquisition in recent years, joining the acquisitions of Assemble in July 2018, PlanGrid in December 2018 and BuildingConnected in January 2019.

“We are thrilled to officially welcome the Pype team to Autodesk,” said Jim Lynch, vice president and general manager of Autodesk Construction Solutions at Autodesk.

“Pype’s machine learning capabilities can be applied to multiple field and office workflows, and directly supports our aim to consistently provide customers with the most advanced construction project management technology. The acquisition of Pype is representative of our ongoing commitment to the construction industry, and our continued vision of how cloud-based, collaborative technology can drive the era of connected construction,” Lynch said.

Autodesk plans to integrate Pype within its Autodesk Construction Cloud portfolio, which encompasses best-in-class solutions Assemble, BIM 360, BuildingConnected and PlanGrid. Pype’s product suite includes:

• AutoSpecs: Automates a highly manual process, using AI to quickly read and extract specs to generate submittal logs with a high level of accuracy

• Closeout: Accelerates the construction closeout process via an easy-to-use, centralized dashboard and automated document collection

• eBinder: Automatically converts hundreds of closeout documents into a fully indexed, hyperlinked and searchable turnover file

• SmartPlans: Extracts submittals, product schedules and contract compliance requirements from drawings

“Pype’s mission was always to help construction teams avoid seemingly ubiquitous challenges facing a document-intensive industry – inefficient workflows, disjointed collaboration, schedule delays, cost overruns and more,” said Sunil Dorairajan, CEO and co-founder of Pype.

The transaction was subject to customary closing conditions and occurred during Autodesk’s third quarter of fiscal 2021, ending October 31, 2020. The acquisition will have no material impact on fiscal year 2021 guidance presented on June 3, 2020.

Community Builders of Kansas City acquires Sun Fresh

Community Builders of Kansas City (CBKC), the area’s largest urban core developer, announced today it will become the owner/operator of the Sun Fresh on Blue Parkway, one of the few full-service supermarkets east of Prospect Ave.

The transaction will be effective June 30, 2020, following the retirement of the current operator. CBKC, a 501(c)3 nonprofit corporation formed in 1991, established Blue Parkway Grocers, LLC, as a for-profit entity to operate the store. Terms of the transaction were not disclosed.

“This is another opportunity for CBKC to do what is right for our community in the urban core,” said Emmet Pierson, Jr., president and CEO of CBKC.

“Make no mistake, this is a big commitment for the organization but it is the right one to keep our community’s money in the community, to give them a best-in-class grocery and shopping experience and to ensure the continued performance of this grocery-anchored retail center that CBKC established here on Blue Parkway in 2005.”

The retail center, at more than 90 percent leased, is part of a larger real estate and asset management portfolio owned by CBKC that consists of 700 units of rental residential properties and 200,000 SF of commercial and retail space. The center is adjacent to a 69,000-SF office building where CBKC is headquartered, which is 100 percent leased.

CBKC is building a 64-unit, market rate apartment building, The Rochester on Blue Parkway, on the campus, part of more than $30 million in new development in the organization’s project pipeline.

Pierson noted that the Sun Fresh on Blue Parkway is more than just a real estate asset. The grocery store is about personal needs and experience, for both employees and customers. Addressing those starts with store leadership.

“We are pleased to welcome John King as the store director. King has had a long career as a grocery industry professional, including nearly twenty years as a Price Chopper/Hen House store director. We are excited to have his passion for quality in both the food product and customer experience as part of this store’s refresh,” Pierson said.

As is routine with similar operator transitions, all of the store’s employees will reapply for positions with eligibility subject to the usual hiring requirements. Downsizing of staff is not anticipated.

“We are excited and challenged by this new venture. While we never expected CBKC would become a grocery operator, we have found that doing what is needed for our community frequently exceeds expectations.” Pierson said.

BRR Architecture unites with Dallas firm, RHA Architects

BRR Architecture (BRR) announced today RHA Architects (RHA), a Dallas-based design and architecture firm, will be joining BRR, effective immediately.

The RHA office in Dallas becomes BRR’s twelfth office location and adds more than 15 talented employees to BRR’s current talent roster. 

Operational since 1983, RHA has extensive experience supporting national retail, regional grocery and restaurant clients. The two firms have enjoyed a relationship which extends back several decades; both BRR and RHA have supported national retail clients across the United States and often collaborated on larger prototype programs.

“Our two teams really fit well together due to our collective histories supporting large national retailers. It is the right fit for both firms to move in this direction. By combining our strengths, we are even better suited to support our clients’ needs and provide exceptional architecture services," said James Hailey, president and CEO of BRR Architecture.

As part of this agreement, BRR adds two additional principal owners and two associates to its leadership team. Ty Holcomb, former president and CEO of RHA and Patrick Burke, former vice president and COO, have been named principals and manage the Dallas office. Additionally, Jim Sims and Maurice Musy have joined BRR’s associates’ team.

“The RHA team is excited to join forces with BRR. The merger opens up new opportunities for our Dallas-based team and also gives BRR a new market in which to grow its business. We believe both cultures will integrate well and continue to produce strong projects for our clients,” Holcomb said.

BRR now employs approximately 285 employees across the country, providing full-scope architecture services to retail, grocery, hospitality, industrial and corporate environment clients.

The financial details of the agreement will not be disclosed.