Stanton Road Capital Buys KC Trophy Asset
- Jan 04, 2018
Stanton Road Capital has acquired 2323 Grand, a 320,976-square-foot office building located within Kansas City’s Crown Center. Insurance company Assurant was represented by CBRE in the transaction, which also included a 2.3-acre surface parking lot located two blocks north, in the Crossroads Arts District.
“2323 Grand presented investors a stable, in-place cash flow and upside through the lease-up of existing vacancy and mark to market of in-place rents,” said Gina Anderson, first vice president at CBRE, in a prepared statement. “The development potential of the surface parking lot is very compelling, given its location within the dynamic Crossroads District, which is experiencing an unprecedented wave of new development and redevelopment that has attracted creative businesses and new residents alike.”
In addition to Anderson, the CBRE team of brokers also included Vice Chairman Gary Carr and First Vice President Robert Hill.
The Class A office property is 83 percent leased to a number of prominent tenants including Sun Life Financial (U.S.) Services Cos. Inc., Seigfried Bingham and Thornton Tomasetti Inc. The previous owner has recently invested $6.5 million in upgrades to the building, which now offers amenities such as a cafeteria with a dining room and outdoor patio, a fully-equipped fitness center and several conference rooms.
Located at 2323 Grand Blvd., the 11-story building benefits from one of the most coveted Kansas City business addresses, overlooking Washington Square Park. The building is close to the Union Station Kansas City, several hotels and dining venues, Crown Center Square and the National World War I Museum and Memorial.
Image courtesy of CBRE