With the supply of Class A office tightening in Downtown, Briarcliff Development Corp. is gearing up for the final phase of office construction within its nearby 400-acre mixed use community in the Northland. Briarcliff Development President Richie Benninghoven said the firm is starting to market four shovel-ready sites for office buildings in Briarcliff that could range in size from 30,000 to 200,000 square feet. Construction of each probably will begin after lease commitments totaling 40 to 50 percent of the building’s square footage, Benninghoven said. The new office sites include three just south of Missouri Highway 9 and just north of the McCrite Plaza senior-living development and Briarcliff’s newest apartment project, The Landing. Although those three sites are in Kansas City, the fourth new office site lies just north of M-9 next to Cantebury Academy at 1701 NW Platte Road in the Riverside portion of Briarcliff. A formal unveiling is scheduled [...]
Copaken Brooks, a Kansas City commercial real estate firm, is co-developing Corrigan Station, a $50 million-plus office-over-retail project. But an untold story about the popular Crossroads Arts District project at 1828 Walnut St. involves the Kansas City office of another commercial real estate firm: Cushman & Wakefield. It’s a soup-to-nuts story,” said Mike Mayer, managing principal of the local Cushman & Wakefield office. For starters, Mayer said, Cushman & Wakefield Vice President Gib Kerr brokered the sale of the historic 10-story Thomas Corrigan Building in 2013 to an investment group including Vince Bryant of 3D Development. To read the entire article, click here.
The Palace Clothing Co. building at 1150 Grand Blvd. is in good shape and was one of the last remaining historic buildings on the market in Downtown. Therefore, it didn’t sell as cheaply as some other recent office-to-apartment-or-hotel conversion targets have, said Gib Kerr, a Cushman & Wakefield broker. Kerr said he wasn't at liberty to disclose the purchase price. But according to Jackson County property sale records, the nine-story, nearly 80,000-square-foot Palace Clothing Building was purchased earlier this month for $3.875 million — or nearly $50 a foot. To continue reading, click here.
A 93-year-old commercial building in the heart of downtown Kansas City has been sold to Palace Hotel LLC, a company owned by hotel developer Mark Patel. The eight-story former Palace Clothing Co. office building at 1150 Grand Blvd. is listed on the National Register of Historic Places. It is considered a prime example of the “Chicago style,” characterized by large windows made possible by iron-beam construction. The 80,000-square-foot building, designed by Kansas City architect Frederic McIlvain, opened in 1924 to house the Palace Clothing Co., a retailer that remained in the building until 1964. A major redevelopment was undertaken in 1972, stripping away many of the historic interior features as part of the renovation for multi-tenant offices. It is partly occupied now. Cushman & Wakefield announced the building sale by Kansas City Investments LLC to Palace Hotel LLC. The sale price was not disclosed. Cushman & Wakefield director Gib Kerr said the [...]
Eric Holtze, a local hotel developer who began trying to breathe new life into downtown Kansas City’s historic Hotel Savoy and Grill eight years ago, kept that dream alive by taking on a majority partner in 2013. Now, a partnership led by Holtze has sold its minority interest to that partner, Louisville-based 21c Museum Hotels LLC, which is transforming the landmark into 120-room boutique hotel with a fine-dining restaurant, event space and contemporary art museum. On Monday, Holtze’s Savoy Acquisition Co. LLC closed on the sale of its stake in the building at 219 W. Ninth St. for an undisclosed amount of cash and title to the surface parking lot just east of the Savoy along Ninth Street. Holtze’s partnership, which plans to sell the parking lot, was represented in the transaction by Whitney Kerr Sr., a veteran Cushman & Wakefield broker who represented the Savoy’s previous owner, Don Lee, in his [...]
