Tuesday, August 20, 2013
Bright Future Ahead For Distressed Property
Matt Ledom, with Block Real Estate Services (BRES) represented the Buyer, Diversified Asset Management (DAMCO) in the recent acquisition of Highland Tower— 116,566 square feet of office space located at 6724 Troost. Aaron Mesmer and Bruce Johnson, of BRES, handled the sale on behalf of theOwner, Cadles.
The property was formally a medical building owned by an out of town investment group. With the closing of the hospital several years ago, the area was no longer considered a viable location for medical related tenants making a repurposing of the property necessary.
DAMCO has many plans for this distressed, urban property and sees the need for Market Rate Apartments. They will be looking to focus on a 300 unit complex.
DAMCO is no stranger to buying distressed office towers in Kansas City. They purchased the BMA Tower back in 2002 and repositioned it for High End Condos. They are now looking forward to repositioning Highland Tower into a mixed use residential community. Mark Ledom, President of DAMCO, said “the Brookside/Waldo area lacks a nice high density apartment community with first class amenities and we believe that empty nesters in the area will be our demographic for the development. When completed, with additional buildings, we expect to have around 300 units ranging from studios to larger two bedrooms.”