Hines and Oaktree Ventures acquire two Lenexa real estate developments
Hines, along with a subsidiary of a real estate fund managed by Oaktree Capital Management, has acquired the Southlake Technology Park and Lenexa Industrial Park.
The two commercial real estate parks comprise 1.67 million square feet of leasable space in 40 buildings that are strategically located near the intersection of Interstate 35, Interstate 435 and Kansas 10, the transportation and economic nexus in Kansas.
"These properties represent the largest blocks of vacancy in office product in southern Johnson County," says Tom Danilek, Hines senior managing director. "Hines and Oaktree were attracted to the industrial buildings due to the parks' superior location at the epicentre of the flex industrial market, as well as the more than 69 acres of fully entitled land for future office and industrial development."
Phil Hofmann, managing director of Oaktree, says: "The Lenexa joint venture represents a terrific investment opportunity. We are committed and focused on working with Hines to maximize the value of these key Johnson County business locations."
Southlake Technology Park comprises 15 office buildings totalling 933,000 square feet of space. There are 10 sites of vacant land totalling 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 totalling 736,000 square feet of space. There are four sites totalling 16 acres available for future development near 99th Street and Pflumm Road. The development began construction in the 1970s and was completed in 1999.
The portfolio is currently 67 per cent occupied.
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