Brain Group Purchases Overland Park Office Complex for $22.8 Million

Brain Group Purchases Overland Park Office Complex for $22.8 Million

Brain Group bought a $22.8 million business park in Overland Park, according to a release by JLL, which facilitated the sale.

The three-building office park is at 10801, 10895 and 10901 Lowell Ave. in Overland Park. The three buildings sit on 14.1 acres and total 222,426 square feet.

JLL Managing Director Steven Buss handled the sale on behalf of Minneapolis-based Onward Investors.

Onward specializes in acquiring value-add properties in recovering markets throughout the country. It bought the buildings in 2015 for $13.2 million.

Built in 1981 and 1982 and renovated from 2008 to 2010, and again in 2016, the park is 81% leased and has filled 93,000 square feet with new leases in the past 24 months, according to JLL.

Brain Group was co-founded by principals Andrew Brain and Chad Sneed. The group has been buying commercial real estate in the area since 2015, with a focus on value-add office and retail assets within the Kansas City area. Brain told the Kansas City Business Journal that the company plans to rebrand the office park, and continue the work of bringing modern finishes to the property. Overland Park-based commercial real estate firm Asset Management Group will manage the property, and Brain and Sneed will oversee leasing.

“We’re excited to bring another building back to local ownership,” he said.

Executive Centre is comprised of two three-story office buildings with underground and surface parking and one two-story office building with surface parking. Each building features two-story lobbies with an abundance of natural light and high-quality finishes.

Source: https://www.bizjournals.com/kansascity/news/2019/08/23/brain-group-overland-park-executive-centre-jll.html

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