Colliers completed the sale of 2323 Grand Boulevard, a 321,000-square-foot office property located in Kansas City’s Crown Center sub-market.

Senior Vice President Evan Warwick represented the owner, and Principal Bryan Johnson represented the buyer. Stanton Road Capital, LLC, a private investment management and advisory firm, sold the property to Crain Company, a Wichita-based multifamily acquisition and development company.

The 11-story office building was developed in 1985 and acquired by Stanton Road Capital in 2017. Conveniently located within a well-established commercial corridor, the property offers walkable access to nearby hotels, retail, and dining options, along with covered and surface parking.

“This area continues to show strong long-term potential, particularly due to its proximity to the new Kansas City Royals stadium and ongoing development activity nearby,” commented Warwick. “The property’s premier location and panoramic downtown views made it a highly attractive asset, and we are especially appreciative of the trust our clients placed in us throughout the process.”

Marcus & Millichap completed the sale of Spring Creek Center, a 31,557-square-foot retail strip property located in Derby, Kansas. The property sold for $5.3 million. 

“We sourced an all-cash private investor from the East Coast who offered a higher price than local buyers while securing a better deal than he could find in his home market,” said Alex Perez, first vice president of investments. 

Perez and Chris Garavaglia, investment specialists in Marcus & Millichap’s St. Louis office, had the exclusive listing to market the property on behalf of the seller, a private equity group. Colby Haugness, Broker of Record in Kansas, assisted in closing the transaction. 

Built in 2007, Spring Creek Center is located on 3.28 acres at 1821 E. Madison Ave. in the Wichita, Kansas, MSA. The retail strip consists of 12 fully leased suites spread across three buildings, with a mix of medical, dining and service-oriented tenants.

The JLL team was led by Managing Director Mark Erland and Director Kevin Barron. “3rd and Grand is an exceptionally well-designed project that will benefit from its transit-oriented location with city incentives, Kansas City’s booming market fundamentals and its seasoned development team,” said Barron.

Upon completion in 2026, 3rd and Grand will be a mid-rise development with five stories above a one-story garage. It will feature studio, one- and two-bedroom layouts with amenities, including a fitness center, a lounge, and a state-of-the-art pool.

“3rd and Grand represents a visionary approach to urban living, combining luxurious amenities with a vibrant, transit-oriented location in the heart of Kansas City,” said Mike McKeen, Principal at EPC Real Estate Group and Bill Crandall, Principal at Copaken Brooks, in a joint statement.

Don’t miss the Lifetime Achievement Award Presentation and Keynote Interview with G. Joseph Cosenza, Vice Chairman of The Inland Real Estate Group, LLC and President of Inland Real Estate Acquisitions, LLC at Connect Midwest: Multifamily, Affordable, Student & Senior Housing Trends on June 4, 2024, at the W-Chicago, City Center Hotel, Chicago, IL. Register Today to network with your peers!