FEATURE PHOTO CREDIT: ARCH PHOTO KC
Alex Olson, Clemons Real Estate
At MWM we are focused on all things commercial real estate and property development. The focus of our Broker Spotlight segment is to highlight the personal goals and achievements of Kansas City’s up-and-coming brokers and to tap into their coveted, first-hand industry knowledge on current and future market conditions. The August Broker Spotlight is on Alex Olson, real estate agent with Clemons Real Estate.
MWM: Let’s start from the beginning - when and why did you choose real estate as your career path?
OLSON: I started as a real estate investor in 2018. Real estate has always intrigued me but I didn’t really fall in love with it until I built our dream home in 2017. Reading ‘Rich Dad Poor Dad’ at the age of 14 piqued my interest also, but I didn’t completely understand the concepts. Once I understood my appreciation for physical structures, the economics of real estate, and how it propels the US Economy, I was hooked. Then, a mentor recommended that I get my real estate license and I welcomed the challenge.
MWM: What asset class in CRE do you focus on?
OLSON: Multifamily sales and net leased property sales. In particular, representing 1031 exchange buyers who need cash-flowing assets in Kansas City {Editor’s note: A 1031 exchange allows you to sell one investment or business property and buy another without incurring capital gains taxes – as long as the exchange is completed according to IRS rules and the new property is of the same nature or character (like-kind).}
MWM: What are the market trends you are experiencing with your clients currently?
OLSON: Multifamily prices continue to soar in Kansas City, but still, investors are divesting on the west coast and moving their money to Kansas City.
MWM: What’s your forecast for the local and national CRE market?
OLSON: Multifamily will continue to thrive in Kansas City as the cost of construction remains high and home affordability continues to be an issue for some. In addition, net-leased properties that are more recession-resistant (medical office, veterinary/pet care, dental, national credits with online presence) are more attractive as a more passive investment vehicle for out-of-state buyers.
MWM: What are your biggest challenges right now?
OLSON: Finding great deals in multifamily is challenging for some clients but a great deal is in the eye of the beholder. Understanding their primary objective is a way to understand what aspects of any deal are best for them for the moment. In addition, showing 1031 exchange buyers that a net leased property may be a better option; in particular, if they are out of state or want a more hands-off approach to cash flow.
MWM: From your perspective, what can KC do to push ahead of the curve?
Olson: I am very optimistic about Kansas City. We need city leaders and economic development groups to continue to push jobs into the Kansas City metro market. Jobs are what drive activity and Kansas City has the resources (space, affordability, labor force, and employers) to propel the Midwest forward.
MWM: How can prospects contact you for more information?
Olson: Reach me at alex@clemonsrealestate.com, on LinkedIn or mobile at 816-591-0825.
This week’s MWM Broker Spotlight shines a light on Monica Enloe with Clemons Real Estate
RT (Rachel Treanor): What was your lightbulb moment to get into commercial real estate?
ME (Monica Enloe): Prior to entering real estate, I spent almost 15 years doing philanthropic fundraising. My light bulb moment was looking around the board room one day and realizing that the people who consistently showed up with both time and money were in Commercial Real Estate. After digging in a bit, I realized that the flexibility and earning potential were worth the risk of leaving a stable career to pursue a new path.
RT: Who is your mentor and why?
ME: I'm fortunate to have landed with Clemons Real Estate and work with Audrey Navarro. Not only is she incredibly knowledgeable about real estate, the collaborative and flexible approach to structuring deals has taught me a lot. I've also been fortunate to meet several fabulous collaborators and mentors through WIRED (Women in Real Estate Development) such as Sheryl Vickers, Joanna Shaver and Holly Mills —all of whom have helped me talk through challenges and brainstormed solutions.
RT: Who do you mentor?
ME: I mentor small businesses on the leasing process. Many of them are not familiar with the difference between a residential and commercial lease in terms of their responsibility as a tenant. It is so important to share this information up front so expectations are managed and there is no confusion and unexpected costs later.
RT: What gets you excited to get to work every day?
ME: There are no days that are the same. Ultimately, I love that I feel like I am helping people make their dreams come to life. Whether it’s achieving wealth through passive income, buying a building for a growing business, or opening a retail store they’ve dreamed of for years—it’s exciting to be part of the process.
