Jones Lang LaSalle agrees to acquire Capital Realty, expanding Kansas City presence
08/05/2013 3:03 PM
08/05/2013 3:03 PM
Jones Lang LaSalle, a major national real estate firm with a Kansas City office, is acquiring Capital Realty, a local firm with a strong office and industrial presence in the metropolitan area.
Capital Realty currently manages about 90 properties totaling 5.4 million square-feet in the Kansas City area for regional and local institutional owners. Jones Lang LaSalle operates in 70 countries and has more than 1,000 offices across the world.
The combined venture plans to make a major push into the Kansas City industrial market. Capital Realty has become a significant player in assisting the development of the Kansas City Logistics Park, a sprawling distribution hub near Edgerton being developed by BNSF railroad.
“Adding Capital Realty’s leading local real estate expertise to our global services and resources will allow us to expand the services we can provide in the Kansas City market, an area that plays a critical role in the national supply chain,” said Larry Glaze, managing regional director for Jones Lang LaSalle.
Research indicates Kansas City is one of the top 15 national markets for total industrial inventory and among the 10 markets with the lowest vacancy.
Capital Realty was formed in 2007 by 11 former employees of Trammell Crow Co. In 2008, the firm acquired the last remnant of the former Cohen-Esrey real estate firm and became the affiliate for NAI Global in the Kansas City market.
“By joining Jones LaSalle Lang, we’re able to open new doors for our clients and provide them with access to the full suite of services,” said Kevin Wilkerson, president of Capital Realty who will be a managing regional director with Jones LaSalle Lang after the acquisition.
“We will become a market leader in the Kansas City area with a firm that represents a perfect cultural match for our company, and has a reputation for excellence in the market and across the industry.”
Wilkerson and 24 other real estate experts at Capital Realty will be going to Jones LaSalle Lang. Jeffrey Kembel and Phillip Algrim, both senior vice presidents at Capital, will continue to keep their titles following the acquisition.
The larger office will be seeking to consolidate in new space. Jones Lang LaSalle is currently at Crown Center, Capital Realty is located in Overland Park at 7500 College Blvd.