KANSAS CITY, Mo., Jan. 29, 2014 /PRNewswire/ -- The Kansas City Board of Trade building has been sold to Mariner Real Estate Management, LLC in an all-cash transaction. Located at 4800 Main Street on Kansas City's Country Club Plaza, the Board of Trade building is a 165,714-square-foot, "Class B+" property. Terms of the transaction were not disclosed.
The Kansas City Board of Trade (KCBT), established in 1856, was originally located at 8th and Wyandotte Street in downtown Kansas City and later at 10th and Wyandotte. CME Group acquired the KCBT in December 2012.
Senior Vice President Rod Jones and Co-CEO Bryan Johnson of Colliers International | Kansas City, in partnership with Holly Duran and Jeff Mulder of Holly Duran Real Estate Partners LLC (HDREP), represented the seller, Board of Trade Investment Company, as co-brokers for the sale of the building. Board of Trade Investment Company is owned jointly by CME Group and Highwoods Properties. HDREP has been CME's global real estate advisor since 1980. The buyer, an entity managed by Mariner Real Estate Management, LLC, was represented by Pat Coppinger, Senior Vice President with Colliers International | Kansas City.
"The property, currently 53% leased, presents the buyer with an excellent value-add opportunity with upside potential. It's strategically located on the south side of the Country Club Plaza, which has historically been the most stable market in the metro area due to the fact that this area is where tenants want to be," said Jones.
"We're very pleased that the timing of this transaction fit perfectly with the overall real estate market conditions in Kansas City," said Mulder of HDREP.
ABOUT HOLLY DURAN REAL ESTATE PARTNERS LLC
Based in Chicago, Holly Duran Real Estate Partners LLC (www.hdrealestate.com) is a global real estate strategy and services firm dedicated to providing innovative, cost-efficient solutions to commercial tenants. The firm has negotiated over 15 million square feet of office, industrial and data center leases in over 65 cities, 36 states and nine countries, managing transactions and lease portfolios for clients ranging from small professional firms to large multi-national organizations. HDREP provides a full scope of real estate services, including brokerage, strategic advisory, investment sales, acquisitions and dispositions, development, real estate finance and analysis, real estate valuation and project management.
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Colliers International is a global leader in commercial real estate services, with over 13,500 professionals operating out of more than 482 offices in 62 countries. A subsidiary of FirstService Corporation, Colliers International delivers a full range of services to real estate users, owners and investors worldwide, including global corporate solutions, brokerage, property and asset management, hotel investment sales and consulting, valuation, consulting and appraisal services, mortgage banking and insightful research. The latest annual survey by the Lipsey Company ranked Colliers International as the second-most recognized commercial real estate firm in the world.
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SOURCE Holly Duran Real Estate Partners LLC