Omaha-Based City+Ventures Acquires Country Club Plaza Office Buildings
“This class A property at the front door to the historic Country Club Plaza will be a long-term investment for us," says City+Ventures' Chris Erickson.
KANSAS CITY, MO—Omaha-based real estate investment company City+Ventures, which acquired nearby Southlake Technology Park in February, has purchased Park Central Plaza I and II in the Country Club Plaza submarket of Kansas City from Sun Life Assurance Company of Canada for an undisclosed amount. The properties total 148,217 square feet of office space and are 95.9% occupied.
Sun Life Assurance acquired the office buildings in 2011 from TA Realty for $17.6 million, according to Real Capital Analytics, a proprietary research database that tracks commercial real estate transactions.
Jones Lang LaSalle Capital Markets managing director Jim Postweiler, managing director Peter Harwood and senior vice president Derek Fohl led the sales and marketing efforts for the properties on behalf of Sun Life Assurance and its real estate advisor, Bentall Kennedy (US) Limited Partnership.
“Located in the prestigious Country Club Plaza submarket, these properties offer a unique blend of unmatched stability and quality, which sparked significant investor interest,” says Fohl. “With an established, diverse roster of long-standing tenants and sound regional economic fundamentals, Park Central Plaza I and II are primed to deliver attractive yields for the new ownership group. The acquisition is a nice complement to the Southlake Portfolio they closed in January.”
Located within Kansas City’s premier office submarket, Park Central Plaza I and II provide immediate access to more than 800,000 square feet of the region’s best retail and dining amenities, including one-of-a-kind boutiques and an eclectic mix of restaurants.
“We are excited to expand our presence in the Kansas City Metro with this Park Central Plaza I and II acquisition,” says Chris Erickson, co-founder, City+Ventures. “This class A property at the front door to the historic Country Club Plaza will be a long-term investment for us. We love the Kansas City Metro and plan to continue expanding both our real estate holdings and portfolio of businesses within the market.”
JLL managing director Keith Largay and Brian Walsh, senior vice president, arranged acquisition financing on behalf of the buyer. JP Morgan provided the financing.