Renner Commerce Center

Lenexa, KS     |     157, 000 SF    |     Investment, Development

Opportunity
A 13.5-acre parcel of vacant land, purchased in April 1998, was located at the southeast corner of Renner Road and Eicher Drive in Lenexa, Kansas. Two industrial buildings totaling 157,000 SF were planned.

Results
The first building, a 68,000 SF distribution center completed in August 1999, is 100% leased and features precast concrete, 24-foot clear height, an ability to accommodate 40% office, and divisibility to 16,000 SF. For Phase II, a 90,000 SF building, was built-to-suit in 2014 for Select Brands. In August 2015, the two buildings were sold; returns to investors achieved a 1.79 cash-on-cash multiple and an internal rate of return of 34%.