Real estate developer TKG-Metcalf LLC recently acquired the former Hy-Vee building in Overland Park, Mo., for $2.45 million, which it plans to convert to a StorageMart self-storage facility, according to the source. The vacant building at 91st Street and Metcalf Avenue encompasses 85,000 square feet of space.
TKG-Metcalf is a partnership affiliated with The Kroenke Group (TKG), a Columbia, Mo.-based real estate investment group. TKG and Lane4 Property Group Inc. are redeveloping a 62-acre property they recently acquired just north of the Hy-Vee site.. Lane4 President Owen Buckley told the source his company isn’t involved in the StorageMart deal.
Last month, StorageMart acquired the 17-facility Safety Mini Storage portfolio in Kansas and Missouri. The acquisition added 1.5 million net rentable square feet of storage space and more than 1,000 units to the operator’s portfolio. Four of the properties—Gardner, Grain Valley, Olathe and Shawnee—were acquired in conjunction with another TKG entity, TKG-KC LLC, according to the source. TKG began its partnership with StorageMart in 2006, the source reported.
Headquartered in Columbia, Mo., and founded in 1999, StorageMart owns and operates 163 storage facilities in the United States and Canada.
TKG was founded by Stan Kroenke in 1983. The company primarily invests in shopping centers and apartment developments nationwide.
Sources:
- Kansas City Business Journal: Kroenke Group Stores Up More KC-Area Property
