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The Real Estate Report for Metropolitan Kansas City 2019

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The Real Estate Report for Metropolitan Kansas City 2019 The Real Estate Report For Metropolitan Kansas City 2019 Block Real Estate Services, LLC 700 W. 47th Street, Suite 200 | Kansas City, MO 64112 816.756-1400 | www.BLOCKLLC.com BLOCK REAL ESTATE SERVICES, LLC (BRES) Table of Contents HIGHLIGHTS OF 2018 SUCCESS ABOUNDS IN KANSAS CITY _______________1 Transactions BRES completed the year with total GLOBAL, U.S., KANSAS CITY OVERVIEW ____________6 sales and leasing transactions in excess of $946 million. DOWNTOWN DEVELOPMENT ___________________23 Property Management OFFICE MARKET ______________________________27 BRES commercial management portfolio reached over 42.33 million INDUSTRIAL MARKET __________________________36 square feet of commercial space. RETAIL MARKET ______________________________46 Construction INVESTMENT MARKET _________________________51 Block Construction Services (BCS) managed renovation and development projects exceeding $691 million. INVESTORS CHART AND SALES RECORDS __________61 Projects included work in all sectors, including: office, industrial/ MULTIFAMILY MARKET _________________________62 warehouse/distribution, multifamily, retail and medical. BLOCK INCOME FUNDS ________________________66 Investment Syndication BLOCK CONSTRUCTION SERVICES ________________67 BRES completed over $328 million in investment sales and raised over BLOCK HEALTHCARE DEVELOPMENT _____________69 $82 million in equity funds for syndication of new acquisitions BLOCK MULTIFAMILY GROUP ___________________71 and development projects. ECONOMIC INDICATORS _______________________72 Affiliates Block Hawley Commercial Real Estate, LLC ranks as one of the most active industrial brokerage firms in St. Louis, with approximately four million square feet of listed property and nearly 7.65 million square feet under management. ABOUT THE COVER The National World War I Memorial and Museum marked the centennial of Block Multifamily Group, (BMG) the Armistice on November 11, 2018 by projecting more than 5,000 giant now manages nearly 7,350 units. poppies onto the exterior of the memorial. Red poppies have been associated Projections point toward 7,650 with WWI since the poem “In Flanders fields the poppies blow...” was published units by year-end 2019. in 1918. Created by effects company DWP Live, the display is titled “Peace and Block Technology Solutions, (BTS) Remembrance” and recognizes the approximately 9 million soldiers who died in completed 325 installations in over the war. June 28, 2019 will mark the centennial of the Treaty of Versailles which 32 million square feet totaling over ended the state of war between Germany and the Allied Powers. $1.5 million. Photo courtesy of Jeff Roberts jlrphoto.com Success Abounds In Kansas City SUCCESS ABOUNDS IN KANSAS CITY IN KANSAS SUCCESS ABOUNDS BRES and its affiliates treated their employees to a company picnic at Kauffman Stadium on May 16. Employees enjoyed food, drinks, and games before entering the stadium to watch the Kansas City Royals take on the Tampa Bay Rays. In 2018, the Kansas City economy continued to BRES continues to lead the Kansas City commercial grow adding to the gains seen in 2016 and 2017. real estate industry and has, again, been recognized by the Through the development of multiple industrial following publications: facilities, including Lenexa Logistics Centre, Kansas Kansas City Business Journal (2018 rankings based on City is now considered one of the top Ecommerce yearend 2017 data) cities in the country. Block Real Estate Services, LLC (BRES) has seen great success in multiple markets • #1 Commercial real estate property management firm— managing over 42.33 million gross leasable square feet— and will continue seeking out opportunities for our managing industrial, office, and retail. Affiliate Block investors and clients in 2019. Multifamily Group (BMG) manages 7,350 multifamily units with over 1,100 units under construction or in BRES’ success in 2018 would not have been possible development without the outstanding staff we have assembled. Through • #1 Most active commercial real estate firm with 853 a concentrated effort, BRES recruits the most knowledgeable transactions and professional real estate strategists, brokers, managers, • #2 Largest commercial real estate firm with volume of accountants, maintenance, and support staff in the industry. $1.11 billion Of the 69 agents and 109 full-time employees, more than • #2 Commercial real estate company with 69 real estate half hold some type of professional designation or degree agents while being active in industry trade associations, including • Nine buildings in the Top 25 Multitenant Industrial Facility the Society of Industrial and Office Realtors (SIOR), Certified 2018 