Chambers Street Properties, formerly CB Richard Ellis Realty Trust, has closed on the purchase of a 1.1-million-square-foot state-of-the-art warehouse/distribution facility in the Kansas City suburb of Gardner, Kan.
The Maryland self-managed REIT, headquartered in Princeton, N.J., currently owns a portfolio which includes 124 properties spread over three continents, totaling close to 31 million square feet and boasting a 98 percent occupancy rate.
Located within Kansas City’s north-south I-35 freight corridor and close to BNSF Railway’s $250 million railroad-to-truck Intermodal Center which is due to be completed in 2013, the single-story building was developed by LS Commercial Real Estate and completed in 2009. The area also benefits from a KCS rail intermodal and the air/truck intermodal at Kansas City International airport. The facility is the primary U.S. distribution center for the Coleman Co., a subsidiary of Jarden Corp. The property, which is leased until January 2020, has been described as “an excellent facility with a quality tenant in one of the most accessible markets in the U.S.” by Philip L. Kianka, executive vice president and COO for Chambers Street Properties.
The purchase also includes an adjacent 20.3-acre land parcel which is currently zoned for up to around 450,000 square feet of extra warehouse/distribution space. “We look forward to long-term ownership of this asset and the potential to adding further value through the flexibility to develop additional space on the adjacent parcel,” Philip L. Kianka added.
The acquisition was yet another big move in the industrial real estate market in the Kansas City region. As previously reported on this page, Comprehensive Logistics Inc. recently signed a 5.5-year lease for a 517,000-square-foot industrial building located at 5300 Kansas Avenue. The company also leased an additional 120,000 square feet in an adjacent facility.
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