For more than half a century, David Block’s family has left its stamp on the Kansas City commercial real estate industry. As head of Block & Company Inc. Realtors, David carries on the proud tradition of his father, James Block, who opened the firm with his brother, Allen Block, in the 1940s. From his office on the Country Club Plaza, David Block talked about what’s happening in his world today and how his family’s hard-working, entrepreneurial spirit is alive and well.
What’s going on out at the Great Mall in Olathe?
We acquired the mall in January 2009 to reposition as a driving force in retail sales in south Johnson County. We are working with extensive tenants to maintain a continues high occupancy level while marketing to new and existing restaurant and retail concepts to occupy the remaining space. We are also working with the city and the chamber in regards to long-term mixed use opportunities for the property.
What’s going on with the Glenwood Plaza project?
We are working with the city regarding a CID opportunity to do exterior improvements such as landscaping and signage. We are also working with a number of retailers that are presently not located in Johnson County. That would streamline the retail draw to the shopping center at 91st and Metcalf (Block originally developed all four different centers at that busy intersection). With the executed lease extension of TJ Max and the Wal-Mart Grocery as a co-tenant, it has excellent long term prospects for success.
What is your strategy as you move forward in 2010?
For 2010 I will be looking for long term investment opportunities both in multi- and single-tenant while maintaining and increasing our occupancy levels on our management and leasing portfolios.
Block & Co. signs seem to be in every part of the metro area.Tell us about your widespread success.
Our firm Block and Company Inc. has been a pillar of the Kansas City community since the 1940′s. Our record speaks for itself and our commitment to the continued growth and stability of our city is unwavering and reflected in the publics eye. What is good for us is good for Kansas City and what’s good for Kansas City is good for us! Greater Kansas City is our main focus in our Real Estate activities but we also represent our clients through out the Midwest and country.
Give us a behind the scenes perspective of a recent deal you’ve done. What made it work?
We just completed the sale of a pad site within our Plaza at the Speedway project at I-435 and Parallel Parkway in Kansas City, Kan. We just opened a Wal-Mart Super Center and a Best Buy in 2009. The Kohl’s transaction started over two years ago and was on life support many times due to the unstable economy and retail sales in general. The original agreed upon economics changed weekly over a 24-month period. Persistence and flexibility brought the transaction to the closing table.
What are the obstacles these days?
I would say the biggest obstacle at the moment in commercial real estate is the difficulty in finding and locating new financing for buy/sell transactions. Once the lending community becomes more accessible, sale transactions will be able to flow more freely which in turn will increase property values. The big question is when this will happen … time will tell!