List under leasing and management Commercial Investment Member (CCIM), Institute of Real Estate Management (IREM), Building Owners and Managers St. Louis Business Journal Association (BOMA), and many others. • #23 Largest commercial real estate firm, based on Success Abounds in Kansas City | 1 number of local active licensed agents (Block Hawley) of management for several retail and industrial properties • #25 Largest commercial real estate firm, based on throughout the metro. These new properties, along with number of total local staff (Block Hawley) management opportunities realized this year, have increased management fees by approximately $500,000. Commercial Property Executive - National Ranking In 2018, the management team focused on completing several parking lot overlays, extensive roof repairs and • Ranked 13th top national property management firm replacements, and added additional security and CCTV • Ranked 28th top national commercial development firm systems. These tasks served to improve and enhance the • Ranked 39th top national multifamily owners properties while enhancing the owners return and satisfying tenant’s needs. To further support the property management Midwest Real Estate News team’s growth, and ensure utilization of innovative industry resources and knowledge, they are involved in CCIM, IREM, • Ranked 3rd in top owners in the Midwest and BOMA with one of the team’s general managers currently • Ranked 10th in top property management in the Midwest sitting on the BOMA Executive Board. Additionally, the • Ranked 15th in top brokerage firms in the Midwest department had three individuals complete CCIM coursework and the Vice President of Property Management earned their Ingram’s (2018 rankings based on yearend 2017 data) CCIM designation. In 2019, the property management team will continue to • #1 Top area commercial real estate firm with $1.11 grow the management portfolio across all types of commercial billion gross sales properties. Leadership will focus on developing managers’ • #1 Top area commercial real estate firm for square tenant relations, accounting, and finance and business skills footage managed/sold/leased to further enhance the team. They will continue to process improvement initiatives designed to enhance management CoStar Group, Inc. efficiency and maintain BRES’ leadership position in commercial property management. • Power Broker Top Leasing Firm Award Winner BLOCK MAINTENANCE SOLUTIONS Recent Award Winning Developments In 2018, Block Maintenance Solutions (BMS) had another successful year providing maintenance services to the BRES • 2018 - The Equitable, Des Moines, Iowa - William J. property management team. BMS purchased new tools to Wagner Award - State Historic Preservation Office expand their capabilities and services within the portfolio. • 2018 - Lenexa Logistics Centre Building 7, Lenexa, With the purchase of a new pro press machine, generators, Kansas - Capstone Award Winner - Kansas City Business water pumps, and a portable air compressor, they will be able Journal to better serve customers and reduce dependency on outside • 2017 - The Royale at CityPlace, Overland Park, Kansas - contractors, which will result in an improvement of work Capstone Award Winner - Kansas City Business Journal efficiency. • 2017 - Lenexa Logistics Centre North Building 1, Lenexa, Throughout the year, BMS has completed many in-house Kansas - Capstone Award Winner - Kansas City Business projects with their group of specialty service technicians. By Journal coupling their buying power and using their own certified • 2015 - Lenexa Logistics Centre Building 4, Lenexa, employees, they can provide these services at a substantial Kansas - Capstone Award Winner - Kansas City Business discount to customers. The specialty services provided include Journal electrical, plumbing, and locksmith. They have performed • 2014 - Nall Corporate Centre I, Overland Park, Kansas - projects such as backflow preventer repair and replacement, Capstone Award Winner - Kansas City Business Journal installation of sub-meters and sac meters, electrical repair and installation, lighting retrofits, panel replacement, complete Many of the major highlights for BRES and its affiliates keying of new spaces, and door card access repairs. in 2018 will be discussed within the pages of this report. Of those, below are some that stand out from the rest: BLOCK CONSTRUCTION SERVICES In 2018 Block Construction Services (BCS) completed PROPERTY AND ASSET MANAGEMENT a 58,106 square foot build-to-suit project in the Pine Ridge SERVICES TEAM West Business Park for Corbion, the global leader in green bio- BRES has evolved and expanded its commercial footprint in based ingredients, pioneering the fields of food and biochemical the Kansas City area along with Arizona, Ohio and Las Vegas, industries including agriculture,
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