SR Realty Trust Acquires Executive Park in Kansas City, Missouri
October 26, 2018
FOR IMMEDIATE RELEASE
(Minneapolis, MN) — SR Realty Trust, Inc. is pleased to announce the acquisition of a 100% leased multi-tenant distribution warehouse property located in the northeast quadrant of Interstate 435 and Front Street East in Kansas City’s Northland/Executive industrial submarket. The 173,129 square foot building is home to Sara Lee Bakery, Goodwill, and Safelite AutoGlass. The facility was built on ten acres of land in 2000 and features 24-foot clear height, 36 dock doors, and four drive-ins.
SR Realty Trust, Inc. facilitated 1031 exchanges for five different investors, by bringing them into the acquisition that was sourced, underwritten and closed by SR Realty Trust, Inc. The property was purchased for $11.25 million on October 15.
Evan Richardson, Vice President – Capital Markets, stated, “We are excited to expand our portfolio into another dynamic Midwestern market. Kansas City’s industrial submarket is growing and healthy, and is expected to remain so into the foreseeable future.”