Forty Lenexa, Kan. office and industrial buildings in Southlake Technology Park and Lenexa Industrial Park are for sale. There is no listing price for the portfolio, which totals more than 1.67 million square feet. Boston-based CommonWealth REIT bought the 40 buildings for $118 million in 2008 from a partnership involving the principals of Kansas City-based Zimmer Cos., which developed both parks.
The president and economic development director for the Lenexa Chamber of Commerce didn’t sound unhappy about Southlake Technology Park changing hands. He echoed multiple local commercial real estate brokers, who indicated that CommonWealth’s slow response to requests for lease proposals from prospective tenants had likely cost the office park deals and contributed to its 48 percent occupancy rate.
Southlake’s occupancy hit a new low this year after Freightquote moved its headquarters to a new 200,000-square-foot build-to-suit development in Kansas City, Mo.