WP HTTP Error: A valid URL was not provided.
GI Partners Connects in KCMO10 Aug 2015, 4:24 pm
By Veronica Grecu, Associate Editor
Private real estate investment firm GI Partners recently added a new colocation facility to its portfolio of commercial assets.
The San Francisco-based company announced it has acquired 10828 NW Airworld Drive, a 78,000-square-foot data center located in Kansas City, Missouri, adjacent to the Kansas City International Airport. The acquisition price remained undisclosed, but the deal was closed through DataCore, L.P., a $500 million fully discretionary core real estate fund managed by GI Partners.
Previously owned by Layered Technologies, the facility was completed in 1982 and went through renovations in 2009, 2012 and most recently in 2015. The property is fully leased on a long-term basis to Datapipe, a New Jersey-based cloud and managed services provider that acquired Layered Technologies in August 2014.
“The facility’s robust infrastructure, connectivity, and location make it an attractive addition to the DataCore portfolio. We believe that Kansas City is a compelling and growing data center market and are excited to complete our first acquisition in the MSA,” Mike Armstrong, Principal of GI Partners, said in a prepared statement.
Marcus Corp. Parts Ways with Kansas City Hotel30 Jul 2015, 4:45 pm
By Ioana Neamt, Associate Editor
The Marcus Corp. is parting ways with the Hotel Phillips in Kansas City, Mo. after 14 years. The Milwaukee-based company has signed an agreement to sell the property to an affiliate of Chicago-based Arbor Lodging Partners. Financial terms were not disclosed.
“We consider this a highly strategic opportunity to acquire this beautiful historic hotel in Kansas City and to contribute to the future growth of the downtown area,” said Vamsi Bonthala, CEO of Arbor Lodging Partners. “As with other historic properties in our portfolio, we are planning a comprehensive renovation and the hotel will be managed by NVN Hotels, our hotel management affiliate.”
The Marcus Corp. purchased the 217-key property at 106 W. 12th St. back in 2001 and invested in renovations and new amenities shortly after the acquisition. The hotel, housed in a historic 1931 building with an Art Deco lobby, features approximately 11,000 square feet of flexible meeting space, as well as a restaurant and a lounge. It is located just two blocks from the Arvest Bank Theatre at the Midland and nearby the Kauffman Center for the Performing Arts in downtown Kansas City.
According to Gregory Marcus, president & CEO of The Marcus Corp., the purchase of Hotel Phillips is consistent with the company’s corporate strategy of maximizing shareholder value and focusing on growth through new management contracts. The property’s sale and management transition is expected to occur in September 2015.
Image courtesy of Kenny Johnson Photography via the Hotel Phillips Facebook page
Kansas City Value-Add Play Kicks Off16 Jul 2015, 4:36 pm
By Ioana Neamt, Associate Editor
A 372-unit multifamily community recently changed hands in the Roeland park neighborhood of Kansas City, Kan. In a deal arranged by Berkadia, WI Waterstone LLC and Worcester Investments acquired the 46-year-old Waterstone Apartments from California-based VIRTU KC1 Associates. The sale was secured by senior director Phillip Brimble of Berkadia’s Kansas City office. The price tag for the asset remains undisclosed.
“Worcester Investments is an active local investor who we’ve worked with many times in the past,” Brimble said in a statement. “Investors have a huge appetite for value-add assets right now, and Worcester has major unit and amenity upgrades planned for this property.”
Located at 1100-1056 County Line Road in Kansas City, Kan., Waterstone Apartments features one-, two-, and three-bedroom layouts and was 90 percent occupied at the time of sale. The property offers residents two swimming pools, covered parking and a children’s playground, as well as easy access to the popular Country Club Plaza shopping district and the University of Kansas Medical Center. The community is also located near I-35, I-635 and State Routes 69 and 169.
