Comprehensive Logistics Signs Lease for 517K SF Industrial Space
- Aug 17, 2012
B.H. Properties LLC announced it has concluded the negotiations to lease a 517,000-square-foot industrial building in Kansas City to Comprehensive Logistics Inc.
Comprehensive Logistics, a third-party logistics provider, has signed a 5.5-year lease for the property located at 5300 Kansas Avenue. The company has also leased an additional 120,000 square feet in an adjacent facility.
BH Properties, a Los Angeles-based commercial real estate investment firm, was represented by Mark Long of Zimmer Real Estate Services, while Howard Moss of Omni Consulting and Jack Allen of Karbank Real Estate Co. represented Comprehensive Logistics.
Bill Hardy, vice president of asset management and leasing at BH Properties, said: “Comprehensive Logistics has been a great local partner for us in the Kansas City market. We were happy to be in a position to accommodate the growth of their successful operation.”
Comprehensive Logistics opened in 2010 and initially had some 40 employees and occupied less than half of its current warehouse space. Long said the new lease represents a change in terms as the company switches to a long-term lease after a series of one-year leases.
According to a recent report released by Cassidy Turley, Kansas City’s industrial vacancy, which peaked at 8.8 percent early in 2011, has dropped to 8.0 percent as of June of this year and is trending down. In the first half of this year the net absorption and construction completions almost equaled all of 2011. Several build-to-suit projects are scheduled to be completed this year which will add at least one million square feet to absorption for the year, making it the most successful year since 2008.
Image Courtesy of: www.bhproperties.com
Chart Courtesy of: Cassidy Turley