Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced it has been awarded the exclusive listing for 909 Walnut, a 34-story Art Deco, Gothic Revival-style building and an adjacent eight-story parking garage in Kansas City. The total price is $49 million.
“Constructed in 1931 as the headquarters of Fidelity National Bank, 909 Walnut is a completely restored and repurposed Downtown Kansas City icon and is the tallest residential building in the Midwest outside of Chicago,” says Daniel Burkons, senior managing director. “In 2005, the owner restored the entire property to its former glory and converted the first four floors, including the giant former bank lobby, into single-tenant Class A office space and the top 30 floors to luxury condominium-style residences with the largest floorplans in the Downtown submarket.”
Burkons, Michael Barron, Joshua Wintermute, and Max Helgeson are representing the seller, a private investor based in Dallas. Bradley Barham is Marcus & Millichap’s broker of record in Missouri.
The 909 Walnut building is located between the historic riverfront River Market area and the vibrant Power & Light District in the of middle of Kansas City’s central business area. All major downtown employers and cultural, sports, dining and performing arts destinations, including the Kauffman Center for the Performing Arts, the Kansas City Convention Center, the Crossroads Art District and the Sprint Center are within a streetcar ride or walking distance. The 909 Walnut tower shares the Kansas City skyline with many major employers, including the headquarters of seven Fortune 1000 companies. H&R Block, Hallmark, and Cerner Corp. are among the city’s most eminent employers.
The property features 152 luxury apartments, 55,238 square feet of office space and a 310-space automated parking facility. The office space is 100 percent leased to EPR Properties, a publicly traded real estate investment trust, and serves as EPR’s world headquarters. There are 11 years remaining on a 25-year full tax abatement, and seven years remain on a tax increment financing agreement.
About Institutional Property Advisors
With a network of senior-level investment advisors located throughout the United States, Institutional Property Advisors (IPA) is qualified to meet the needs of institutional and major private investors. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, superior support services and acclaimed research offer customized solutions for the acquisition and disposition of institutional properties and portfolios.