Five years remain on the company's current lease. The 500,000-sf size of the space is rare for the Kansas City market. It is being marketed by Paul Neal and Frazier Bell.
Stuart Hall Co. signs were once prominent across the metropolitan skyline. The stationery company, which also specialized in school and office supplies, was once of the city's most noted employers, with several locations throughout the area and a workforce at one time of nearly 750 persons.
Information was recently filed with the state indicating that Pen-Tab was eliminating 195 jobs by the end of February and leaving the company's warehouse and distribution center located in northeast Kansas City. The space is in a largely industrial area of the city. When Stuart Hall moved to Front Street location seven years ago, it was owned by the Newell Co. of Freeport, Ill. Newell had purchased the company in 1992 for a reported $35 million.
Pen-Tab's latest figures show the company earned about $6.5 million on sales of $155 million in 1999. The same year, the company's workforce declined 15 percent. Pen-Tab is headquartered in Front Royal, Va.
Stuart Hall was founded in 1943 and for many years, the company's headquarters was located in what is now the up and coming Freight House District, downtown between the loop and Crown Center. The Freight House District building was purchased by Rainen Business Interiors. Several local brokers have said that plans are being discussed with the Tax Increment Financing commission to convert the building into much needed downtown living space, possibly lofts or condominiums.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
