Deal of the Week

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. 

JPMorgan Chase will open full-service bank in former Dean & Deluca space

The former Dean & Deluca space at Town Center Plaza in Leawood, Kan. will find new life as a full-service retail bank, part of JPMorgan Chase's push into the Kansas City market and deeper into Bank of America markets.

The largest bank in the U.S. has signed a lease to expand into the 9,000-square foot former gourmet food purveyor located at the northwest corner of Roe Avenue and 119th Street. An exact opening date is unclear.

Scott K. Miller and Adam Blue of AREA Real Estate Advisors brokered the lease on behalf of the building's owner. The deal comes less than a year after the prime retail outparcel adjacent to Town Center Plaza hit the market.

"We had a lot of interest from premier retailers due to its high-profile location," Miller said. "Everything from restaurants to service retailers and soft goods retailers looked at the space. Ultimately the best fit for everybody ended up being JPMorgan Chase."

Jeff Berg and Coleby Henzlik of Colliers International represented JPMorgan Chase in the transaction.

Last week, JPMorgan Chase announced plans to open its first full-service Kansas City area locations in 2019, with up to 15 branches in the works, according to The Kansas City Business Journal.