CBRE's Gina Anderson and Gary Carr have closed on a deal to sell the Plaza West office building, located at 4600 Madison on the Country Club Plaza. The 265,000-square-foot Class A building is 91 percent leased.
The seller is a joint venture between Highwoods Inc. and an investment group led by Angelo Mariani. Stanton Road Capital acquired the building. This is Stanson's first foray into the Kansas City market.
“The opportunity to purchase Class A office buildings on The Plaza is exceedingly rare,” said Anderson, a vice president of investment properties in CBRE’s Kansas City office. “Nine groups came to the table with very strong offers, two-thirds of which came from national investment groups outside of Kansas City. The number of aggressive offers received speaks to the institutional quality of the asset, the strength of The Plaza office submarket, and the strong underlying fundamentals of the overall Kansas City market.”
CBRE also closed on the sale of another Plaza office building, Park Plaza. Located at 801 W. 47th, the 82,365-square-foot building is now owned by Price Brothers Development. Anderson and Carr, as well as Kessinger/Hunter's Greg Swetnam, represented the seller, Highwoods Properties.
“Office space on The Plaza continues to be in high demand. There are substantial barriers to entry for investors looking for quality office assets to purchase on The Plaza, which drove the number of offers and pricing. The Plaza office submarket achieves the highest rental rates in the metro area,” said Gina Anderson, a vice president of investment properties in CBRE’s Kansas City office. “Park Plaza was developed by J.C. Nichols and institutionally maintained by Highwoods during its nearly 20-year ownership. The significant activity we fielded from potential buyers speaks to the quality of the asset and just how influential The Plaza submarket is.”
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