Kansas City Office Portfolio Sells for $94M

The Overland Park portfolio includes the city’s 'Darth Vader' building.

By Anca Gagiuc, Associate Editor

College Boulevard, Overland Park, KS
College Boulevard, Overland Park, Kan.

Kansas City, Kan.HFF closed the $94 million sale of a seven-building office portfolio located in Overland Park, Kan., a Kansas City suburb.

HFF marketed the property on behalf of the seller, and also procured the buyer, New-York-based Group RMC. The investment sales team representing the seller was led by senior managing directors Mark Katz, Jaime Fink and Jeff Bramson.

“HFF was honored to be involved in the sale of three of the most recognizable assets in Kansas City,” said Katz in a statement. “The intersection of College and Metcalf has historically been Main & Main for the Kansas City office market and we’re excited to watch the continued success of the assets.”

The portfolio comprises three properties totaling 806,864 square feet: 7101 College, Commerce Plaza I and II, and Financial Plaza I-IV, all located in close proximity to executive housing and retail amenities, as well as corporate neighbors such as JP Morgan, AMC, Teva and Coventry Health Care. The Class A assets were 92.6 percent leased at the time of sale, to 128 tenants, including General Electric, Cardinal Health, Cigna, Arrowhead General Insurance, Brungardt Honomichl & Co., Principal and EMC.

Block Real Estate Services teamed up with HFF in the marketing of the properties and assisted the seller in the original purchase of the portfolio. Furthermore, BRES managed and leased the properties on behalf of the seller for the past 10 years and will continue in the same manner for the new owner. In order to enhance its leasing services at these properties, BRES has selected Brent Roberts, formerly with CBRE, to take on this assignment. The BRES investment team was led by Ken Block and Harry Drake.

“We have had the pleasure of representing the seller in a leasing and management capacity for the past 10 years and look forward to working closely with Group RMC as we implement new leasing and management strategies for the portfolio,” stated Block.

Images courtesy of Group RMC