Block Real Estate Services Inc. recently closed on the purchase of a 118.5-acre Lenexa site which is set to be transformed into a $100 million industrial development.
The Kansas City Business Journal reports Block Real Estate Services Inc. has closed the $4.6 million sale for the buyers, Renner 113 Associates, a partnership led by Block which includes investment partner Chymiak Logistics LLC. The former agricultural land, located on the west side of Renner Road north of 113th Street, was sold by Busch Farms. Ken Block, Michael Block and Lou Serrone of Block Real Estate Services Inc. represented the buyers.
The L-shaped site will be developed into the Lenexa Logistics Centre, which is expected to feature over 1.6 million square feet of industrial space. The project will be built in two phases. A roughly 80-acre phase will have frontage on 113th Street and Renner Road. and a 40-acre phase will have frontage on College Boulevard.
Principal with the firm, Michael Block, told the journal that construction of the first building within the project, which will cover 260,000 square feet, is set to start in July. Occupancy is scheduled for May or June 2014.
The building was set to be built on a speculative basis but Michael Block revealed that they have already received several proposals, including one for the whole construction. The first building of the project could turn into a build-to-suit.
The project plan calls for the construction of a total of 10 buildings, including some build-to-suits and some specs. The buildings will range in size from 72,000 square feet to 350,000 square feet.