Kansas City’s Premier Commercial Real Estate...

Jon Copaken

Principal

Town Pavilion | 1100 Walnut, Suite 2000 | Kansas City, Missouri 64106 | 816.701.5000

@CopakenBrooks #ULIFall13 www.copaken-brooks.com

@CopakenBrooks #ULIFall13

www.copaken-brooks.com

About Copaken Brooks

Entrepreneurial Developer and

Full Service Real Estate Firm

About Copaken Brooks

• Founded in Kansas City in 1922

• 11 million square feet developed

• 5 million square feet leased/managed

• 2 million square feet in predevelopment

• National developer, investor, and provider

of Corporate Real Estate Services

Solid Entrepreneurial Foundation

• Enhance and preserve asset values

• Wealth creation for investors

• Owner’s mentality

• Long-term perspective

• Trusted counsel and strategic partner

• Community investor

About Copaken Brooks Proven Record

• Landlord and Tenant Representation

• Corporate Real Estate Services

• Property Management

• Construction Management

• Development

• Consulting

• Investment and Acquisitions

About Copaken Brooks Full Service Firm

Development Legacy

Portfolio of Signature Properties

Town Pavilion 1201 Walnut

Plaza Colonnade Oak Park Mall

Del Sarto Van Eyck

Zurich First National Bank

SMG Headquarters

Kansas City’s first LEED Gold renovation project

Current Developments

Planned and Under Construction

City Center Lenexa

69 acre mixed-use development | New “downtown” for the City of Lenexa, Kansas

Arterra 21

Block 112

Broadway Arts District

Kansas City, Missouri

Acquisition / Investment

Class A Grocery Anchored Shopping Centers

Addison Tech Center

Addison, Texas

INVESTMENT TRENDS

Value Proposition in 2nd Tier Cities

Cap Rates

“What are they paying?”

2010-2013 by Property Type

2010 2011 2012 2013

Office CBD

Kansas City

St. Louis

Chicago

Indianapolis

Minneapolis

Cap Rates 2010-2013

Source: Integra Realty Resources – Kansas City

2010 2011 2012 2013

Suburban Office

Kansas City

St. Louis

Chicago

Indianapolis

Minneapolis

Cap Rates 2010-2013

2010 2011 2012 2013

Retail

Kansas City

St. Louis

Chicago

Indianapolis

Minneapolis

Cap Rates 2010-2013

10.00%

10.25%

10.50%

10.75%

11.00%

11.25%

11.50%

2010 2011 2012 2013

Industrial

Kansas City

St. Louis

Chicago

Indianapolis

Minneapolis

Cap Rates 2010-2013

2010 2011 2012 2013

Apartments

Kansas City

St. Louis

Chicago

Indianapolis

Minneapolis

• Cap rates declining in all of the markets

• Lone exception:

Minneapolis multi-family on the steep rise – overheated?

• Cap rates are still higher than coastal cities/1st Tier

Markets for the same level of risk and income

• 2nd Tier markets are all relative bargains, but cap rates

are currently unsustainably low

Cap Rates

Investment Activity

“Who are the buyers?”

2010-2013 by Property Type

2010 2011 2012 2013 (YTD) 2013 (YTD)

Source: Real Capital Analytics, Inc.

Investment Activity - Office

2010 2011 2012 2013 (YTD) 2013 (YTD)

2010 2011 2012 2013 (YTD) 2013 (YTD)2010 2011 2012 2013 (YTD) 2013 (YTD)2010 2011 2012 2013 (YTD) 2013 (YTD)

2010 2011 2012 2013 (YTD) 2013 (YTD)

St Louis Kansas City

Minneapolis Indianapolis

Chicago

Institutional

Cross-Border

Public Listed/REITs

Private

User/Other

United States

Institutional

Cross-Border

Public Listed/REITs

Private

User/Other

2010 2011 2012 2013 (YTD) 2013 (YTD)2010 2011 2012 2013 (YTD) 2013 (YTD)

Investment Activity - Retail

2010 2011 2012 2013 (YTD) 2013 (YTD)

Chicago

United States

2010 2011 2012 2013 (YTD) 2013 (YTD)2010 2011 2012 2013 (YTD) 2013 (YTD)

Investment Activity - Industrial

2010 2011 2012 2013 (YTD) 2013 (YTD)

Chicago

Institutional

Cross-Border

Public Listed/REITs

Private

User/Other

United States

2010 2011 2012 2013 (YTD) 2013 (YTD)

2010 2011 2012 2013 (YTD) 2013 (YTD)2010 2011 2012 2013 (YTD) 2013 (YTD)

Investment Activity - Apartments

2010 2011 2012 2013 (YTD) 2013 (YTD)

Chicago

Institutional

Cross-Border

Public Listed/REITs

Private

User/Other

United States

Investment Activity

• The 2nd Tier markets have very different investor types

• Institutional investors and publically held companies are

finally investing in the 2nd Tier markets

• Positive – More liquidity

• Negative – More competition

• Value Proposition depends on whether you are a buyer,

seller, or developer

Kansas City

• Changing as we speak

• Institutions and new investors coming in – pricing out friends and

family

• Investors becoming more aggressive on price

• Urban and suburban interest

• All property types

• Short and long run positive for investment

Jon Copaken

Principal

@CopakenBrooks #ULIFall13 www.copaken-brooks.com

Kansas City’s Premier Commercial Real Estate...

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