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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
Farmers Insurance Signs 10-Year Lease Extension for Olathe Office5 Dec 2013, 3:44 pm
By Gabriel Circiog, Associate Editor
Farmers Insurance currently has over 2,000 people working in four offices in Olathe and is one of the city’s largest employers. The 10-year lease extension will permit Farmers Insurance to retain 400 positions at its 100,000-square-foot-plus facility at 10551 South Ridgeview Road.
“We first came to Olathe and the Greater Kansas City area because of the quality of the local workforce and the healthy business environment,” said Rob Koch, head of Centralized Inside Property Claims for Farmers Insurance. “We have agreed to extend our commitment because we remain confident that this community is continuing the great partnership we have built together over the years.”
Kansas Commerce Secretary Pat George said: “Farmers Insurance employs many workers at several locations throughout Olathe. The jobs Farmers has created in Olathe are great for the Kansas economy, and I’m glad that the company has decided that our state is an ideal place to continue to grow and invest.”
In other local news, Bloomfield Capital has announced the closing of a $3 million senior bridge loan to purchase a limited service hotel in Overland Park on auction.com. Thanks to Bloomfield’s loan proceeds, the sponsors were able to finance the hotel property after having already put down a significant non-refundable deposit at auction. In a statement Jason Jarjosa, a principal at Bloomfield Capital, said: “Dependable bridge capital is still a rare commodity in today’s market, and when time is of the essence, execution is the most important component to success. Brokers and borrowers alike have come to know Bloomfield as a dependable debt capital provider.”
Logo Courtesy of: www.farmers.com
Valencia Group Opens 132-Room Luxury Mediterranean-Style Hotel in Plaza Vista15 Nov 2013, 11:39 pm
By Gabriel Circiog, Associate Editor
Houston-based Valencia Group recently announced the grand opening of Hotel Sorella Country Club Plaza. The luxury hotel is situated in Kansas City’s premier shopping district and completes the Plaza Vista development. The hotel has a Mediterranean inspiration and a modern design, paying homage to the Spanish Seville influence of the Country Club Plaza.
Located at 901 West 48th Place, the seven-story hotel, operated by Valencia Group, features 132 guest rooms, nine spacious suites and one presidential suite. It also has 5,700 square feet of flexible meeting and event space, including six meeting rooms with state-of-the-art technology.
Robert Leyva, general manager of the Valencia Group, said: “We truly believe the Hotel Sorella concept is something new for Kansas City and that visitors will enjoy the luxury behind every element in the hotel. We want visitors to feel like they’re at a Mediterranean resort while enjoying the comforts of home.”
Hotel Sorella Country Club Plaza features numerous amenities including a fitness center and a spa suite. Guests can enjoy the views from the rooftop pool, which features fire pits, cabanas and a luxe bar. The hotel also includes two restaurants: Francesca’s, offering a daily European breakfast, is located just off the lobby; and Rosso, located on the top floor of the hotel, offers upscale Italian dining.
“We are happy to be a part of the Kansas City community and look forward to hosting guests from near and far,” said Leyva.
Image Courtesy of: www.hotelsorella-countryclubplaza.com