By: Miranda Davis, Kansas City Business Journal
Omaha-based real estate investment company City Ventures has bought Park Central Plaza I and II from Sun Life Assurance Co. of Canada for an undisclosed amount.
According to a release from JLL, which handled the transaction, the two buildings at 4717 Grand Ave. adjacent to the Country Club Plaza have almost 150,000 total square feet of office space and are 96 percent occupied. Sun Life bought the buildings in 2011 for about $18 million from a pension fund advised by TA Associates Realty of Boston. At the time, the price was considered a substantial value.
JLL Capital Markets Managing Director Jim Postweiler, Managing Director Peter Hartwood and Senior Vice President Derek Fohl handled the transaction for the seller. JLL Managing Director Keith Largay and Brian Walsh, senior vice president, arranged acquisition financing on behalf of the buyer. JP Morgan provided the financing.
This is City Ventures’ second Kansas City-area acquisition. In February, it bought a portfolio of 11 buildings in Lenexa’s Southlake Technology Park for $88 million. JLL also handled that transaction.
City Ventures co-founder Chris Erickson said in a release that the company plans to continue expanding in Kansas City.
“We are excited to expand our presence in the Kansas City metro area with this Park Central Plaza I and II acquisition,” he said in the release. “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.”
Full article on Kansas City Business Journal.