LENEXA, Kan. – Hines, the Houston-based real estate firm, in conjuction with Oaktree Capital Management, has acquired the Southlake Technology Park and Lenexa Industrial Park – a total of 40 buildings and 70 acres of land near Kansas City, Mo.
The two commercial real estate parks comprise 1.67 million SF located near the intersection of Interstate 35, Interstate 435 and Kansas 10, the transportation and economic nexus in Kansas.
The portfolio is currently 67 percent occupied. Ned O’Connor of Waterford Property Company is responsible for leasing Southlake Technology Park, the office portion of the portfolio, while Mark Feitz of LaSala-Sonnenberg Commercial Realty is the broker for Lenexa Industrial Park, the industrial component. Hines will be the property manager on both.
“These properties represent the largest blocks of vacancy in office product in southern Johnson County,” said Tom Danilek, Hines senior managing director. “Hines and Oaktree were attracted to the industrial buildings due to the parks’ superior location at the epicenter of the flex industrial market, as well as the more than 69 acres of fully entitled land for future office and industrial development.”
Southlake Technology Park comprises 15 office buildings totaling 933,000 SF of space. There are 10 sites of vacant land totaling 53 acres available for future development along College Boulevard from Lackman Road to Renner Boulevard. The development began construction in 1987 and was completed in 2002.
Lenexa Industrial Park comprises 25 industrial and flex buildings totaling 736,000 SF of space. There are four sites totaling 16 acres available for future development near 99th Street and Pflumm Road. The development began construction in the 1970s and was completed in 1999.