Triple Crown Realty Trust Adds Another Prominent Property

Triple Crown Realty Trust Adds Another Prominent Property

WICHITA, Ks. – April 30th, 2020- Triple Crown Realty Trust has added another prominent Wichita property to its portfolio.

Chance Rides has exchanged part of their West campus into Triple Crown Realty Trust in exchange for partnership units in the Triple Crown portfolio of assets.

This included over 218,150 sq. ft. of industrial manufacturing space on 13 acres at the Chance Rides campus located in Wichita, KS.

“This is the perfect opportunity for our family to stay in our manufacturing facility that has been our home for almost 50 years. Diversifying our family’s investments in something moving as rapidly as Triple Crown, that is also local right here in Wichita. This was an exciting option.  Wichita has been great for the success of our company over the decades and now we can continue our growth and be a part of the development of another local entity like Triple Crown,” owner Dick Chance stated.

Triple Crown is an active buyer in the single tenant sale leaseback portion of the industrial and commercial real estate market throughout Wichita and the mid-west.

 Jeff Lange said Triple Crown’s goal is to be 50% invested in the CrossGate District and 50% outside of it, whether that’s in Wichita or elsewhere in the midwest.

“This acquisition is a big deal to us because of our story growing beyond the CrossGate District.”

This is the 2nd notable acquisition for Triple Crown in Wichita outside the Crossgate District Terra-Cotta Towers, a 5-story office building at 29th & Rock Rd became a Triple Crown asset in 2019.

 

Carrie Rengers covered the story for The Wichita Eagle.

https://www.kansas.com/news/business/biz-columns-blogs/carrie-rengers/article241977916.html

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4340 S West Street
Wichita, KS 67217
316-648-1415

Triple Crown Realty Trust Acquires Interest In Terra Cotta Tower

Triple Crown Realty Trust Acquires Interest In Terra Cotta Tower

Five Story Office Tower Brings Diversity To Realty Trust Known For Crossgate District Developments In Wichita, Kansas

Wichita, Kan. – Triple Crown Realty Trust has acquired interest in Terra Cotta Tower, a 50,000 sf low rise office building in the popular north Rock Road area of Wichita, KS. Owners of the Terra Cotta Tower office low-rise office building in Northeast Wichita exchanged equity in the property for partnership units in Triple Crown Realty Trust LP.

“Triple Crown has been looking to invest outside of the CrossGate District,” says Rachel Lange, director of real estate at Lange Real Estate and a managing partner in Triple Crown. “We needed to diversify outside of that.”

Owners Pat and Henry Do saw the transaction as an opportunity to hand over management and also to gain better diversity for their own portfolio. “This is a win-win for us,” said Pat Do. “We’re thrilled to have both excellent management and increased asset diversification.”

Terra Cotta Tower was developed by George Ablah and opened in 1985 at the intersection of Rock Road and 29th Street North. The area remains popular and the building is currently 91% leased.

“The Terra Cotta Tower is a strong asset with positive cash flow, exactly the type of property we’re looking to add to our growing portfolio,” said Rachel Lange.

About Triple Crown Realty Trust:
Triple Crown Realty Trust, LP is a real estate investment vehicle that acquires and develops a diverse array of properties and facilities in Middle America, including industrial, distribution, warehouse, retail, office, healthcare, retirement and multi-family.

Saddlecreek Crossing

Saddlecreek Crossing

Renderings Show First Look at Mixed-use 47th, Broadway Redevelopment

There’s movement at Saddle Creek Crossing, the longtime retail center at 47th and Broadway that used to be known as South City Center.

Jeff Lange and his Triple Crown Realty Trust plan to complete a major remodel of the entire shopping center that was anchored by a Kmart until it left the 86,000-square-foot building in 2017.

Until now, the deteriorating space has sat vacant.

Work has started on a new plasma donation center at the old Kmart space built in 1976. A $1.4 million building permit was pulled recently by Mattcon General Contractors Inc. for a commercial alteration at 4830 S. Broadway. Notice of the permit will appear in the next weekly edition of the Wichita Business Journal. 

Lange’s company bought the property in 2015 in an effort to revitalize an area of town that until now has mostly been left untouched by developers. His company has similar efforts in other areas of south Wichita, including the mixed-use development known as Steeple Bay at Seneca and I-235.

The group rebranded the site on the southeast corner of 47th and Broadway as Saddle Creek Crossing, which also includes a Carlos O’Kelly’s, Dollar Tree and Godfather’s Pizza, the last remaining in Wichita.

 

CSL Plasma is remodeling 11,000 square feet at the south end of the old Kmart building, said Jeff Lowrance, business development manager for Lange Real Estate. That work should be complete sometime in November, he said. Renderings show plans for several more retail spaces in the building. A Burger King will go in a space directly north of the Kmart building. Christi Royse, Austin Swisher and Krista Lowry-Racine of J.P. Weigand & Sons are marketing the Kmart building and another 4,500-square-foot retail space with a drive-thru available off 47th Street.

