Southlake Office Park, near Kansas City, MO
KANSAS CITY, MO—Omaha, NE-based City+Ventures has acquired the Southlake Portfolio, consisting of 11 class A and B office buildings near Kansas City, for $88 million from funds managed by Oaktree Capital Management, Hines and Waterford Property Company. The portfolio encompasses 784,557 square feet of office space.
“We've had our eye on the Kansas City Metro for a while and felt like the Southlake portfolio was a great fit for us,” says Chris Erickson, City+Ventures co-founder. “It had the perfect balance of long-term stability and value add opportunity. We look forward to bringing some new energy to the property.”
Jones Lang LaSalle Capital Markets International director Bruce Miller, managing directors Jim Postweiler, Peter Harwood and senior vice president Derek Fohl led the sales and marketing efforts for the portfolio on behalf of the seller. JLL managing director Keith Largay arranged acquisition financing on behalf of the buyer, City+Ventures, a first-time buyer in the market. Morgan Stanley provided the financing.
The Southlake Portfolio provides long-term stability with the recent lease commitment from University of Kansas Health System, which was announced early last year. The properties also offer substantial upside through additional leasing, given the properties' current occupancy level in the low 80% range.
“The Southlake Portfolio is an excellent example of new out-of-town capital entering a market with a fresh perspective and new vision for the office park,” says Fohl. “City+Ventures is a dynamic company and they have exciting plans for their new acquisition. This portfolio will be one portfolio to watch in the KC market!”
|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.
Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
