Olathe pioneer spec building sells to investors

The region's first large speculative industrial building at 167th Street and Lone Elm in Olathe has sold to a Dallas investment group. Developed by Kessinger/Hunter, the 600,000+ square foot warehouse and distribution facility at 22101 W. 167th St. in I-35 Logistics Park is fully occupied by FedEx and Bushnell Corp.

Developer Dan Jensen of Kessinger/Hunter saw the current industrial real estate wave coming over a decade ago and worked with Sun Life Assurance to get the building approved, financed and out of the ground.

“This was the first large spec building in our market. It was very rewarding to take this project from an idea back in 2007, through design, permitting, construction, leasing, management and finally sale ten years later," said Jensen, who brokered the building's recent sale to Sealy & Co.

When Jensen first proposed the Lone Elm spec, commercial real estate investment was in a deep freeze. Nonetheless, Jensen persisted and successfully made his case about the potential for growth in Kansas City due to its interstate highway access and central U.S. location. Today, the metro is one of the top 10 industrial markets in the country.

"It is incredible the way the Kansas City metro has exploded with quality big box distribution facilities over the past 10 years. I do not see this slowing down anytime in the near future," Jensen said.

Jensen, meanwhile, continues to ride the wave he helped create. Kessinger/Hunter just announced construction plans for its third warehouse facility in I-35 Logistics Park, a "semi-spec" project that is partially pre-leased. For those keeping track, that brings Jensen's team to just under 2 million square feet of industrial space developed in South Johnson County.

Holliday Fenoglio Fowler, L.P. (HFF) negotiated the sale on behalf of the buyer. Kessinger/Hunter will continue to manage the Lone Elm building.

KC commercial construction up 53 percent YTD: Dodge Analytics

Bluhawk Apartments prepare for blastoff

Work has blasted off at the Bluhawk Apartments located at 167th Street and Lowell Avenue in south Overland Park, with mass blasting taking place over the past month. 

Haupt Construction has been busy clearing the site of native limestone with the help of three surface drill rigs. A rock crusher then processes large chunks of limestone to be recycled as gravel filler for use throughout the entire project. In October, HarenLaughlin Construction will begin laying footings and foundations in preparation for vertical construction to begin.

“It’s rewarding to see this project move closer to vertical construction. Bluhawk Apartments are a critical component of the overall 300-acre Bluhawk mixed-use development,” said Bart Lowen, vice president of Price Brothers Development.

When completed in early 2020, Bluhawk Apartments will include eight buildings and a total of 201 apartment units ranging from one- to three-bedroom floor plans with higher-end interior features such as granite countertops. Each building will have garages as well as open-space parking.

The community will include a basketball court and convenient location adjacent to the Shawnee Mission Health-Blue Valley full-service hospital, Cosentino’s Market, and Bluhawk’s many shops and restaurants.

KC SIOR Development Day moves to Union Station

Union Station in Downtown Kansas City on Thursday will play host to SIOR Development Day, the region's largest annual gathering of commercial real estate realtors and developers. Presented each year by the local chapter of the Society of Industrial and Office Realtors (SIOR), Development Day is considered by many to be the metro’s signature CRE networking event of the year.

“This event provides an unparalleled opportunity to network with industry leaders, highlight new projects, explore opportunities and celebrate successes - all in one setting. We are thrilled to be holding this year's event at Kansas City's historic Union Station and are looking forward to a great evening,” said 2018 Development Day Chair John Stacy, Reece Commercial.

More than 80 exhibitors and hundreds of attendees are expected to attend the free event from 4:30-7:30 p.m. in Union Station's Grand Plaza. The event includes hors d’oeuvres from Jack Stack and cash bar. Free onsite parking will be available in the Union Station parking garage.

“We value the support and participation of those in the Kansas City commercial real estate industry that help develop the Kansas City community. It is an honor to chair the 29th annual SIOR Development Day,” Stacy added.

Opus kicks off construction of Westport multifamily mixed-use project

The Opus Group (Opus), along with Central Bank of the Midwest and CTK Real Estate, officially began construction on a 256-unit mixed-use apartment community at Westport Road and Broadway Boulevard. Completion is targeted for spring 2020. 

“We’re pleased to be building our presence and business in Kansas City by contributing a modern mixed-use project in the vibrant neighborhood of Westport,” said Joe Downs, vice president/general manager of Opus Development Company, LLC. “Westport has a unique, historical aesthetic, and this project will bring that attitude to life in a contemporary way.”

The six-story project will feature 10,000 square feet of ground-level retail, two suites, and 254 apartment units in a variety of floor plans, ranging from junior studio to two-bedrooms. Standard luxury finishes include nine-foot ceilings, stone countertops, designer backsplash and lighting packages, vinyl plank flooring, stainless steel appliances, oversized windows, and in-unit washers and dryers.

The project features a club room and roof-level terrace with views of Westport and the Country Club Plaza, as well as a larger, lower-level amenity terrace with pool, fire pits, lounge areas, grilling and dining capabilities and an adjacent club room. Additional amenities include fitness equipment with Fitness On Demand™, conference rooms, co-working vestibules, spa, dog wash station, secure bike storage and storage space for residents , as well as two levels of secure underground parking with direct access to residential floors.

Opus Development Company, LLC is the developer, Opus Design Build, LLC is the design-builder and Opus AE Group, LLC is the interior designer, architect and structural engineer of record.