JLL Closes Sale of Procter & Gamble’s Kansas City Campus
- Apr 01, 2020
JLL has arranged the sale of Procter & Gamble’s multi-building, 574,000-square-foot industrial campus in Kansas City, Kan. A partnership between New Mill Capital and Gordon Brothers Group acquired the property, according to public records.
The JLL team that assisted the seller included Managing Regional Director Kevin Wilkerson and Executive Vice President Phil Algrim.
Located on 66 acres at 1900 Kansas Ave., the manufacturing facility was built in 1905 and expanded in the following decades. The industrial site is close to the intersection between U.S. Route 69 and Interstate 70 and features direct access to rail service. Downtown Kansas City is 5 miles east of the property and Charles B. Wheeler downtown Airport is 6 miles out.
Though the company announced in 2018 that it would close the century-old plant, Procter & Gamble signed a lease for at least the rest of the year. The property comprises 160,000 square feet of office, 186,000 square feet of manufacturing and 200,000 square feet of warehouse and distribution space.
Last month, JLL secured a $991.8 million loan on behalf of California State Teachers’ Retirement System. The 17-building, 7 million-square-foot portfolio includes nine industrial facilities, five office properties and three multifamily assets.