KCP Acquisition Picks Up Kansas City-Area Office Asset
- Nov 29, 2018
Northland Innovation Campus, a Class A office building located north of Downtown Kansas City, has changed hands. Miami-based KCP Acquisition purchased the 90,000-square-foot asset from Gladstone Capital. CBRE Capital Markets’ Institutional Properties arranged the transaction on behalf of the seller.
According CBRE Vice Chair Gary Carr, in a prepared statement, the new buyer was attracted by the building’s “long-term stabilized cash flow with an average remaining lease term of nearly 15 years.”
The five-story property was completed in 2016 at 6889 N. Oak Trafficway and according to Yardi Matrix data, is 92 percent leased to the North Kansas City School District, Northwest Missouri State University and Edward Jones. The property features collaborative office space, high-tech infrastructure and a fabrication lab located on the lower level. Situated approximately 10 miles from downtown Kansas City and 15 miles from Kansas City International Airport, the campus can be reached via interstates 29 and 35.
Carr’s team on the deal also included First Vice Presidents Gina Anderson and Robert Hill.
Image via Google Street View