Arkansas-based real estate partnership CapRocq Core 2 announced a new investment on Monday, July 11, 2016 totaling in $8,085,000 dollars. The Mission Corporate Center, located at 5800 Foxridge Drive in Mission, KS, marks the second property CapRocq has in the area, including the Mission Towers, which closed in November 2015.
“The local economy in and around Kansas City continues to gain momentum, and we expect to see growth in the office market there,” Kevin Huchingson, co-founder of CapRocq, said. “In addition, this acquisition is a perfect complement to our other office tower in the submarket where our leasing activity has been significant.”
The Mission Corporate Center is an 116,075 square-foot, six-story office located in North Johnson County – one of Kansas City’s premier office submarkets. The center boasts of a rich history, built in 1969 and renovated in 1998, the building is centrally located near the central business district, Country Club Plaza, and the Kansas University Medical Center. Currently the center is 72 percent leased, and includes Mission Bank, Concorde Career College, Cumulus Media Partners, Spencer Reed Group, Total Medical Management and J. Schmidt & Associated Advertising.
Other recent investments by the fund include the 1400 Goodale office building in Columbus, OH, the Triad office building in Greensboro, NC; and 855 Grandview Avenue in Columbus, OH. The latest transactions bring the total CapRocq Core 2 portfolio investment to more than $132 million in total assets.
The general partners of CapRocq Core 2 have now secured approximately $50 million in equity from Arkansas individuals and institutions. Combined with CapRocq Core, total equity now exceeds $106 million.
CapRocq was founded by Huchingson and Franklin McLarty. Other partners include Dewitt Smith, Isaac Smith, Ted Dickey and Mark Saviers. For more information on the CapRocq family of funds, visit their site.
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