Hanley Investment Group Real Estate Advisors arranged the sale of a single-tenant Michaels in Kansas City, Missouri, to a California buyer for $3.945 million.
Hanley Investment Group vice president Jeff Lefko and executive vice president Bill Asher represented the seller, N3 Real Estate of Southlake, Texas. The buyer, a private partnership from Southern California and Missouri, was represented by Steve Maynard of the Maynard Group of El Segundo, California.
Located on 1.90 acres at 8551 Prairie View Blvd. in Kansas City, the freestanding, 22,810-square-foot Michaels was renovated in 2012, and is a pad to a regional lifestyle center, Zona Rosa, a freeway-visible, one-million-square-foot mixed-use urban town center featuring retail, restaurants, entertainment, office and luxury residential units.
Zona Rosa includes Dillard’s, Dick’s Sporting Goods, Old Navy, Barnes & Noble, DSW, Staples and CVS as well as Kansas City Improv, Outback Steakhouse, Buffalo Wild Wings, Granite City Brewery, Red Robin Gourmet Burgers and Brews, 54th Street Grill & Bar and Abuelo’s Mexican Restaurant. Nearby big box national and regional tenants outside of Zona Rosa include Walmart Supercenter, Target, AMC Theatres, Best Buy, Bed Bath & Beyond, Hobby Lobby, Hy-Vee, Lowe’s, PetSmart and Ross Dress for Less.
Situated five minutes away from the Kansas City International Airport and 25 minutes from Downtown Kansas City, Michaels is ideally situated off interstate 20 freeway with 92,000 cars per day and Missouri Route 152 with 40,000 cars per day.
