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Kansas City Business Journal
Lenexa firm may be closer to delivering new cancer drug
TVAX Biomedical Inc. is adding clinical trials at a New Jersey-based health center that will push the company closer to reaching regulatory approval for its brain cancer treatment. <\p> Capital Health Cancer Center is working with the Lenexa-based biopharma company on clinical trials for TVAX’s glioblastoma therapy, which targets a common brain cancer with a life expectancy of a little more than a year. Capital Health’s clinical site is one of five trial locations TVAX has across the U.S. <\p>
Meet KCBJ's 2024 NextGen Leaders
For our NextGen Leaders judges, this year was particularly tough due to the number of worthy candidates — a good thing for Kansas City that speaks to the type of talent it can attract. <\p> To narrow the pack, the judges took a closer look at community involvement and favored applicants who weren’t just giving back but were leading the charge on initiatives beyond their company or had leadership positions on boards.<\p>
KC real estate firm promotes three to partnership ranks
AREA Real Estate Advisors recently promoted three veterans at the Kansas City commercial real estate firm to partner.<\p> Tiffany Ruzicka, Sean Craven, and Doug Grossenbacher recently joined AREA's partnership ranks after respective 19-, 15- and eight-year tenures with the firm. Their promotions highlight AREA's commitment to fostering talent and driving growth, the firm said in a recent release.<\p>
How Fortiviti turned dark days into a bright future
The pandemic brought rough times for Olathe-based Fortiviti LLC, but that period of struggle set the stage for the company’s current strong growth. <\p> Founded in 2008 by Shauna Huntington, Fortiviti is an outsourcing firm that provides full-service accounting and bookkeeping. <\p>
Outdoor retailer will fill void left by Stein Mart
Orchard Corners, a high-visibility Lenexa shopping center across from Oak Park Mall, has landed a tenant to fill part of a former 36,838-square-foot Stein Mart space.<\p> Sierra, an off-price active and outerwear store, signed a lease for 19,104 square feet at 9656 Quivira Road. An opening date has not yet been announced.<\p>
KC's biggest PE firm pumps $32.5M into Texas software company
Five Elms Capital's latest investment could help a Texas software company serving fitness and wellness businesses get swole.<\p> Gymdesk raised $32.5 million from the Kansas City-based private equity firm, which is focused exclusively on software investing.<\p>
Former Whole Foods site tees up opening of new-to-KC store
The Fountains shopping center in Leawood lost a longtime tenant when Whole Foods relocated about half a mile away. (Wild Oats Markets initially leased the space but Whole Foods purchased its rival in 2007.)<\p> Nine months after the chain moved out, PGA Tour Superstore is set to reopen the doors of 6621 W. 119th St. at 9 a.m. Aug. 10.<\p>
Q&A: How KC's retail, office market is trending
A quartet of local brokerage experts have made a variety of deals across real estate sectors in the year-plus since they combined their talents to launch their own firm.<\p> Founded in May 2023, Peak Real Estate Partners has since completed about 150 transactions, including office and retail leases, investment sales and sale-leasebacks. The Leawood-based firm was co-founded by Hank Simpson, a broker with AREA Real Estate Advisors since 2017, and Mark Arensberg, Ross Simpson (also Hank's brother) and Mike Yeggy, who all were brokers with Colliers International respectively since 2008, 2011 and 2012.<\p>
What a KC household needs to put down to afford a home
A Kansas City household needs to put down more than 20% to afford the mortgage on a median-value home, a recent study says. <\p> To afford payments on a $307,000 house, a median-income household would need to put down $76,273, which is about 24%, according to Zillow Group Inc. The real estate company used a Kansas City household income of $81,760 for its study. <\p>
Father, son contractors sue one another over Meta work
A dispute about contracts tied to Meta Platforms' Northland data center led a father and son to sue one another over utility work at the $800 million site.<\p> Rodriguez Construction and Underground Inc. (Rod-Con), an underground utility contractor owned by Joseph Rodriguez, and Clarkson Construction Co. jointly filed a lawsuit against Rodriguez Mechanical Contractors Inc. (RMC), a plumbing services firm owned by father Paul Rodriguez Sr., in mid-May in Platte County Circuit Court. In mid-June, RMC filed a complaint against Rod-Con, Joseph Rodriguez, Clarkson and others in Jackson County Circuit Court.<\p>
OP investment firm adds to portfolio with acquisition
