NAI Heartland's Joe O'Neill shares win-win attitude

This week’s Broker Spotlight features Joe O’Neill, an associate in industrial properties with NAI Heartland.

O’Neill first gained interest in manufacturing, logistics, distribution and warehousing while attending the University of Kansas during his involvement with KU’s Supply Chain Management Club.

Upon graduating with a Bachelor’s degree in Supply Chain Management from KU, O’Neill attained valuable sales experience selling capital equipment. These unique experiences, combined with his personal interest in real estate, ignited the beginning of his career in industrial commercial real estate.

Today, O’Neill’s primary areas of focus are landlord and tenant representation with regard to leasing, property acquisition and disposition of flex and industrial properties in the Kansas City metro area.

O’Neill explained how working with the other members of the NAI Heartland industrial team and learning from each other’s experiences has made him a better broker in the industrial market. He shares his winning attitude, interesting insights and more in this week’s Broker Spotlight:

RT (Rachel Treanor):  What does a Kansas City CRE Comeback look like to you?

JO (Joe O’ Neill): The dream comeback is for more businesses to look at Kansas City and realize the value here. Additionally, for them to believe in the greater potential our city has to offer with a new airport coming, our great central location, ample space for growth, and the work ethic of our Midwest people. Through these four big picture pieces, I hope business leaders will have a chance to notice and attract their businesses to the area. If this hope came true it should drive strong demand for commercial real estate throughout Kansas City.

RT:  How do you keep your skills sharp in this competitive climate?

JO:  Staying current with news and market trends. Work hard, stay current, more business comes in and it is a self-fulfilling prophecy to staying competitive.

RT:  What gets you excited to get to work every day?

JO:  Creating win-win situations. When you can source the property a client, partner or colleague is searching for that makes them happy, and you provided them that service. That is a win-win and a really good feeling.

RT:  What deal do you wish for in your future portfolio?

JO: Referrals and repeat clients. Both are testaments of great service and again that win-win I always aim for. Repeat clients often means a business is growing and that is exciting to be a part of.

RT: Who is your mentor and why?

JO:  Nathan Anderson has been monumental in getting me up to speed in the world of CRE. Before getting into the business I met with multiple industry veterans and everyone said a good mentor is key to success. This has proven to be true. Nathan has the rare combination of being very successful in this field as well as possessing strong coaching skills. I feel very lucky to work with him.

RT:  Who do you mentor?

JO: Starting out not knowing anything in a new industry it is a lot of take. Any chance I get to share what I have learned or let my colleagues know of a successful strategy is an opportunity for me to give back or pay it forward. We are all learning every day and the NAI Heartland office has a great culture where you can ask anyone a question.

RT:  How can prospects contact you for more information?

JO:  Thank you for the opportunity to share my contact info. I can be reached by email: joe@nai-heartland.com or by phone: 913-890-2010.

Interior reno, new chef launch Ambassador Hotel's 'The American Reserve Bar & Grille'

The American Reserve Bar & Grille, formerly known as the Reserve Restaurant & Lounge, located in the Ambassador Hotel, Autograph Collection is now open to the public with a vastly transformed interior, new chef, revamped menu, expanded wine list, patio debut and, of course, a new name.

The American Reserve renovated and expanded the existing space inside the Ambassador Hotel by reconfiguring the layout, allowing for 25 additional seats.

The redefined interior features all new hardwood floors throughout the restaurant and a color palette consisting of gold, dark grey and purples with white marble tabletops and velvet seating, creating a swanky and intimate ambiance.

The transformed restaurant now offers more than 180 different bottles of wine, a new patio area and a weekend brunch menu.

The final touch to the transformation included hiring Bryant Wigger to the helm as the executive chef. Wigger holds a Culinary Science degree from Orange Coast College and launched his career at The Ritz Carlton in Laguna Niguel, Calif.

The soulful and regionally inspired new menu includes starters, salads, entrees, from the grill, sides and desserts. Alongside the new dinner menu, The American Reserve debuts a brand-new weekend brunch menu offering brunch cocktails, egg-centric entrees, sandos, bowls and hashes, sweet sides and lighter fare options.

The brunch menu is available Saturdays and Sundays from 9 a.m. to 2 p.m. Dishes include Chicken Fried Steak, Croque “MO damn,” Baked Custard French Toast, South of the Border Egg White Frittata and Bacon Fried Rice, as well as nine brunch cocktails including Cinnamon Bourbon Milk Punch and bottomless mimosas.

The new restaurant elevated its bar program by expanding its wine list from 30 to 180 different bottles of wine led by The American Reserve’s certified sommelier, Eric Willey. The new world-class wine list features world-wide wine options by the glass or the bottle.

Adding even more space, The American Reserve is debuting a new patio space with a total guest capacity of 75. The patio is open on Friday and Saturday evenings and offers full food and drink service. Guests can enjoy live jazz music from 7-10 p.m. It is also open for brunch on Saturdays and Sundays from 9 a.m. to 2 p.m., with live music on Sundays featuring throwback hits from the 80s and 90s. The patio showcases artwork by local standout artist Alexander Austin.

