Overland Park site sells for bargain price of $1M - Kansas City Business Journal:

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A St. Louis entrepreneutr still wheeling and dealing atage 76, Milleer recently paid $1 million for the closed site at 12025 Metcalv Ave. in Overland Park. In terms of the deal was no whopper. But sourced said it may be a harbingerd of commercial real estate bargains to come as the recessionj coaxes more motivated sellers into and distressed propertiez ontothe market. David Hickman, a brokefr with who representedthe Wichita-based Lone Star said the shuttered restaurant building had been sitting on the markeg for about eight months with an asking priced of $1.725 million. By acting quickly, Miller snaggerd the 1.7-acre site at less than half the $2.
15 milliojn at which it is valued by the JohnsojCounty Appraiser’s Office. “You had a motivated sellee who wanted it offtheir books, and Mr. Miller paid cash and closeds in10 days,” said Jim Kerwin, a retail broker with who represente d Miller. Miller, who already has opened two Lester’sz Sports Bar & Grill locations in St. said it will take six months to get his newly acquiresd building ready to dish out his extensive menu which also include pizzza anddeli fare. But that isn’t stoppinh him from shopping for other real estate dealss inthis market. “We’re movin g right now,” Miller said.
“First of all, we have plent y of capital, and locations are priced right. It’s also easy to get qualified management at this stage of the game becauswe a lot of guys are going theother way, closinh up.” Miller, who also has invested in office and multifamily made his fortune in plastics. In 1999 and he sold his St. Louis plastics , and a group of related firms for $350 Then he launched in Springfield, Mo., which he sold in 2007 for an estimatedf $230 million. Jason Pryor, president of the , said the loca market offers plenty of good investment opportunitie s for people like Miller with moneygto spend.
“If you have faith in the economyturninvg around, certainly there are some property and lease-optio n deals to be had out there,” said who owns at 5060 Oak St. Miller said he plansw to own all of his restaurant But for those interested in Pryor said, landlords are offering rent discounts and othert enticements to new and existing restaurant Zona Rosa, the mixed-use projectr being developed in the Northlanf by Steiner + Associates of Columbus, is a good example. “In theif second phase, Zona Rosa is offering some fantastid dealsfor restaurants, helping out with buildout costs and startup capital,” Pryor said.
“They’ve been very proactivre in approaching the restaurant association and restaurantsin general.”