Overland Park-based VantEdge Partners added to its portfolio of home, commercial and construction services companies by acquiring Waukesha, Wisconsin-based Suburban Intermediate Holdco Inc. for an undisclosed amount. <\p> Founded in 1978, Suburban Intermediate is the holding company for Suburban Drywall, a provider of drywall, insulation, steel framing and custom finish installation services to multifamily, single-family and commercial general contractors across Wisconsin. The company is led by President Dave Satermo, a 40-year veteran of the construction services industry. <\p>
Lockton picks new CFO
Kansas City-based Lockton Cos. has a new CFO, hiring former Hostess Brands CFO Travis Leonard to succeed Troy Cook.<\p> Cook, who has been a member of the Lockton board of directors since 2018, became the CFO in 2020. In May, he took on the role of executive vice president of corporate development. He's also an adviser to Lockton Chairman and CEO Ron Lockton, and Cook remains on the company's board of directors. <\p>
FTC noncompete ban suffers setback
The Federal Trade Commission’s broad noncompete ban suffered a legal setback after a federal judge in Texas ruled against the agency on July 3.<\p> U.S. District Judge Ada E. Brown of the Northern District of Texas, said in a ruling that the agency “lacks substantive rulemaking authority” on the matter and granted a preliminary injunction on the controversial rule that could affect employers in a broad range of industries. <\p>
The National Observer: America's most-on-time airports
Welcome to The National Observer, a roundup of top business news and actionable insights from across The Business Journals network of publications. Today, we're looking at a big change to federal rulemaking that could affect businesses, the hidden costs of owning a home, and federal grants for 12 tech hubs across the U.S. But first, you may want to pack your patience for these routes — they're the most delayed flights in the U.S.<\p> Get more stories like these every day in your inbox by subscribing to The National Observer newsletter.<\p>
Data-center debate: Booming CRE sector grapples with big questions
The proliferation of data centers across America is helping to power the nation's increasingly digital economy — but for some, it's coming at too high, or too unknown, of a cost.<\p> The data-center boom isn't new, but the rate at which these projects are being planned, proposed and built is quickly escalating. And while data centers once were concentrated in a few key markets, they're now fanning out to metro areas all over the country.<\p>
Parson comes to discuss keeping Chiefs, Royals in Missouri
Missouri Gov. Mike Parson is scheduled to meet with community leaders from Jackson and Clay counties on Monday. Together with Kansas City Mayor Quinton Lucas, they intend to discuss options to keep the Chiefs and Royals in Missouri.<\p> In April, Jackson County voters denied a three-eighths-cent tax for 40 years to support the Chiefs and Royals. Last month, the Kansas State Legislature overwhelmingly approved sales tax revenue (STAR) bond legislation intended to entice the teams to build stadiums in the Sunflower State.<\p>
Sporting KC scores with KC's top company
In the midst of a tough season, Sporting Kansas City picked up a win with the area’s largest private company.<\p> The club announced a renewal of a partnership with Dairy Farmers of America through the 2026 season. The centerpiece of the sponsorship calls for the dairy cooperative to donate 10,000 glasses of milk to local charity Giving Hope KC for each Sporting KC home victory. The deal also involves a presence for DFA at Children’s Mercy Park and player participation in DFA charity efforts.<\p>
Big-name law firm cuts offices in two markets
Armstrong Teasdale LLP said Wednesday afternoon that it is closing offices in Salt Lake City and Boston and will end financial support for the firm’s United Kingdom subsidiary.<\p> The decision will affect 10 lawyers and seven business professionals in Boston and one lawyer and five business professionals in Salt Lake City, managing partner Richard Engel said in a statement.<\p>
In its first HQ, OP energy company focuses on MA
Lettermen's Energy has rolled up enough propane companies since its founding in late 2021 that it now needs a headquarters office.<\p> The company's 250 employees nationwide had been 100% remote before it leased space at 8400 W. 110th St. in Overland Park — its first corporate office. <\p>
KC Current sues over 'bait and switch' on turf
The Kansas City Current has sued a New Jersey turf company over an alleged "bait and switch" on outdoor pitches at its Riverside training complex.<\p> The Current's KC WFC Training LLC filed a lawsuit in mid-June in Platte County Circuit Court against Elite Turf USA LLC, a New Jersey turnkey field provider. The team claims that Elite Turf represented that it would install a FIFA-certified artificial turf system at four of the training complex's five artificial fields but instead provided a different, uncertified product that would prove inferior for long-term soccer play. The Current's $18 million training facility opened in 2022.<\p>
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