JLL completes sale of office properties in Kansas City in Country Club Plaza
Commitments from long-standing tenants and recent capital improvements prompt sale
KANSAS CITY, April 15, 2019 – JLL Capital Markets Midwest experts announced today the sale of Park Central Plaza I and II in the Country Club Plaza submarket of Kansas City for an undisclosed purchase price. The properties total 148,217 square feet of office space and is currently 95.9% occupied.
JLL Capital Markets Managing Director Jim Postweiler, Managing Director Peter Harwood and Senior Vice President Derek Fohl led the sales and marketing efforts for the properties on behalf of the seller, Sun Life Assurance Company of Canada, and its real estate advisor Bentall Kennedy (U.S.) Limited Partnership. Omaha-based real estate investment company City+Ventures, who recently acquired nearby Southlake Technology Park in February, purchased the office buildings.
“Located in the prestigious Country Club Plaza submarket, these properties offer a unique blend of unmatched stability and quality, which sparked significant investor interest,” said Fohl. “With an established, diverse roster of long-standing tenants and sound regional economic fundamentals, Park Central Plaza I and II are primed to deliver attractive yields for the new ownership group.”
Located within Kansas City’s premier office submarket, Park Central Plaza I and II provide immediate access to over 800,000 square feet of the region’s best retail and dining amenities, including one-of-a-kind boutiques and an eclectic mix of restaurants.
“We are excited to expand our presence in the Kansas City Metro with this Park Central Plaza I and II acquisition,” said Chris Erickson, City+Ventures, Co-Founder. “This Class A property at the front door to the historic Country Club Plaza will be a long-term investment for us. We love the Kansas City Metro and plan to continue expanding both our real estate holdings and portfolio of businesses within the market.”
JLL Managing Director Keith Largay and Brian Walsh Senior Vice President arranged acquisition financing on behalf of the buyer. JP Morgan provided the financing.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’ in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether a sale, financing, repositioning, advisory or recapitalization execution. In 2017 alone, the firm’s 2,400 Capital Markets specialists completed $170 billion in investment sale and debt and equity transactions globally.
For more, please visit The Investor, an online and mobile app news source providing real-time commercial real estate news to asset buyers and sellers around the world.
For more content including videos and research resources on JLL, please visit the firm’s U.S. media center Web page: U.S. newsroom.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of over 90,000 as of December 31, 2018. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com