City+Ventures Enters KC Market with $88M Portfolio Buy
- Feb 22, 2019
City+Ventures have purchased Southlake Portfolio, a collection of 11 Class A and B office buildings encompassing 784,557 square feet in the Kansas City metro area, for $88 million.
JLL facilitated the sale and financing of the assets, with financing provided by Morgan Stanley. A fund managed by Oaktree Capital Management, Hines and Waterford Property Company sold the portfolio.
The Southlake Portfolio provides long-term stability with the recent lease commitment from University of Kansas Health System. The properties also offer upside through additional leasing, given the properties’ current occupancy level of approximately 80 percent.
Located 19 miles southwest of downtown Kansas City, the assets are close to major transportation routes, including Interstates 35 and 435. There are several dining and retail venues within a 4 mile radius of the properties.
JLL Capital Markets International Director Bruce Miller, Managing Directors Jim Postweiler and Peter Harwood, and Senior Vice President Derek Fohl led the sales and marketing efforts on behalf of the seller. JLL Managing Director Keith Largay arranged the acquisition financing for the buyer.
JLL recently appointed Nicole Zanghi as vice president of its agency leasing team in Silicon Valley, Calif.
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