The former Benchmark furniture complex near Interstate 35 and 119th Street in Olathe, vacant for about eight years, has been sold to a developer who plans to transform it into commercial space.
NorthPoint Development acquired the two buildings totaling 400,000 square feet and plans to redevelop them as a Class A business park, although the smaller, 160,000-square-foot structure may be used for retail. The buildings have been empty since Benchmark Home Furnishings closed in 2006.
Kansas City-based NorthPoint, which has rapidly become one of the area’s bigger developers, with apartment and industrial projects throughout the area, has raised $100 million to purchase buildings this year. The Benchmark acquisition was the first, said CEO and president Nathaniel Hagedorn.
“The buildings have good bones and tons of power,” Hagedorn said.
The new owner, who declined to reveal the purchase price, plans to renovate the facades and possibly add more loading docks to the larger building for potential use as a distribution center. The property includes surface parking for 600 cars.
Hagedorn said his firm already purchased 1 million square feet of buildings with a previous $30 million investment fund. In addition to the Benchmark complex, NorthPoint is using its latest round of funding to pursue a $16 million deal for a 350,000-square-foot building in Kansas City, Kan.
Phil Algrim and Kevin Wilkerson of Jones Lang LaSalle has been hired by NorthPoint to seek new tenants for the former Benchmark property. The space is being marketed for tenants seeking at least 50,000 square feet for office, tech, production, showroom or distribution space.