KBS negotiated the sale of Park Place Village, a 484,980 square-foot Class-A mixed-use asset consisting of office and retail space in Leawood, an affluent suburb of Kansas City, Kansas.
The property was purchased by DFW Land, a real estate development company that specializes in the acquisition, development and sale of land in the Dallas-Fort Worth Metroplex area. Park Place Village was owned by KBS Real Estate Investment Trust III.
Located in Kansas City’s South Johnson County submarket, Park Place Village is a 10-building, multi-tenant property developed in phases between 2007 and 2013. Today, the asset includes a dynamic mix of tenants and offers amenities including boutique shops, upscale restaurants and cafes, a fitness center, bike storage, EV car-charging stations, on-site parking, and a rooftop view terrace. The surrounding neighborhood features shopping and entertainment venues, parking garages, the Aloft Hotel, 201 apartments, 30 townhouses and 27 lofts.
Newmark reports that the Kansas City office market recorded 116,174 square-feet of net absorption during the quarter, bringing the four-quarter total to 1.1 million square-feet. This marks the fourth consecutive quarter of positive absorption, driven by tenants capitalizing on favorable leasing conditions. On the retail front, Kansas City displayed ongoing resiliency, marked by strong leasing activity and a continued preference for well-located, experiential retail. South Johnson County displayed the second highest amount of net absorption in the market during the past four quarters.
Derek Fohl and Gary Carr were leads for the Chicago and Dallas Based Newmark Capital Markets teams that represented KBS in the sale of Park Place Village. Additional team members involved in the transaction include Jim Postweiler, Peter Harwood, Jack Trager, Jake Paschen, Robert Hill, Chris Murphy, and Austin Sheehan
Attorneys Bruce Fischer, Howard Chu and paralegal, Amanda Kennedy, of global law firm Greenberg Traurig, LLP’s Orange County represented KBS as legal counsel in the disposition.
According to Fischer, Greenberg Traurig’s Chair of the West Coast Real Estate Practice and Co-Managing Shareholder of the Orange County Office, who led the Greenberg Traurig team, “The successful execution and exit of Park Place Village underscores the resilience and growth of KBS’ vision for the property and South Johnson County’s growth. KBS was able to deliver an optimal outcome which reflects both discipline and long-term positioning.”
Park Place Village is located at 11500 Ash Street, Nall Avenue, Leawood, KS 66211.
