Marcus & Millichap sold the Shops of Sunnybrook, a 38,273-square-foot retail property in Olathe, Kansas. The asset sold for $7.675 million.
Zach Turner, Erin Patton, Craig Fuller and Scott Wiles, investment specialists in Marcus & Millichap’s Columbus and Cleveland offices, had the exclusive listing to market the property on behalf of the seller, a Kansas City-based partnership. The buyer, a Kansas City-based developer, was secured by Turner, Patton, Fuller and Wiles. Colby Haugness, Kansas Broker of Record, assisted in closing this transaction.
Shops of Sunnybrook is located at 11120 S Lone Elm Road in Olathe, and is home to prominent tenants such as Austin’s Bar & Grill, Prairie Liquors, Pour Coffeehouse, Subway, Hotworx and Performance Rehan. Shops of Sunnybrook was 86 percent occupied at the time of sale, and in addition to the 38,273 square foot of retail, the subject property included about three-acres of developable land.
This deal is particularly exciting, because the seller was the original developer and has been a major cause of the immense and positive growth in the surrounding areas over the past few decades. The buyer, a separate prominent local developer, now has the ability to not only benefit from the strong existing cash-flow, but can also add and develop to the site further. This has the potential to elevate the area even further, which is very exciting for the residents of Olathe and new ownership.