Image courtesy of Waterstone Apartments
Hines, Oaktree Venture Acquires Two Lenexa Development Totalling 1.67M SF30 Dec 2013, 3:59 pm
By Gabriel Circiog, Associate Editor
Hines recently announced that it has acquired two Lenexa real estate developments: the Southlake Technology Park and Lenexa Industrial Park. The acquisitions were made in a partnership with a subsidiary of a real estate fund managed by Oaktree Capital Management L.P.
The two commercial real estate parks feature 1.67 million square feet of leasable space in 40 buildings. The properties are located close to the intersection of Interstate 35, Interstate 435 and Kansas 10, the transportation and economic hub in Kansas.
Tom Danilek, Hines senior managing partner, said in a statement: “These properties represent the largest blocks of vacancy in office product in southern Johnson County. Hines and Oaktree were attracted to the industrial buildings due to the parks’ superior location at the epicenter of the flex industrial market, as well as the more than 69 acres of fully entitled land for future office and industrial development.”
Southlake Technology Park features 15 office buildings with a total of 933,000 square feet of space. The development began construction in 1987 and was completed in 2002. There still are 10 sites of vacant land totaling 53 acres available for future development along College Boulevard from Lackman Road to Renner Boulevard.
Construction on Lenexa Industrial Park started in the 1970s and was completed in 1999. The development features 25 industrial and flex buildings with a total of 736,000 square feet of space. Four additional sites totaling 16 acres are available for future development near 99th Street and Pflumm Road.
Phil Hofmann, managing director of Oaktree, said, “The Lenexa joint venture represents a terrific investment opportunity. We are committed and focused on working with Hines to maximize the value of these key Johnson County business locations.”
Ned O’Connor of Waterford Property Company will be handling the leasing of the office sector of the portfolio, Southlake Technology Park, while Mark Feitz of LaSala-Sonnenberg Commercial Realty is the broker for the industrial component, Lenexa Industrial Park. The portfolio is currently 67 percent occupied. Hines will be the property manager on both.
“We are extremely pleased that Hines has purchased two of our signature properties. It is exciting to have a partner with that kind of energy and vision in our community,” said Blake Schreck, president of the Lenexa Chamber of Commerce.
Photo Courtesy of: www.lenexa.org
Noble Investment Group to Convert Q Hotel in Historic District to Marriott’s AC Hotel13 Dec 2013, 10:02 pm
Gabriel Circiog, Associate Editor
Noble Investment Group recently announced the acquisition of the Q Hotel situated in the Historic Westport District of Kansas City, Mo. The hotel is scheduled to undergo a thorough renovation and conversion in the process of becoming one of the first AC Hotels by Marriott properties located in the United States.
“Marriott is a long-standing brand partner of Noble, and we are excited to help launch the AC by Marriott brand in the United States,” said Noble CEO, Mit Shah.
AC Hotels by Marriott is an urban lifestyle hotel brand that currently has 79 properties in Spain, Italy, Portugal and France. The brand aims to deliver a stylish, urban, cosmopolitan design while also creating a tailor-made guest experience.
The AC Hotel by Marriott in Kansas City will feature a contemporary, simple but elegant, European-inspired design. The hotel will showcase local-influenced museum-quality artifacts and technology enabled functional spaces. The well-known Historic Westport District of Kansas City is a buzzing shopping and entertainment district, and being the region’s oldest established community, it has a rich history. The community is home to St. Luke’s Hospital, the Kansas City Reserve Bank, the Kansas City Board of Trade, the University of Missouri Kansas City as well as the headquarters of Hallmark Cards and Bernstein-Rein.
Ben Brunt, Noble principal, said: “Noble’s acquisition and subsequent ability to reposition this asset to Marriott’s AC Hotels by Marriott, their latest offering in the lifestyle brand category, will enable us deliver a product that is designed and caters to the next generation traveler already prevalent and supportive of the existing retail, restaurant and nightlife businesses in Westport. Our ability to deliver a product targeted to Westport and its surrounding businesses will allow us to maximize operating performance and add substantial value to this investment.”
Logo Courtesy of: www.nobleinvestment.com