JLL to Expand in Metro Kansas City with Acquisition of Capital Realty
- Aug 07, 2013
Jones Lang LaSalle has its eye on the blossoming industrial real estate market in metropolitan Kansas City, Mo., and the commercial real estate services firm will increase its platform in the market in one fell swoop with the acquisition of Capital Realty.
Capital Realty, which maintains its head office just across the state border in Overland Park, Kansas, brings to the table a coveted local-market expertise that will enhance JLL’s existing offerings in the industrial and office sectors. Capital Realty provides services including leasing and sales of industrial, office and retail assets, and boasts a current management portfolio totaling approximately 5.4 million square feet spanning 90 properties.
The Kansas City area isn’t exactly one of the major commercial real estate hotspots, but it’s high on JLL’s radar for a reason. Essentially, it’s about giving the people what they want.
“This acquisition is driven by client demand for broader and deeper services in the Kansas City market,” Larry Glaze, managing regional director with JLL, told Commercial Property Executive. “By combining JLL and Capital Realty, we will increase our market share, create real value for clients and provide a broader suite of services to investor and industrial clients.”
There’s definitely something about industrial “Given Kansas City’s strategic geographic location, real estate research identifies the area as one of the top national markets for industrial growth, so we anticipate increased interest for investors and for companies seeking abundant space for development/redevelopment sites, and manufacturing and e-commerce distribution centers,” Glaze added.
JLL expects to complete the acquisition of Capital Realty within the next week. Kevin Wilkerson, president of the Kansas City firm, will take on the role of managing regional director with JLL and he’ll bring 24 employees with him.