Overstock Inks 517 KSF Lease in Kansas City
The industrial facility provides immediate access to interstates 70 and 635 and represents the third national location for the tenant. The landlord is BH Properties.
After Salt Lake City and Carlisle, Pa., Overstock is getting ready to add Kansas City to its operating platform. The online retailer has signed a 517,391-square-foot lease with BH Properties at its 5300 Kansas Ave. industrial facility, which will position it close to two major interstates, 70 and 635.
The property is located near the Burlington Northern Santa Fe railway as well in a densely industrial area, home to the warehouses of Riverside Transport, Virginia Tile, Metro Park Warehouses and other firms.
Managing Director John Hassler and Executive Managing Director Mark Long of Newmark Grubb Zimmer and BH Properties’ Bill Hardy arranged the deal on behalf of the landlord. Principal & Senior Vice President Luke Burbank and Co-Founder & Executive Vice President Kyle Roberts from Newmark Grubb ACRES represented the tenant.
The transaction highlights a trend which puts secondary markets like Kansas City in the spotlight for attracting industrial tenants. While most gateway markets in the Midwest, such as Chicago and Minneapolis, have very low vacancy rates, online retailers are being drawn to cities like Kansas City which can easily link them with the rest of the nation.
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