Cushman & Wakefield’s Whitney Kerr Sr. Represents Seller KANSAS CITY, February 6, 2017 – Cushman & Wakefield announced today that Savoy Acquisition Company LLC has sold its stake in the historic Hotel Savoy to 21c Museum Hotels LLC for cash and conveyance of the east contiguous parking lot, located at 205 W. 9th St. 21c Museum Hotels LLC is transforming the Hotel Savoy into a 120-room boutique hotel with a fine dining restaurant, event space and contemporary art museum. With the purchase of the Savoy minority partnership stake, the Louisville-based 21c Museum Hotels LLC has completed refinancing plans with Junius Real Estate Partners, a subsidiary of J. P. Morgan. McCown Gordon Contractors has already started construction on the hotel, located at 9th and Central streets in Downtown Kansas City. Cushman & Wakefield Senior Director Whitney E. Kerr Sr., SIOR, CCIM, CRE, represented Savoy Acquisition Company LLC in the transaction. “Over [...]
Kansas City municipal government has sold the old police crime lab building and an old police station for new private uses. The former Kansas City police crime lab, at 6633 Troost, was purchased for $457,500 by a large-format printing company, Digital Designs Print Solutions, which plans to consolidate its operations from two buildings on 31st Street. The Kansas City company needed a larger building for its equipment and projected growth. City officials said it currently employs 16 people but hopes to double that number within two years. The city didn’t need the old crime lab after it opened the new East Patrol police station and regional crime lab near 27th Street and Prospect Avenue in December 2015. Vanessa Williams is the city’s real estate manager, in charge of the division tasked with selling surplus city properties. She said the city was represented in the transaction by Gib Kerr and Jeffrey [...]
2017 Looks Promising for Downtown Office Market, Reports Cushman & Wakefield KANSAS CITY, January 23, 2017 – Cushman & Wakefield announced today that while the performance of the Kansas City industrial real estate market was spectacular throughout 2016, the fourth quarter was the strongest with 1.8 million square feet of absorption. “5.5 million square feet of space were absorbed in 2016, a record total for the Kansas City industrial market and almost 10% higher than the previous record set in 2007,” said Michael Mayer, SIOR, Cushman & Wakefield Managing Principal. “The market is as strong as it has ever been. New construction in Johnson County continued to be a major driver in the fourth quarter.” The office market also experienced strong absorption in the fourth quarter with 249,000 square feet, bringing the year-end total to 287,000 square feet. Q4 2016 Highlights by Industry Sector (Click here to view the full [...]
Heartland Real Estate News: Downtown Kansas City Office Market Rebounds, While Suburbs Continue to Shine
Kansas City’s central business district (CBD) has received a great deal of media attention over the past two years for good reason. With over 3,000 new residential units delivered, the new KC Streetcar and the national trend of Millennials moving to urban areas, there has been plenty of momentum for the area and much discussion of the “live-work-play” environment. After a long period of decline, the urban core of Kansas City is experiencing a powerful revitalization. In all the excitement surrounding the CBD, however, another trend may be getting overlooked. Through the first three-quarters of 2016, absorption in the CBD (the Downtown, Crossroads and Crown Center submarkets) was more or less flat after accounting for the conversion of office space to residential use and a unique listing in the Crown Center complex. Meanwhile, the suburban office market posted 580,000 square feet of positive absorption during the same period. Yes, Kansas [...]
A Kansas City economic development coup announced by the Kansas City Business Journal a month ago was officially announced on Wednesday by the Kansas City Area Development Council. In a release, the KCADC confirmed that CVS Pharmacy, the nation's leading retail pharmacy chain, will build a 762,000-square-foot distribution center at the Skyport Industrial Park near the Kansas City International Airport. The new facility is expected to create more than 360 new jobs, as well as up to 100 additional jobs that will be outsourced to local businesses. KCADC worked with the following partners in attracting CVS Pharmacy to the KC region: the state of Missouri, The Missouri Partnership, the Economic Development Corp. of Kansas City, the Platte County Economic Development Council, KCP&L, Cushman & Wakefield, NorthPoint Development, Metropolitan Community College, Focus Workforces, IMKO Workforce Solutions, QPS Employment Group, Full Employment Council, Missouri Division of Workforce Development, UPS, Scarbrough International, Ltd., [...]