Copaken Brooks Helps Chicago Investors Buy Two Kansas City Office Buildings
April 21, 2014
An investment group represented by Copaken Brooks has
closed the sale of two Class A buildings in Overland Park’s Renaissance Office
Park to CA Office, part of Chicago-based CA Ventures.
Holliday Fenoglio Fowler LP marketed the two seven-story
buildings, the Van Eyck and del Sarto, which total 293,872 square feet. The
parties involved in the transaction did not disclose the sale amount, but two
parties familiar with the transaction said the buildings sold for about $90 to
$100 a square foot, or roughly $26 million to $29 million.
The transaction marks the first area acquisition for CA
“We regularly review holdings on behalf of owners we
represent to ensure they meet their investment goals,” said Keith Copaken, a
principal with Copaken Brooks. “We determined that the time was right to do
this deal to monetize the project’s equity.”
The two buildings are 85 percent occupied by, among
others, Design Resources Inc., Ketchum Directory Advertising and Marsh &
McLennan Agency, an insurance firm. The 150,521-square-foot Van Eyck building
is situated on nearly 8 acres at 7007 College Blvd. The 143,351-square-foot del
Sarto building sits on 4.9 acres at at 7015 College Boulevard.
The buildings were developed in the mid-1980s as part of
the three-building Renaissance Office Park.
“This acquisition allows CA Office to enter one of the
most sought-after submarkets in the Midwest,” said Bob Gillespie, managing
partner of CA Office. “We have purchased two of the best buildings in the
market, which were developed and have been exceptionally maintained by Copaken
Separate investment groups represented by Copaken Brooks
continue to own Renaissance III and more than 35 acres of developable property
in the vicinity. Renaissance III tenants include Zurich, an international
insurance firm, and Intouch Solutions, a digital pharmaceutical marketing