RT: What keeps you up at night about commercial real estate?
MT: From a micro-perspective, there are so many details that need to be overseen and taken care of to ensure the transaction goes smoothly with no surprises (which there always are!). On the macro level, our uncertain times causes stress around how the market will shift and how I can be nimble and flexible enough to shift with it and have consistent income for my family.
RT: Tell us about your current projects.
MT: My favorite projects right now are directly related to creating more walkable districts in the urban core. Union Hill is one of my favorite neighborhoods in KC and it has been exciting to add tenants like Oh! Café and Mayweather Fitness to the mix with more coming soon. I am also working on several projects on Troost and can’t wait to see them come to life. It’s a fabulous corridor with plans to hosts a mix of nonprofits, museums, restaurants, offices, and apartments. Main Street is another passion project with the street car expansion coming soon. I have several available spaces for lease that would be ideal for hair/nail salons, retail, dry cleaners, arts, and fitness users- -the possibilities are endless with the diversity of spaces available including in the newly renovated Monarch and Netherlands buildings at 39th and Main.
RT: What deal do you wish for in your future portfolio?
ME: I’d love to bring a new grocery store to midtown and have several properties that would be perfect for it!
RT: What leads do you look for?
ME: There are two categories of leads I focus on. First are building owners who want to reposition their buildings either to sell or to find new and fresh tenants. I love old buildings and watching them come back to life with historically relevant renovations is exciting. Second, are buyers and tenants with creative vision. Having clients that share my love for historic buildings but are more creative than me is entertaining and fuels my motivation to get the deal done.
RT: How can prospects contact you for more information?
ME: Connect with me on LinkedIn—I consistently post about local real estate topics and love to connect with others in the industry. Or reach out via email to set up a coffee: monica@clemonsrealestate.com
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Staying true to MetroWire Media’s focus on all things commercial real estate, we have added this as a new, feature column - MWM's BROKER SPOTLIGHT. The goal is to provide our readers with direct insight to Kansas City’s brightest, up-and-coming CRE brokers. Discover the true brains behind the build - including their professional focus, career paths, future plans, goals and more.
Know a broker worthy of the Broker Spotlight? Send details to kcnews@metrowiremedia.com.
Grocer's Warehouse complex sells to Taing Capital Group
The Grocer’s Warehouse complex, anchored by Hufft Architecture and Fabrication in the historic Roanoke Park neighborhood of Kansas City, Mo., has sold to Taing Capital Group, LLC.
Originally a manufacturing facility built in 1949 by Kansas City grocer Fred Wolferman, the iconic building was redeveloped into creative office and living space in 2015. The 60,000 SF building has seven commercial tenant spaces and studio loft apartments.
Hufft plans to remain in its current space as the GW anchor, along with the other tenants including Studio Lofts, Real Fitness & Conditioning, Pure Workplace Solutions, Roanoke Park Conservancy, MEDiAHEAD and ZancTank Concepts.
“We have realized our master plan for the Grocer’s Warehouse campus and properties. It has been a phenomenal process to see it transform. While our primary roles lie in running Hufft, we were ready for a group to take over the management and all of the responsibilities that come with that. We are very much looking forward to staying a part of the GW campus and Roanoke Park for a long time. The Roanoke Park Conservancy is really to be credited for their efforts in making this location a desired place to work and live. That group holds the original visionaries that believed in this beautiful area of Kansas City,” said Hufft co-founder and principal, Jesse Hufft.
Logan Freeman of Clemons Real Estate and Parker Webb with Third Space Property Group represented the buyer and Pat Murfey of Evergreen Real Estate Services represented the seller in the June 2020 transaction.
"This was a great collaboration between the current ownership group and the new buyers. It was definitely an uphill battle with the pandemic and commercial tenants being a large percentage of the rental income. Securing financing was tricky, but we had a local lender step up who believed in the project as much as we do. Both sides worked together great and are going to continue this vision for the Grocer’s Warehouse and the surrounding Roanoke Park area," Freeman said.
Read previous Grocer’s Warehouse stories by MWM here: