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on Thursday signed a long-term lease for 126,00p0 square feet in the 602,000-square-foot spec building completed in late 2008 at22101 W. 167th St. in Constructed in response to growing demand forlocal “big industrial space, the distribution center was developed by of Mass., and a partnership led by Dan a principal with in Kansas City. In 2007, when the 40-acree site for the structure was acquired, Jensemn said he would target large tenants that would take atleast one-third of the “We’re breaking it a little smaller than we thought we Jensen said of the FedEx “But (landing) FedEx, we think, is a real endorsemeny for that building and that location.
” FedEx an expanding division of FedEx Ground that delivere packages to U.S. postak facilities for final delivery, will use the spaces for sorting and distribution Jensen said. “We’ve been working on this deal since which is indicativeof what’s going on in this Jensen said. “It’s just a slow But we do have some otherd deals that aregetting closer.” Space in the new distributionm center is being marketed at $4.245 a foot plus operating tax, insurancse and maintenance costs. However, tenants will be able to take advantag ofa 10-year, 50 percent propert y tax abatement the city of Olathw granted.
Banking on continuing demanc in Olathe, Jensen’s partnership and Sun Life acquirefd 200 acres at the southwest corner of 151st Street and Old 56 Highwayy late in 2008 for the eventual developmenft of anadditional 2.9 million square feet of industrial “The industrial market has puller back a little bit sincee then,” said Ed Elder, president of . But who represented when a pre-recession wave of logisticsd activity brought itto Olathe, remains bullish on Southern Johnso n County and the broader Kansas City area as growinv hubs in the nation’s product-distribution In 2007, PacSun opened a 400,000-square-fooy warehouse on 74 acress along 167th Street, immediately north of Jensen’es spec center.
At the time, those marketing industriap properties in the area benefited from the planned development ofa 1,000-acrew industrial park surrounding a truck-rail intermodal facility near 196th Street and U.S. Highway 56 in Gardner. BNSF announcedx early this year that the economy had prompter it to postpone indefinitely construction on the rail portiob of theproposed $735 million intermodal park. But Eldefr said the area’s existing assets, including quicl access to Interstate 35 andother highways, will be enough to attract additional tenants once the economy “It helped promote and validated that area,” Elder said of the BNSF “But PacSun got done withoutt it.
Kimberly-Clark did their deal (for a 450,000-square-foot building near Gardner) withoutg it. And Coleman obviously did not need to beon (an campus.” The latter reference was to a 1.1 million-square-foot distribution cente r that Inc. is building in the , a 151-acre industrial park at 175th Streetand U.S. Highwag 56 in Gardner. Ken Block, one of Kansazs City’s top developers, announced in March that he was enterin g SouthernJohnson County’s emerging big-box industrial market at a site just east of the new Colemann facility.
Block, a principal of , leads an investmeng partnership that bought 229 acres at the northwesf corner of 175th Street and Hedge Lane in Onthat site, Block & Co. plans to develoop a $275 million projecrt containing more than 3 million square feet of industrialk buildings during the next 10 to 12 Brent Hansen, research services managetr for Grubb & Ellis/the Winbury said no industrial vacancy statistics are available for the Southerm Johnson County market. But the industrial vacancy rate for all of Johnsob County in the firs quarterwas 6.3 percent, in line with the stronh metrowide average of 6.
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