Philadelphia REIT Puts Kansas City Properties on the Block

KANSAS CITY, MO-Liberty Property Trust, a Philadelphia-based real estate investment trust, is selling its two properties in the Kansas City area, both of which are located in Johnson County, KS.

Liberty is putting its office building at 7500 W.110th St. in Overland Park, KS on the block, a building that is currently occupied by Sprint Corp. In Lenexa, KS, Liberty is putting up for sale its building at 8035 Quivira Rd., where Alliance Data is currently located.

Ken Block, a senior vice president at Block & Co. Inc., is putting together a group of investors who are interested in purchasing the building in Lenexa. That property is on the market for just over $6 million, which is about $95 per sf. Block also owns the Pine Ridge Business Park

“We are still putting our group together,” says Block. “We have not even decided on a name. But we should know something more final about the sale in about 45 days.”

The building in Overland Park is priced at $12.7 million. Block says he thought of buying that structure as well, but decided against it because Sprint may be leaving the building when its campus in southern Overland Park is complete.