Freightquote hired AREA Real Estate Advisors in March of 2012 after unsuccessful renewal and expansion negotiations with its current landlord.
The company had a tight schedule, plus the likely need to pursue a build-to-suit option due to their size and market conditions. We were chosen for the assignment because of our in-depth knowledge of development, the process, and analytics that are required in the evaluation of ground up development. Other factors influencing the selection of AREA included our extensive experience with entitlements, public assistance, and our recent relative experience in representing companies that required newly constructed office buildings to accommodate their continued growth.
With only 14 months to secure a new 200,000 square foot headquarters, AREA executed an accelerated project strategy for the company’s search for a new facility. The initial phase of the project included the evaluation of existing locations and build-to-suit options in Kansas and Missouri. Within 30 days, a full economic analysis was completed modeling the annual facility cost of the options. This included the integration of state and local incentive proposals for each of the sites under review, as well as a buy versus lease comparative analysis. The client chose to acquire a 30-acre site at Interstate 435 and State Line Road in Kansas City, Missouri. Parallel with developer selection and negotiations, AREA assembled four separate parcels, obtained preliminary title approval and was under contract with each of the four ownership entities within two weeks.
In June of 2012, AREA and the expanded team of consultants initiated engineering, site planning, environmental, traffic studies, and tax incentive negotiations resulting in $51,000,000 in public assistance, as well as conducted developer interviews. That same month, the client chose Van Trust Real Estate to be their developer and all development activities that were under the direction of AREA were transferred to the developer. Construction began August 2012 and was completed in 10 months, the shortest amount of time for a building of its size in the Kansas City area. Freightquote moved into their new headquarters in June 2013.