VanTrust breaks ground on an additional 330,000 square feet of distribution center space at New Century Commerce Center
VanTrust Real Estate, LLC (VanTrust) has broken ground on Building B2 in the New Century Commerce Center. This new building will provide an additional 330,000 square feet of distribution center space, with 130,000 square feet already pre-leased at the time of groundbreaking.
Building B2 will be the third structure in the expansive 535-acre commerce center. Building A, also encompassing 330,000 square feet, has been sold to Cnano. Building B1, boasting 752,000 square feet, has recently reached completion and is now available for occupancy.
To facilitate future growth, VanTrust has prepared a development-ready site in the first phase of the commerce center that can accommodate up to 1.5 million square feet. The two subsequent phases will provide an additional 3.6 million square feet of space for a total of approximately 7.1 million square feet in the commerce center.
“We are excited to have broken ground on Building B2, the third building in the New Century Commerce Center. The pre-leasing of 130,000 square feet at the time of the groundbreaking highlights the strong demand for modern industrial facilities in this prime location. We are pleased with the significant interest from local and national tenants and are grateful for our partnership with Johnson County. We look forward to the continued success of the commerce center,” said Justin Duff, vice president of development at VanTrust.
CBRE’s Mike Mitchelson and Austin Baier, with the CBRE Kansas City Industrial Team, are leading the leasing assignment for VanTrust.
“We continue to see strong market activity in both manufacturing and distribution clients. New Century is definitely in the path of progress and having a top-notch developer in VanTrust makes New Century Commerce Center an excellent choice for tenants in the Kansas City market,” said Mitchelson.
The New Century Commerce Center is located in the South Johnson County submarket of Kansas City, offering excellent access to I-35 and deep labor pools. The region is experiencing strong market growth with a record low vacancy rate of 3.3% in the industrial market, driven by strong absorption of 2.6 million square feet in the second quarter of 2023 alone. In recent years, the demand has been spearheaded by users who are in the automotive, e-commerce, and food industries.
“As a public-private partnership, this is a significant achievement for the New Century Commerce Center and for all of Johnson County,” said Mike Kelly, chairman of the Johnson County Board of County Commissioners. “In addition to drawing thousands of jobs in the coming years to strengthen our county’s economy, our economic development activities at New Century also generate revenue that supports vital public services as well as airport activities.”
For more information about the New Century Commerce Center, please visit newcenturycommercecenter.com.
About VanTrust Real Estate, LLC
VanTrust Real Estate, LLC is a full-service real estate development company. Named NAIOP's 2023 Developer of the Year, the company acquires and develops real estate assets for the Van Tuyl family portfolio and offers a broad range of real estate services including acquisition, disposition, development, development services, corporate services, and asset management. Product types include office, industrial, multifamily, science + technology and mixed-use. VanTrust works nationally with regional offices in Columbus, Dallas, Phoenix, and Jacksonville with its headquarters in Kansas City, Missouri. For more information, visit vantrustre.com.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2022 revenue). The company has approximately 115,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at cbre.com.