Newmark Grubb Zimmer closed the portfolio sale of two light industrial parks in Kansas City, Missouri. Totaling 560,000 square feet, the portfolio houses 29 tenants ranging in size from 3,600 to 80,000 square feet.
Newmark Grubb Zimmer president and chief executive officer Mark Long, managing director John Hassler, director Scott Bluhm and financial analyst Trenton Wahl represented the seller, Brennan Investment Group. The buyer was Sealy & Company.
Newmark Grubb Zimmer also provided property management services for both parks and leasing services for Midtown Park.
Totaling nine buildings, the portfolio of Midtown Park and Rivergate Business Center is made up of leasing units that are difficult to replicate within Kansas City’s neighboring Executive Park and East Bottoms industrial submarkets. Situated adjacent to downtown Kansas City, the portfolio offers immediate access to the area’s most significant highway systems and proximity to high-density population and available labor.
Rivergate Business Center includes five buildings, 238,967 square feet and is located in Executive Park, which is among the largest master-planned industrial parks in the Midwest with 18.5 million square feet. Midtown Park includes four buildings, 320,400 square feet and is located in the East Bottoms industrial park.