As seen in the Kansas City Star
With the Federal Reserve’s Beige Book reporting continued economic growth across most of the United States in February and March, commercial real estate markets were described as “stable or improving” in most Districts, including Kansas City and St. Louis. Michael VanBuskirk, Senior Vice President-Principal with Newmark Grubb Zimmer concurs, noting that “The Kansas City market continues to see very positive growth across all property sectors.”
Against this optimistic backdrop, an unusual opportunity to buy prime commercial development land in Kansas City was recently announced. The tract, which VanBuskirk describes as “highly desirable” consists of approximately 42 acres just off Interstate 29 and Highway 152, in the northern part of the metro area. In addition to its proximity to the interstate and highway (which carry a combined 124,000 cars per day), the location is surrounded by recent retail, multi-family, residential, entertainment and office development. Neighboring retail includes such familiar names as Best Buy, Target, The Home Depot and all the tenants of Zona Rosa. Just last year, Sam’s Club purchased a tract across the street and recently received site plan approval. St. Luke’s hospital is around the corner and Kansas City International Airport is just up the road.
In addition to the benefit of being surrounded by thriving commercial and residential development, the unique layout of the site results in road frontage on nearly the entire perimeter. It is bounded on the south by NW Tiffany Springs Road and on the north and east by N. Ambassador Drive. NW Skyview Avenue will eventually provide a north-south connection on the western portion of the property. Adding to the value of the property is its inclusion in the existing KCI TIF District.
Zoned B3-3 Community Business District, there are a wide variety of potential immediate or future uses including retail and office. Given the mix of surrounding uses, multi-family and senior housing have also been mentioned.
For some observers, what makes this sale most intriguing, in addition to the value of the property, is the method of the offering. The entire tract, which was previously listed for $5,000,000, will be sold at a public auction on May 27th by order of the Platte County Circuit Court. The court has ordered a “partition sale” to provide each of the two owners with 50% of the net proceeds from the sale to divide their interests in the property. The court order provides for the Platte County Sheriff to conduct the auction with the assistance of VanBuskirk and an auction company designated by him.
Based on past partnership experience, VanBuskirk turned to Cates Auction & Realty to take the lead in marketing the auction and assisting the sheriff in the sale. Cates agent, Ray Bucklew, has been working with all parties to coordinate the process. “Our staff and Mike’s team are working hard to be sure the right buyers are aware of this very unusual opportunity to buy a prime piece of Kansas City commercial real estate at a court-ordered sheriff’s sale. It’s a unique situation and as expected, the response so far has been very positive” said Bucklew.
Jeff Cates, chief auctioneer with Cates Auction & Realty will be assisting the Platte County Sheriff in conducting the auction. He notes, “While our company has conducted many commercial real estate auctions over the years, this is the first time we’ve had the opportunity to assist in a sheriff’s sale.” He adds that, “in addition to the inherent value of this land, the appeal of the auction certainly is heightened due to the fact that while the final sale requires court approval, there is no reserve set for this auction.” A $50,000 deposit is due at the close of bidding with the entire balance due by 5:00 the same day. The buyer will receive a sheriff’s deed.
Interested bidders can find additional information relating to the property at www.CatesAuction.com, including survey and site plans, utility exhibit, sheriff’s sale documents and sample deed, TIF District documents and special terms for this sale. Bucklew will be on the property to meet prospective bidders April 29th from 11:00 a.m. to 1:00 p.m. Bidders may also contact the auction company at 816-781-1134 or Sold@CatesAuction.com.
The auction will be held at the Embassy Suites Hotel (760 NW Tiffany Springs Parkway) at 10:00 a.m. on Wednesday, May 27th. Bidders who qualify in advance may also bid live online. Bucklew sums up the upcoming sale by saying, “All of us involved recognize that in the currently improving commercial marketplace, this is truly an unprecedented buying opportunity.”