About The American Reserve

The American Reserve, the signature restaurant of the Ambassador Hotel Kansas City, Autograph Collection, is a local, full-service restaurant serving contemporary American-style cuisine led by Executive Chef Bryant Wigger. The American Reserve offers a stunningly swanky ambiance to accompany its world-class service. The American Reserve is located in downtown Kansas City, Mo. at 1111 Grand Boulevard and can be found online at ReserveKC.com

Peer cities look to KC during market challenges

Chris Robertson, CCIM, managing director - investment sales and capital markets at Newmark Grubb Zimmer, joined moderator Frank Sciara, CCIM, president of the Kansas City CCIM chapter and vice president with Grandbridge Real Estate Capital, last week for a live webinar discussion sponsored by the local CCIM chapter to discuss the current local investment sales market.

Robertson noted that there has been a decrease of approximately 20 to 25% in volume as of the end of the second quarter as compared to the same period in 2019. But, Robertson remains optimistic about the market going forward over the next six to twelve months.

“It seems like ever since the Fourth of July, somebody flipped a switch and everybody’s been busy and it seems like people are starting to get out and tour properties,” Robertson said.

Robertson has received calls from and is working with groups from some peer cities such as Nashville, Minneapolis, Denver and Indianapolis, as well as groups from Utah, California and New York, who are looking to markets like Kansas City trying to find additional yield. 

Robertson said that these investors are finding a 50 to 150 basis point premium to what they are seeing in their markets, particularly the markets on the east and west coasts.

“This might be odd to say, but I think COVID will ultimately help continue to drive demand to some of our more stable midwestern markets like Kansas City where you don’t see a lot of fluctuations in valuations,” said Robertson.

Robertson discussed the effect of COVID-19 on the cap rates of the various property types.

He said that there is still quite a bit of price discovery with regard to the retail segment because “no one knows what that sector is going to look like long-term.”

However, he said there are a few bright spots in retail, noting that single tenant, long-term investments in essential services (eg., Dollar General, CVS, Walgreens) are doing well for investors seeking stability and quality credit tenants.

“And in some of those cases, we’ve actually seen cap rates compress slightly just because there’s not a lot of product on the market and those are in high demand,” said Robertson.

Robertson said office has seem some good activity, primarily stabilized long-term assets in good locations with a good weighted average lease term. He noted that 9300 and 9400 Ward Parkway sold to a New York-based group during the pandemic for $121 million at a 7.32 cap rate. 

Robertson said the industrial market remains “red hot,” with significant demand both locally and nationally, while multifamily remains competitive, without any major shifts in cap rates. Uncertainty remains in the hospitality market as investors are trying to determine what pricing is going to look like as occupancies start bounce back.

“We’ve seen a lot of the large players come into Kansas City looking for larger portfolios of assets. We’ve had calls from groups in Israel and Canada looking to place funds here in Kansas City as they’ve taken note of the absorption numbers and the amount of new development we’ve had here in Kansas City,” said Robertson.

NAI Heartland's Sean Ellington shares ambition for KC CRE

Sean Ellington joined NAI Heartland as an associate of the brokerage team in October 2017. His primary areas of focus are landlord and tenant representation with regard to leasing, property acquisition and disposition of retail and office properties in the Kansas City metro area. 

Ellington is a licensed commercial real estate agent in Kansas and Missouri. His current projects include:

·     Cherokee South Shopping Center – Overland Park, Kan.

·     Former Kneaders Bakery – Blue Springs, Mo.

·     Former Boston Market – Overland Park, Kan.

In this week's Broker Spotlight, Ellington shares his ambition of commercial real estate with MWM - including his goals, excitement and the new ideas he has for the industry.

Rachel Treanor (RT): What gets you excited to get to work every day?

The “maybe” or “what if” factor that gets me up every day is the potential for new business or projects! I am always excited to bring new brands or concepts to Kansas City. 

RT: How do you keep your skills sharp in this competitive climate?

Sean Ellington (SE): Stay on the phone and stay connected to the areas where you have projects. They will quickly overlap and your knowledge and contacts within a larger area will grow.

RT: What was your lightbulb moment to get into commercial real estate?

SE: My lightbulb moment was most likely when I worked in property management while attending KU. I saw how passive income was generated through real estate and I wanted to get involved. After property management, I was a commercial appraiser before I became an associate at NAI Heartland. The real draw of commercial real estate for me was the entrepreneurship aspect and how different being a broker is from a typical employee.

RT: Who is your mentor and why?

There are several partners within NAI Heartland that I would consider a mentor. Carl LaSala has been a constant resource and pillar to lean on during my time as an associate. Carl and I have discussed numerous topics; from contract review to stress management, he has made it easier to navigate the challenges of this business.

RT: Who do you mentor?

I probably don’t have enough gray hair to be considered a great mentor but usually start-ups and potential clients are the individuals I can help the most. My advice revolves around how to present a tenant’s vision and the resources and tools necessary to get a second look from a landlord or gain trust.

RT: What deal do you wish for in your future portfolio?

SE: It probably isn’t a specific deal as we all want to lease and sell larger and more impressive properties. My wish is to have a portfolio that the majority of deals are working with Kansas City based investors/businesses. I would like to better understand the younger investors/businesses that are getting involved in CRE as I am growing my portfolio. 

RT: What leads do you look for?

SE: Currently I am focusing on landlord representation leads. Most of my business has been a combination of landlord rep and tenant rep, but right now I would like to be speaking with landlords on projects that have not leased for some time or have just become vacant.

How can prospects contact you for more information?

SE: Give me a call or send me an email! (913)-907-9454 or sean@nai-heartland.com

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