Kansas City, Missouri — John Hoefer and Susan Smith of Newmark Grubb Zimmer successfully brokered the sale of 3829 Main Street in Kansas City, Missouri. Originally built as a storage facility in 1920, the 30,000 sf historic property will be repositioned and developed as part of a $30 million comprehensive Main Street redevelopment plan spearheaded by Caleb Buland and Ilan Salzberg of Exact Partners, LLC. The Monarch building will be repositioned to accommodate 42 two-bedroom, two-bath apartments over retail with an additional floor added to the building.
"At Exact, we look at opportunities to do more than buildings, we look to cultivate community," said Ilan Salzberg of Exact Partners, LLC. "Main Street is such a diverse and interesting place and we look forward to being part of the activity on this bustling corridor."
Additionally, the overall redevelopment plan will see the adjacent Hawthorne Building converted into market-rate apartments and additional construction just north of the Monarch on what is now a surface parking lot. Andrew Clemons of Clemons Real Estate represented the buyer and Newmark Grubb Zimmer represented the seller in the brokerage transaction.