Company’s Acquisition of 2.2 Million-SF Office Park in Overland Park Boosts Location Holdings to More Than 3 Million
Group RMC Corp., a New york city-and Montreal-based co-investment group that supervises more than nine million square feet of business space valued at roughly $1 billion, made its 2nd ever investment in the Kansas City market count with the purchase of Business Woods, a 2.2 million-square-foot, 29-building workplace park located in Overland Park, KS.
Kansas City’s premier office park, Corporate Woods is found on 300 acres in the southeast quadrant of the I-435/ U.S. Path 69 interchange in south Kansas City’s College Blvd. submarket.
Group RMC got the park from Stoltz Property Partners, a property fund supervisor based from rural Philadelphia that purchased the portfolio more than decade ago from New york city State Educators’ Retirement. The acquisition consists of 21 structures and The Shops at Corporate Woods retail center – the other 7 structures, consisting of a DoubleTree Hotel, are separately owned.
The acquisition is the largest in the Kansas City urbane this year and the biggest because Taubman Centers and The Macerich Co. collaborated in early 2016 to get the Country Club Plaza in Kansas City for $660 million.
Group RMC made its entry into the Kansas City market last year with the firm’s acquisition of a seven-property office portfolio, likewise in Overland Park, from Colony Realty Partners for $94 million. The two acquisitions give the firm ownership of more than three million square feet in the Kansas City suburb.
Block Property Services acted as a consultant in the transaction and has actually been kept to supply unique leasing and property management obligations on behalf of the brand-new owner.
For additional information on the deal, please see CoStar Compensation # 3976035.