A group of private investors, led by LANE4 Property Group, has completed the off-market acquisition of three shopping centers in the Kansas City area, totaling 421,546 square feet.
The retail portfolio was previously owned by MD Management and includes Metro North Square and Oak Barry Center in Kansas City, Missouri, as well as West Park Shopping Center in Overland Park, Kansas. LANE4 structured a recapitalization that allowed some of MD Management’s long-time investors to remain involved, while offering a successful exit strategy for others.
“We’re excited to strengthen LANE4’s presence in the Kansas City Northland, a submarket that continues to outpace regional growth,” said Weston Buckley, Partner at LANE4.
Andrew Sandburg of LANE4 will lead leasing efforts across the portfolio. MD Management will continue its role as property manager. Notably, over 80% of the portfolio is located along Barry Road and US-169, a corridor that boasts more than 1.4 million square feet of retail space with a 97% occupancy rate.
