{"id":1004295452,"date":"2019-01-31T04:10:58","date_gmt":"2019-01-31T12:10:58","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004295452"},"modified":"2019-02-01T09:51:45","modified_gmt":"2019-02-01T17:51:45","slug":"somera-road-buys-657-ksf-office-asset-in-mo","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/somera-road-buys-657-ksf-office-asset-in-mo\/","title":{"rendered":"Somera Road Buys Kansas City Office Asset"},"content":{"rendered":"
\"City<\/a>

City Center Square<\/p><\/div>\n

HFF has orchestrated $60.2 million in bridge financing for Somera Road Inc.\u2019s purchase of City Center Square. The New York-based company purchased the approximately 657,000-square-foot office building in downtown Kansas City, Mo., from David Werner Real Estate<\/a> in an off-market transaction.<\/p>\n

TPG RE Finance Trust provided Somera with a floating-rate acquisition loan. \u201cLenders liked (City Center\u2019s) attractive basis, the TOD location on a streetcar stop, in addition to the strong office market fundamentals coupled with the robust urban renewal and continued growth,\u201d <\/em>Leon McBroom, director with HFF, told Commercial Property Executive<\/em>.<\/p>\n

City Center Square sits at 1100 Main St. in Kansas City\u2019s central business district, occupying an entire city block. The 30-story tower, which first opened its doors in 1977, also features 30,000 square feet of ground-level retail space.<\/p>\n

The new owner plans to use proceeds from the loan to rebrand and reposition the property. \u201cThis is a rare opportunity to completely renovate a building into a trophy office tower in a downtown Kansas City market that is currently experiencing a resurgence,\u201d<\/em> McBroom added.<\/p>\n

McBroom was joined in representing the borrower by fellow debt placement team member Mark Katz, a senior managing director with HFF.<\/p>\n

Kansas City attraction<\/h2>\n

Kansas City\u2019s office market continues on an upswing. Vacancy rates hovered at record lows and rental rates rose 3 percent in 2018, according to a report by commercial real estate services firm Newmark Knight Frank. The fourth quarter of 2018 marked the 21st consecutive quarter of increased asking rental rates. The positive fundamentals remain a magnet for investors.<\/p>\n

\u201cCapital is really buying into the downtown Kansas City resurgence, and that includes lenders,\u201d<\/em> said McBroom.<\/p>\n

Image courtesy of HFF<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Working on behalf of the buyer, HFF arranged a $60.2 million bridge loan for the purchase of City Center Square in downtown Kansas City.<\/p>\n","protected":false},"author":969,"featured_media":1004295455,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21808,1592,13,21742,21747],"tags":[43922,32792,33935,37071],"class_list":["post-1004295452","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-featured","category-kansas-city","category-midwest","category-latest","category-office","tag-david-werner-real-estate","tag-hff","tag-mark-katz","tag-tpg-re-finance-trust"],"acf":[],"yoast_head":"\nSomera Road Buys Kansas City Office Asset - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/somera-road-buys-657-ksf-office-asset-in-mo\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Somera Road Buys Kansas City Office Asset\" \/>\n<meta property=\"og:description\" content=\"Working on behalf of the buyer, HFF arranged a $60.2 million bridge loan for the purchase of City Center Square in downtown Kansas City.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/somera-road-buys-657-ksf-office-asset-in-mo\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2019-01-31T12:10:58+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2019-02-01T17:51:45+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/01\/City-Center-Square.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"620\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Barbra Murray\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/somera-road-buys-657-ksf-office-asset-in-mo\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/somera-road-buys-657-ksf-office-asset-in-mo\\\/\"},\"author\":{\"name\":\"Barbra Murray\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/d1edda962dd3af55af8a203870f9fc32\"},\"headline\":\"Somera Road Buys Kansas City Office Asset\",\"datePublished\":\"2019-01-31T12:10:58+00:00\",\"dateModified\":\"2019-02-01T17:51:45+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/somera-road-buys-657-ksf-office-asset-in-mo\\\/\"},\"wordCount\":291,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/somera-road-buys-657-ksf-office-asset-in-mo\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2019\\\/01\\\/City-Center-Square.jpg\",\"keywords\":[\"David Werner Real Estate\",\"HFF\",\"Mark Katz\",\"TPG RE Finance Trust\"],\"articleSection\":[\"Deals\",\"Featured\",\"Kansas City\",\"Midwest\",\"News\",\"Office\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/somera-road-buys-657-ksf-office-asset-in-mo\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/somera-road-buys-657-ksf-office-asset-in-mo\\\/\",\"name\":\"Somera Road Buys Kansas City Office Asset - 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