CRE X Missouri

CBRE closes sale of more than 270,000 square feet of space in Kansas City

A lender recently completed the sale of the 9300 and 9350 Metcalf Buildings, also known as Glenwood I and Glenwood II, in Kansas City.

A lender recently completed the sale of the 9300 and 9350 Metcalf Buildings, also known as Glenwood I and Glenwood II, in Kansas City.

These two buildings, at 119,500 square feet and 151,900 respectively, have been on the market for lease since early 2009.  The major tenant who occupied these properties was Embarq, a divesture of Sprint.

After an early lease termination, Embarq vacated its space.  At the time, the manager of the 10- and 11-story buildings, Lionstone Properties, was not able to backfill the vacancy, and the mortgage for the properties was eventually sold during a note sale. The owners of the note decided to market the properties for sale and summarily hired Bob Fagan and Brent Roberts of CBRE in July of 2012 to handle this duty.

The property is selling to a group related to Ryan Transportation Group of Lenexa, Kan. The new owners will be using the majority of the property for their own use and will be renovating for occupancy in early 2013.

“The market is beginning to rebound as evidenced by purchases like this, said Fagan. "This property sat fairly idle for some time and then suddenly there were multiple  offers to purchase.  When buyers realize the prices will not go any lower, properties will trade hands.”