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.

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

Get In Touch

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

Get In Touch

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

Cosmic Pet

Cosmic Pet

Pet company seeks help from Wichita to expand with a second building

WICHITA, Ks. – August 12, 2019 – UPDATED — Less than two years after moving to Ironhorse Manufacturing ParkHyper Pet has purchased two other companies, changed its name to Cosmic Pet and is expanding again.

The company and its landlord are seeking industrial revenue bonds along with some property and sales tax relief.

Landlord Jeff Lange, through his IH1 LLC, has asked the city for up to $6.1 million in IRBs. The Wichita City Council will consider the request on Tuesday.

“This is very much about expanding the headquarters, and that’s what we want to continue to do,” says Cosmic Pet CEO Tim Blurton.

In March 2018, the company moved from space at 31st and Meridian to a 103,500-square-foot building that Lange built on spec at Ironhorse, which is at the southwest corner of MacArthur and Seneca.

At the time, Lange said landing Hyper Pet — which he said was seriously eyeing a move to Kansas City — was proof that the council’s vote for tax breaks on speculative buildings makes sense.

Now, Cosmic Pet wants to expand again with another 100,000-square-foot facility.

Through a letter to the council, Lange wrote that Cosmic Pet had options to expand outside of Wichita instead.

In addition to the IRBs — $5.5 million is to expand the building, $600,000 is for new equipment — the company is seeking a tax exemption on improvements for 10 years and a 94 percent sales tax exemption for the project’s cost that is financed with the bonds.

Blurton says the company, which has 50 employees, will add 24 jobs over the next several years with an annual salary of about $60,000 each.

“A good portion of those jobs will come immediately,” he says.

Late last year and again this spring, Hyper Pet purchased two other businesses, “which basically tripled the size of our business.”

“We want to bring all of that into Wichita,” Blurton says.

Traditionally, the company has made dog toys, collars and leashes.

Then it purchased Ohio-based OurPet’s Co. and San Francisco-based R2P Pet and has expanded its product line to include cat toys and scratchers, dog beds, chews and treats.

“It’s a great industry,” Blurton says of the pet industry in general. “It’s got good growth records.”

He says the company also is going to fill its dog beds through its Wichita operations so it can say they are made and filled in the USA.

Cosmic Pet is centralizing a lot of the functions from the other two companies into the Wichita headquarters. It is keeping the other offices as well.

“This is just a huge example of Hyper Pet — Cosmic Pet — made the commitment to make Wichita their world headquarters,” Lange says.

Without the IRBs, he says the company could have simply kept more space in Ohio and San Francisco.

“It’s just that point blank,” Lange says. No IRBs “is just a deal killer.”

Also, he says Cosmic Pet is “a diversity company for Wichita,” meaning the pet industry is a big one outside of the aerospace industry.

“It’s an opportunity for Wichita to have a very exciting company that’s one of the top five in that industry.”

Blurton says he’s also taking away some of the third-party warehousing the other companies used and will have it in the warehouse in Wichita.

Hyper Pet, which is a brand in addition to the former name of the company, is one of several brands the company now has.

“As we got bigger, obviously there’s a lot more brands in the portfolio,” Blurton says.

“We thought a fresh name was sort of a good way for us to be able to umbrella the company.”

Cosmic Pet’s new building will abut its existing one, and workers will be able to walk between the two.

“We’ve got a lot more opportunity for growth,” Blurton says.

Construction on the new building will start within the next month.

Blurton says he can’t say if the new building will be enough room for the company’s future growth.

“I really hope it’s not,” he says. “It would be lovely to fill it immediately.”

Original Source: https://www.kansas.com/news/business/biz-columns-blogs/carrie-rengers/article233768062.html

Original Writer: Carrie Rengers

Get In Touch

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

Terra-Cotta Tower

Terra-Cotta Tower

Prominent east-side building gets a new investor more known for its south-side work

WICHITA, Ks. – August 13, 2019 – When orthopedic surgeon Pat Do was just out of med school at age 29, he didn’t solely focus on medicine. He also got into real estate against the advice of friends and advisors.

“I thought I might need to diversify myself,” he says. “You know when you’re young, you think you have to do everything.”

Now, he’s 48 and has a new perspective.

“I’ve learned that what really makes me happy is healthcare.”

That’s partly why he and his brother, Henry, have have traded equity in their Terra-Cotta Tower at 29th and Rock Road for partnership units in Triple Crown Realty Trust.

