Staking a new presence in Kansas City’s industrial real estate market, Odyssey Real Estate Capital and Artemis Real Estate Partners have formed a joint venture to purchase the sprawling 23-building Lenexa Industrial Park portfolio located on 95th Street next to I-435 and I-35. The firm has retained Newmark Grubb Zimmer (formerly Zimmer Real Estate Services) to provide leasing and property management services.
The 721,883-square-foot park consists mostly of bulk industrial space, but also includes 312,698 square feet of flex space, two, 6,000-square-foot office buildings, and 16.4 acres of undeveloped ground. It was developed between 1972 and 1999 by Zimmer Real Estate Services.
Las Vegas-based Odyssey will serve as the operating partner for the portfolio and is establishing an office in Kansas City while seeking further expansion opportunities within the area.
“We’ve looked at this market for some time, and we believe the timing is right to take on a portfolio of this kind,” said Odyssey Graham Nelson, a Kansas City native who will manage the local office. “Our plan is to quickly establish an on-site office, which will allow us to make improvements to the park and provide immediate access to leasing, management and ownership.
Newmark Grubb Zimmer Senior Vice President-Principal Mark Long, SIOR, CCIM, LEED AP and Senior Associate John Hassler, represented the investment venture in the purchase of the properties. Vice President Tracey Mann, CCIM, LEED AP and Nick Pickard will provide on-site leasing services. Donna Knopp, senior property manager, will serve as property manager.
“This is an exciting opportunity,” Hassler said. “The dynamic Odyssey/Artemis partnership has made a commitment not only to this portfolio, but to our market as a whole. They were attracted to the stability of the Kansas City area, as well as the on-going momentum in the industrial sector.”
According to Long, this purchase represents a significant movement in the Kansas City market.
“Large portfolios don’t often change hands,” he said, “let alone those that are in the heart of Kansas City’s industrial corridor. We are finding that smaller buildings under 100,000 square feet, which represent 42 percent of the total market, often hold significant opportunities in the investment arena. There is increasing demand and little supply in this category for modern facilities. Odyssey and Artemis have the vision to reposition the buildings for the next generation of users…”
About Newmark Grubb Zimmer
Newmark Grubb Zimmer (www.NGZimmer.com) is a full-service commercial real estate company providing a range of services including sales and leasing, property and facilities management, owner representation for public and private development projects, and public-sector consulting. Its staff boasts an array of experience in design, construction, valuation, finance and legal matters.
Regularly recognized as one of the top brokerage firms in the region, Newmark Grubb Zimmer manages more than 6.3 million square feet of office, medical, industrial, and retail property and serves as corporate real estate advisor for local, regional, national and international companies.
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, NGKF’s 12,000 professionals operate from more than 330 offices in established and emerging property markets on six continents.
With roots dating back to 1929, NGKF’s strong foundation makes it one of the most trusted names in commercial real estate. NGKF’s full-service platform comprises BGC’s real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing; capital markets services, including investment sales, debt placement, appraisal, and valuation services; commercial mortgage brokerage services; as well as corporate advisory services, consulting, project and development management, and property and corporate facilities management services. For further information, visit www.ngkf.com.
NGKF is a part of BGC Partners, Inc., a leading global brokerage company servicing the financial and real estate markets. BGC’s common stock trades on the NASDAQ Global Select Market under the ticker symbol (NASDAQ: BGCP). BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol (NYSE: BGCA). BGC Partners is led by Chairman and Chief Executive Officer Howard W. Lutnick. For more information, please visit http://www.bgcpartners.com/.