The 496,150 square-foot property in Olathe, Kansas was purchased in the fourth quarter of 2016
LAS VEGAS – As a joint venture with Artemis Real Estate Partners, Odyssey Real Estate Capital sold its newly completed 496,150 square-foot Lone Elm Logistics Center in Olathe, Kansas to STAG Industrial Inc. of Boston, Massachusetts during the fourth quarter of 2016.
Odyssey closed on the land for the project in 2015 and subsequently finished the designing, permitting, constructing and selling of the finished property within 15 months. Odyssey partner Greg Johnson emphasized that speed of execution was critical to succeeding in a market with large competitors. “We are a small shop that can spot opportunities and make decisions quickly. Our formula is to assemble a team of experienced consultants and to make sure everyone is aligned and executing as soon as the project is capitalized,” said Johnson.
Development executive at Odyssey Graham Nelson added, “When the project was conceived in 2015, we saw an opportunity to deliver something that the market needed, and we took advantage of that opportunity. It was a modern cross-dock distribution facility adjacent to an essential infrastructure in a market with strong logistical fundamentals. We were proud to deliver on time, under budget and to find a buyer quickly.”
A partnership with Newmark Grubb Zimmer and Merit General Contractors proved to be instrumental in the success of the project. Newmark represented Odyssey in the disposition of Lone Elm Logistics Center with Mark C. Long, SIOR, and John F. Hassler performing the marketing services and management of the sale to…
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