HFF Arranges JV Equity for Industrial Development near Kansas City
- Apr 18, 2016
Kansas City, Kan.—HFF’s Dallas office has arranged joint venture equity for the development of a to-be-built industrial facility in the Kansas City suburb of Lenexa, Kan. The new entity also acquired an adjacent land parcel for future development.
HFF worked on behalf of the developer, Block Real Estate Services LLC, to arrange the joint venture partnership with an institutional partner. The HFF equity placement team representing the developer was led by Executive Managing Director Jody Thornton and Managing Director Adam Herrin.
“Block Real Estate Services is proud to leverage its local and deep knowledge as well as its client and brokerage relationships to ensure a truly successful project in the already-booming Kansas City industrial market,” said Kenneth Block, managing principal of Block Real Estate Services.
The property is located between Olathe and Kansas City in the South Johnson County submarket, with access to Interstates 35 and 435 and State Road 10, each approximately 1 to 2 miles from the subject property. The one-story development will be a Class A speculative distribution center totaling 630,000 square feet; the property is slated for completion in 2017.
“Continuing the trend of the past decade, the South Johnson County industrial submarket has remained the most stable and now has potentially become the most important industrial submarket in the region,” said HFF in a prepared statement.
Image courtesy of Block Real Estate Services