CHICAGO—CA Office, a Chicago-based investment group, has just completed their purchase of Van Eyck and del Sarto at the Renaissance, a pair of class A office buildings totaling 293,872-square-feet in the Kansas City suburb of Overland Park, KS. HFF marketed the properties on behalf of an investment group represented by Kansas City-based Copaken Brooks. The parties did not disclose the terms of the transaction.

This was CA Office's first Kansas City area purchase, and considering the trends taking hold in this area, it's perhaps no surprise investors have taken notice.

“The Kansas City commercial real estate market probably mirrors many Midwestern cities as it continues to rebound from the lows of 2009 and 2010,” Michael Mayer, the managing principal of Cassidy Turley in Kansas City, tells GlobeSt.com. The firm recently published its annual market report for the metropolitan area. “Things have tightened up and there was some very solid absorption.”

Vacancy in the area's office market did increase from 19.2% to 19.6% during the fourth quarter of 2013. However, the average class A lease asking rate was $20.14, breaking a stretch of five quarters in which the rate fluctuated between $19.63 to $19.79. Mayer says that class A rates should continue to climb, especially in South Johnson County, which includes Overland Park, and where vacancy is much lower than the metro average.

“The interesting thing in Kansas City is it's the suburban areas, like South Johnson County, where all the office growth has been,” Mayer adds.

“We regularly review holdings on behalf of owners we represent to ensure they meet their investment goals,” says Keith Copaken, a principal with Copaken Brooks. “We determined that the time was right to do this deal to monetize the project's equity.”

Tenants occupy 85% of the two seven-story buildings, and include Design Resources Inc., Ketchum Directory Advertising and Marsh & McLennan Agency, an insurance firm. The Van Eyck building has 150,521-square-feet and sits on nearly eight acres at 7007 College Blvd. The del Sarto has 143,351-square-feet on an adjacent 4.91-acre site at 7015 College Blvd.

The HFF team representing the seller was led by senior managing directors Jaime Fink and Jeff Bramson, managing director Mark Katz, and executive managing director Jody Thornton.

“This acquisition allows CA Office to enter one of the most sought-after submarkets in the Midwest,” says Bob Gillespie, managing partner of CA Office. “We have purchased two of the best buildings in the market, which were developed and have been exceptionally maintained by Copaken Brooks.”