City Ventures Buys 147 KSF Office Campus in KC
The company purchased Park Central Plaza in the city’s Country Club Plaza submarket using a $24 million loan from JPMorgan Chase.
Park Central Plaza. Image courtesy of Yardi Matrix
Park Central Plaza, a 146,884-square-foot office campus in Kansas City, Mo., has changed ownership. City Ventures acquired the two-building asset from Canada-based Sun Life Financial, according to Yardi Matrix data. The property traded for an undisclosed amount, but the buyer took out a $24 million, seven-year loan to finance the acquisition. JPMorgan Chase originated the financing. Back in 2011, the life insurance company paid $18 million for the asset.
Located at 4717 Grand Blvd. within a premier office submarket, Park Central Plaza I and II provide easy access to several retail and dining options. The 1990-built property in Country Club Plaza includes 10,000 square feet of retail space and 479 parking spaces. Oakstar Bank, Designer Group, Krause & Kinsman Law Firm and NCM Associates are among the tenants of the LEED-certified buildings.
According to the Kansas City Business Journal, JLL arranged acquisition financing on behalf of the buyer and represented the seller in the transaction. Last year, Sun Life also sold a 223,118-square-foot office portfolio in the Raleigh-Durham, N.C., area for $30.6 million.
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