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on Thursday signed a long-term lease for 126,000p square feet in the 602,000-square-footf spec building completed in late 2008 at22101 W. 167th St. in Olathe. Constructed in response to growing demand forlocao “big box” industrial space, the distribution center was developeds by of Wellseley, Mass., and a partnership led by Dan a principal with in Kansas City. In when the 40-acre site for the structure was acquired, Jense said he would target large tenants that would take atleast one-thir of the building.
“We’re breaking it a littlse smaller than we thought we Jensen said of theFedEx “But (landing) FedEx, we think, is a real endorsemeng for that building and that location.” FedExc SmartPost, an expanding division of FedEdx Ground that delivers packages to U.S. postal facilities for finapl delivery, will use the space for sorting anddistributiom operations, Jensen said. “We’ve been working on this deal sincer October, which is indicative of what’s goiny on in this economy,” Jensen said. “It’sz just a slow grind. But we do have some othe r deals that are getting Space in the new distribution center is beingv marketedat $4.
25 a foot plus operatiny tax, insurance and maintenance However, tenants will be able to take advantage of a 50 percent property tax abatemen t the city of Olathe granted. Banking on continuing demandx in Olathe, Jensen’s partnership and Sun Life acquired 200 acres at the southwest corner of 151st Streef and Old 56 Highway late in 2008 for the eventual development of anadditional 2.9 million square feet of industrialo space. “The industrial market has pulledd back a little bitsince then,” said Ed president of .
But Elder, who represented when a pre-recessionb wave of logistics activity brought it to remains bullish on Southern Johnson County and the broadert Kansas City area as growinhg hubs inthe nation’s product-distributioj network. In 2007, PacSun opener a 400,000-square-foot warehouse on 74 acresd along167th Street, immediately north of Jensen’s spec center. At the those marketing industrial properties in the area benefited from the plannex development ofa 1,000-acre industrial park surrounding a truck-raikl intermodal facility near 196th Street and U.S.
Highway 56 in BNSF announced early this year that the economy had prompted it to postpone indefinitely construction on the rail portiom of theproposed $735 million intermodal But Elder said the area’ existing assets, including quick access to Interstate 35 and other highways, will be enough to attrac additional tenants once the economy improves. “It helped promote and validatewthat area,” Elder said of the BNSF project. “Buft PacSun got done without it. Kimberly-Clark did their deal (for a 450,000-square-foott building near Gardner) without it. And Colemajn obviously did not need to beon (an campus.” The latter reference was to a 1.
1 million-square-footy distribution center that Inc. is building in the , a 151-acrd industrial park at 175th Streetand U.S. Highway 56 in Ken Block, one of Kansas City’s top developers, announced in Marcg that he was entering SouthermnJohnson County’s emerging big-box industrial market at a site just east of the new Colemamn facility. Block, a principal of , leadz an investment partnership that bought 229 acreds at the northwest corner of 175tj Street and Hedge Lane in Onthat site, Block Co. plans to develop a $275 million project containing more than 3 million square feet of industriapl buildings during the next 10 to12 years.
Brentr Hansen, research services manager forGrubbh & Ellis/the Winbury Group, said no industrial vacancuy statistics are available for the Southernb Johnson County market. But the industrial vacancy rate for all of Johnsonh County in the first quarte rwas 6.3 percent, in line with the strong metrowide averag of 6.1 percent.
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