Hines, the international real estate firm, announced today that along with a subsidiary of a real estate fund managed by Oaktree Capital Management, L.P. , it has acquired the “Southlake Technology Park” and “Lenexa Industrial Park”. Financials on the deal were not disclosed.
The two commercial real estate parks comprise 1.67 million square feet of leasable space in 40 buildings that are strategically located near the intersection of Interstate 35, Interstate 435 and Kansas 10, the transportation and economic nexus in Kansas.
Southlake Technology Park comprises 15 office buildings totaling 933,000 square feet of space. There are 10 sites of vacant land totaling 53 acres available for future development along College Boulevard from Lackman Road to Renner Boulevard. The development began construction in 1987 and was completed in 2002.
Lenexa Industrial Park comprises 25 industrial and flex buildings totaling 736,000 square feet of space. There are four sites totaling 16 acres available for future development near 99th Street and Pflumm Road. The development began construction in the 1970s and was completed in 1999.
The portfolio is currently 67 percent occupied. Hines will be the property manager on both.
Hines has been active in nearby Kansas City, Mo.’s, real estate market since 1971, with its most prominent commercial real estate projects being completed in the past decade. These include the Science City at Union Station and H&R Block World Headquarters developments, as well as two major Crown Center office building acquisitions – 2345 Grand and 2555 Grand.
Oaktree is a leader among global investment managers specializing in alternative investments, with $79.8 billion in assets under management as of Sept. 30, 2013. The firm emphasizes an opportunistic, value-oriented and risk-controlled approach to investments in distressed debt, corporate debt (including high-yield debt and senior loans), control investing, convertible securities, real estate and listed equities. Headquartered in Los Angeles, the firm has more than 750 employees and offices in 15 cities worldwide.
Source : Company