OVERLAND PARK, KS—Companies related to Ryan Transportation Group have purchased two distressed office buildings here, the 9300 and 9350 Metcalf properties known as Glenwood I and Glenwood II.
Glenwood I is about 120,000 sq. ft., and Glenwood II is about 152,000 sq. ft. Embarq, a subsidiary of Sprint, vacated as the major tenant in an early lease termination in 2009. The manager of the 10 and 11 story buildings, Lionstone Properties was not able to back fill the vacancy and the mortgage for the properties was eventually sold during a note sale, according to Bob Fagan, a senior vice president with CBRE. He and Brent Roberts were hired by the owners of the note to market the properties for sale.
Ryan’s group, based in Lenexa, Kan., will use the majority of the property and will renovate it for occupancy in early 2013, Fagan said. “The market is beginning to rebound as evidenced by purchases like this,” he said in a statement. “This property sat fairly idle for some time and then suddenly there were multiple offers to purchase. When buyers realize the prices will not go any lower, properties will trade hands.” The cost of the deal was not released.
