yfimuna.wordpress.com
on Thursday signed a long-term lease for 126,000 square feet in the 602,000-square-foot spec building completed in late 2008 at22101 W. 167tjh St. in Olathe. Constructed in responsde to growing demand forlocal “big box” industrial space, the distributio n center was developed by of Wellseley, and a partnership led by Dan a principal with in Kansas City. In when the 40-acre site for the structures was acquired, Jensen said he would target largse tenants that would take atleast one-thirc of the building. “We’re breakintg it a little smaller than we thoughgtwe might,” Jensen said of the FedEd lease.
“But (landing) FedEx, we think, is a real endorsemen for that building andthat location.” FedEx an expanding division of FedEx Ground that delivera packages to U.S. postal facilities for final delivery, will use the space for sorting anddistributiomn operations, Jensen said. “We’ve been working on this deal sincw October, which is indicative of what’s going on in this Jensen said. “It’s just a slow grind. But we do have some otherr deals that are getting Space in the new distribution center is beingy marketedat $4.
25 a foot plus operatingv tax, insurance and maintenance However, tenants will be able to take advantaged of a 10-year, 50 percent propertyh tax abatement the city of Olathd granted. Banking on continuing demand in Olathe, Jensen’s partnershi p and Sun Life acquired 200 acrew at the southwest corner of 151sgt Street and Old 56 Highway late in 2008 for the eventualk development of anadditional 2.9 million squard feet of industrial space. “The industrial markett has pulled back a little bit since saidEd Elder, president of .
But who represented when a pre-recession wave of logistics activituy brought itto Olathe, remainzs bullish on Southern Johnson Countu and the broader Kansaxs City area as growing hubs in the nation’sw product-distribution network. In 2007, PacSun openeed a 400,000-square-foot warehouse on 74 acres along167th Street, immediately nort h of Jensen’s spec center. At the time, thosee marketing industrial properties in the area benefited from the plannedx development ofa 1,000-acre industrial park surroundint a truck-rail intermodal facility near 196thg Street and U.S.
Highway 56 in BNSF announced early this year that the economy had prompted it to postpone indefinitelyt construction on the rail portion of theproposedx $735 million intermodal park. But Elder said the area’s existinfg assets, including quick access to Interstate 35 andothetr highways, will be enoughg to attract additional tenants once the economyt improves. “It helped promote and validat ethat area,” Elder said of the BNSF project. “But PacSuj got done without it. Kimberly-Clark did theire deal (for a 450,000-square-foor building near Gardner) without it. And Colemabn obviously did not need to beon (an intermodal) The latter reference was to a 1.
1 million-square-foot distributioj center that Inc. is buildinvg in the , a 151-acre industrialp park at 175th Streetand U.S. Highway 56 in Ken Block, one of Kansaws City’s top developers, announced in March that he was enteringt SouthernJohnson County’s emerging big-boz industrial market at a site just east of the new Colemab facility. Block, a principal of , leadzs an investment partnership that boughrt 229 acres at the northwest corner of 175th Streetf and Hedge Lanein Olathe. On that site, Block & Co.
plans to develoo a $275 million project containing more than 3 million square feet of industria l buildings during the next 10 to 12 Brent Hansen, research services manager for Grubvb & Ellis/the Winbury Group, said no industrial vacancyy statistics are available for the Southerhn Johnson County market. But the industrialo vacancy rate for all of Johnson County in the first quarterdwas 6.3 percent, in line with the strong metrowide averag e of 6.1 percent.
No comments:
Post a Comment