“I like the management team, and I like their focus on developing Wichita,” Do says.

Triple Crown is known for its work developing the CrossGate District in south Wichita.

“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.”

She says the trust has been identifying properties with existing cash flow.

Terra-Cotta has a 91 percent occupancy rate.

Lange says the five-story, 50,000-square-foot building is attractive for its “location, the building itself and the history that it has there in northeast Wichita.”

The late George Ablah built the prominent building more than three decades ago for Equicor, a health insurance company.

Former longtime Wendy’s franchisee Larry Fleming of LDF Cos.owned the building for about a decade, which is why there was a Wendy’s on the first floor. It was a bit of a nontraditional site for a fast food restaurant.

Triple Crown will remodel the former restaurant to essentially “leave it as a blank space,” Lange says. That way, people looking to possibly lease it won’t see it simply as a restaurant space.

Lange says the company has the fifth floor to lease as well.

Lange Propery Management’s Jordan Wuest and Genni Trilliwill handle leasing for the building.

Do says he appreciates “putting this into capable management hands.”

While he’s still interested in investing, Do says he’ll leave the management to others so he can keep his focus on serving patients.

“What gives me most fulfillment in life is just doing what I do best.”

Original Source: https://www.kansas.com/news/business/biz-columns-blogs/carrie-rengers/article233942562.html  

Original Writer: Carrie Rengers

Get In Touch

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

Gander RV

Gander RV

Change in plans: Camping World will open in Wichita under new name

WICHITA, Ks. – August 09, 2019 – Camping World Holdings chairman and CEO Marcus Lemonis is still bringing RVs to Wichita, but it won’t be under the Camping World name as planned.

Gander RV is how the store will be branded here, and it will be within a new Gander Outdoorsstore. That’s the updated version of the former Gander Mountain that used to be in the WaterWalk development downtown.

The store will have a soft opening at Steeple Bay, a Triple Crown Realty Trust development, at I-235 and Seneca around Aug. 20.

Nance says the date depends on DMV licensing, “which has been exceedingly challenging, but we are working with them.”

Plans changed a bit from when Lemonis announced he would bring the two concepts to Steeple Bay.

There are still two new buildings as originally planned, but one will be for sales and one for service.

RV sales will be handled out of a 43,000-square-foot building on the lake at Steeple Bay.

The store also will carry all the merchandise that Gander Mountain used to carry, including firearms, hunting supplies, fishing gear, kayaks and additional items related to RVs.

A 33,000-square-foot building next to Gander Outdoors will handle RV service.

RVs are moving onto the Gander RV lot now.

There will be 250 coaches at the property, including everything from top-of-the-line motor homes to fold-down and pop-up trailers.

This will be the first Gander Outdoors and Gander RV for Kansas.

“We’re just incredibly excited to be in Wichita,” Nance says.

There are more than 140 Camping Worlds, and she says there will be almost 50 Gander Outdoors and Gander RV stores by the end of the year.

Both stores are part of the larger Camping World Holdings, a publicly traded company.

Nance says the company has determined which markets make sense for each brand.

A grand opening, which may or may not include Lemonis, will happen Labor Day weekend.

“We are optimistic that he is going to be able to join us,” Nance says.

The stores will have a massive flag-raising ceremony to celebrate their opening.

The flag is 3,200 square feet — or bigger than the average house — and takes 10 to 20 people to raise. It also takes money to maintain, but Nance says Lemonis — who was adopted from Lebanon by a Miami family — values the American dream and supports the military.

Nance says Camping World and Gander companies give priority to veterans, active members of the military and their families for jobs.

Triple Crown managing partner Jeff Lange of Lange Real Estate said via e-mail that the trust is thrilled to help bring Gander to Wichita.

“The buildings and facilities are beautiful and have come in on time and under budget.”

Through the e-mail, Lange said it was a smooth process working with Dondlinger ConstructionMKEC and the Gander team.

“As we always do, we will continue to drive their success as we are much more than just any real estate transaction,” he said.

“They have made a commitment to Wichita, the CrossGate District and Steeple Bay and we will keep them engaged with all that we are creating. We know the public can’t wait for them to open their doors and that is exciting.”

 

Source: https://www.kansas.com/news/business/biz-columns-blogs/carrie-rengers/article233673787.html 

Original Writer: Carrie Rengers

Get In Touch

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

© 2018 Triple Crown Realty Trust, All Rights Reserved. | Site by RSM Marketing.