Four years after a development trio formed CarrBaierCrandall Real Estate Group, the firm is taking off, building up its portfolio with government, retail and medical office projects from Kansas City to Michigan to Florida. Over the past few years, the group has done roughly $200 million worth of government work alongside its heavy focus on medical office and retail development, as well as municipal consulting work. We caught up with principals Dan Carr, Rick Baier and Bill Crandall to dive into the firm’s latest project announcement.
ON FORMING CBC REAL ESTATE GROUP
Bill Crandall: “Dan, Rick, and I started the company about four years ago – an immediate aftermath of the recession. They were endeavoring to launch a privately traded REIT for their government buildings, while I was previously working for The Alan Group on the intermodal facility in South Kansas City – a project that ultimately stalled out because of the economy. At the time, we all had found ourselves a little bit disenfranchised from our past companies and real estate careers.
“We had known each other for about ten years, and decided to join forces because of the hand-in-glove fit that the two different skill sets had. They [Carr and Baier] were more at-risk development, hospitality, retail, office, medical office and obviously a significant player in the government side. My experience was more in public-private partnerships, more on the consulting side, more on the fee-driven side, fee development where I had owner reps on large-scale projects like Sprint but at the same time smaller projects like the Applebee’s headquarters and some other projects here in Kansas City. It wasn’t that there was really a lot of overlap – there was probably really more synergy in what the two skill sets offered. We thought that made a good platform to start a company.”
ON STANDING OUT FROM COMPETITION
Bill Crandall: “I think if you distinguish our firms from other competitors in Kansas City, I would consider us a full-service real estate firm where we offer really all lines of services with the exception of brokerage. We all are brokers, registered salespeople brokers in Kansas and Missouri, but we really don’t represent either landlords or tenants or buyers or sellers on buildings. As a matter of practice we really rely on the brokerage community to bring us transactions and introduce us to build-to-suit opportunities.”
Dan Carr: “We think it gives us better exposure to the overall market. We work with brokers. They sell properties for us, they lease properties for us, and hopefully they bring us build-to-suits.”
BUILDING GLADSTONE’S NORTHLAND INNOVATION CENTER
CBC Real Estate Group is now riding the wave of development north of the river in Gladstone. The team was recently awarded a 90,000-square-foot build-to-suit, dubbed the Northland Innovation Center. It’s the first phase of a research and education complex in the city’s emerging downtown that will house the Northland CAPS program and Pupils from Students in Academically Gifted Education. According to North Kansas City Schools, the development will help to free up classroom space for a district that’s bursting at the seams, raking in between 250 and 300 new students every year.
Today, CBC is putting the finishing touches on a final development agreement for that project, and hopes to break ground on the first phase in about 90 days. A second phase to the project is in the works as well, and would bring the project to a total of 140,000 square feet.
It’s the latest announcement to come from Gladstone, where Flaherty + Collins are finishing up a $28 million luxury apartment project. Read more about the nearly $100M worth of projects the city has attracted recently.
OXFORD ON THE BLUE
CBC will play a role in a project that’s been in the works for decades. Oxford on the Blue is a 35-acre site between Interstate 435 and U.S. Highway 71 where Jim Stowers III envisions a biotech research campus. CBC will serve as real estate advisory.
“I’ve been working with them for almost ten years on the project,” Crandall said. “Jim is a patient land owner. Going through the recession, it wasn’t going to create a lot of value to go through the entitlement process during that period, but now that we’re out of that and I would expect that property to be fully entitled by mid-September of this year. Then after that, we’ll be able to begin actively market development sites and development opportunities to meet the bioscience and technology users being courted in the Kansas City area.”
Since the devastating tornado that hit Joplin, Mo., CBC has been pursuing government work there. Now, the team will be working on a project that sits directly on the area the tornado first touched down. CBC recently was appointed as the fee developer for a $20 million library at 20th and Connecticut streets, funded by a federal Economic Development Administration grant.
For more information on other projects the firm is working on, visit its newly revamped website by clicking here.
Block Real Estate Services’
Deal of the Week
A handful of brokers from Block Real Estate Services takes home MetroWire’s Deal of the Week. BRES’ Ken Block, Aaron Mesmer, Brian Beggs and Grant Reves were instrumental in the acquisition of an industrial park outside St. Louis. Maune Development Company sold the 76,092-square-foot industrial park for more than $5 million.
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