 

Once those lots are sold, Lowrance said exterior remodel work will begin on the old Kmart.

“We feel like this property is an investment in this community,” Lowrance said in an email.

Original source: https://www.bizjournals.com/wichita/news/2019/08/09/renderings-show-first-look-at-mixed-use47th.html

Written by: Shelby Reynolds – Reporter

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Wichita, KS 67217
316-648-1415

Cosmic Pet

Cosmic Pet

Wichita Pet Toy Maker Expanding with Square Feet, Employees

Hyper Pet, a Wichita-based pet toy manufacturing company, is expanding its footprint in Wichita under a new name.

The company plans to double its square footage and add 24 new employees to its 50-member workforce, according to a Wichita City Council agenda.

Since Hyper Pet moved into a 103,000 square-foot building in Jeff Lange’s Ironhorse Manufacturing Park in 2018, it has acquired several other businesses, said Jeff Lowrance, business development manager for Lange Real Estate. With those acquisitions, the company has rebranded itself as Cosmic Pet.

Warren Vann, Cosmic Pet’s CFO and COO, couldn’t immediately be reached for comment.

Cosmic Pet designs and distributes dog collars, leashes, toys and other pet-related products. The company got its start in Wichita inside a 10,000-square-foot building in 1983. It nearly relocated its

headquarters to the Kansas City area in 2017 before Lange convinced Hyper Pet to stay in Wichita and move to the spec industrial building he put up at Ironhorse Manufacturing Park.

Cosmic Pet will lease an additional 100,000 square-foot building adjacent to its current facility on the southwest corner of Seneca and MacArthur. The new industrial spec building is under construction and is expected to complete in October or November, Lowrance said.

IH1 LLC, a holding company managed by Lange, will ask the City Council on Tuesday for Industrial Revenue Bonds for the new property in an amount not to exceed 6.1 million and a 94 percent five-plus-five-year tax abatement

IRBs require no taxpayer commitment, but they can help developers secure lower interest rates on projects. 

The city’s speculative building program was approved on December 2017. It was designed to address what many in the commercial real estate industry say is the ongoing need for existing industrial space in Wichita. 

Original source: https://www.bizjournals.com/wichita/news/2019/08/11/wichita-pet-toy-maker-expanding-with-square-feet.html

Written by: Shelby Reynolds – Reporter

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4340 S West Street
Wichita, KS 67217
316-648-1415

Cosmic Pet

Cosmic Pet

City approves Industrial Revenue Bonds for Cosmic Pet expansion in South Wichita

Developers got the approval they needed Tuesday to finance and secure property and sales tax relief for a new manufacturing facility in south Wichita leased to CosmicPet.

 

The City Council voted 7-0 to issue Industrial Revenue Bonds in an amount not to exceed $6.1 million to construct an additional 100,000- square-foot building, doubling Cosmic Pet’s footprint in Jeff Lange’s Ironhorse Industrial Park at Seneca and MacArthur. The Wichita-based pet toy manufacturing company designs and distributes dog collars, leashes, toys and other pet-related products.

 

Cosmic Pet, formerly known as Hyper Pet, moved its headquarters to a 103,000- square-foot industrial spec building in Ironhorse Industrial Park in 2018. Since then, the company has acquired several other businesses. To support its growth, Cosmic Pet plans to add a second manufacturing facility in the industrial park and 24 new employees to its 50-member workforce, according to a City Council agenda.

 

The IRBs approved Tuesday were requested by IH1 LLC, which is owned by Triple Crown Realty Trust, the developer behind Ironhorse IndustrialPark.

 

IRBs require no taxpayer commitment, but they can help developers secure lower interest rates on projects. The City’s speculative building program was approved in December 2017. It was designed to address what many in the commercial real estate industry say is the ongoing need for existing industrial space in Wichita. 

 

In addition to the IRBs, the city also approve IH1 LLC’s request for a 94 percent five-plus-five-year tax abatement.

 

The proposed industrial building will be the third in the south Wichita complex. A second speculative building is under construction and Brent Peterson with Area Real Estate Advisors is the listing agent looking for tenants for the space.

 

During Tuesday’s meeting, City Council members emphasized that Industrial Revenue Bonds are not money the city is loaning to developers.

 

“I appreciate those that are investing in our community.” Mayor Jeff Longwell said. “This is how we grow. This is how we do the things we want to do without tax increases.”

 

Originally appeared: https://www.bizjournals.com/wichita/news/

Written by: Shelby Reynolds – Reporter

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4340 S West Street
Wichita, KS 67217
316-648-1415