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KANSAS CITY, MO-HSA Commercial Real Estate has purchased a 154,000-sf industrial facility here, at 4101 N. Kentucky Ave., from Hunt Midwest Real Estate Development. The distribution building, in the 514-acre Hunt Midwest Business Center park, was bought for about $10 million.

The building has 28-foot clear ceiling heights, 50-foot by 44-foot column space and 24 loading docks; and is close to I-435, I-35, I-29 and I-70. The property is 100% leased to three tenants: American Tire Distributors, Rent-A-Center and Ecolab. The lease rate by the tenants was not disclosed, but the general lease rate in the area is about $4.50 to $5 per sf, net, says Bob Smietana, CEO of HSA.

He says the property in the northeast industrial market of Clay County was a good buy. “It’s a new building and 100% leased in a pretty good marketplace,” Smietana tells GlobeSt.com. “It’s within a stone’s throw of four major interstates, with tenants that have some lease time left on them.”

This property is the first foray into Kansas City for HSA, Smietana says. “We’re in 14 states, and have a couple of things in Missouri, so we decided to enter the market. It’s the same sort of dynamics of properties we have in the rest of the Midwest.” The company, based in Chicago, owns more than 14 million sf of industrial property throughout the country.

The Kentucky Avenue building is above Hunt Midwest’s SubTropolis, a five-million-sf underground storage and office complex built in a former limestone quarry. Hunt Midwest is owned by the family of Lamar Hunt, which also owns the Kansas City Chiefs football team.

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