$17.5 million sale closed by HFF of shopping center in Kansas City, Missouri
CHICAGO, IL – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the $17.5 million sale of Stateline Station, a 142,600-square-foot, 85-percent-leased shopping center in Kansas City, Missouri.
HFF worked on behalf of the seller, Retail Properties of America, Inc. Schottenstein Property Group, Inc. purchased the asset free and clear of debt.
The property was completed in 2004 and is anchored by Marshalls, Cost Plus World Market and a separately-owned Super Target. Other national retailers include Petco, Tuesday Morning, Mattress Firm, Pier 1 Imports and Dollar Tree. Located at the intersection of Highway 150 and West 135th Street in the South KC submarket, Stateline Station is in an affluent area of Kansas City where the average household income in a three-mile radius of the center is $130,141, which is 76 percent higher than the national average.
The HFF investment sales team representing the seller was led by directors Amy Sands and Clinton Mitchell and senior managing director Barry Brown.
About Retail Properties of America, Inc.
Retail Properties of America, Inc. is a REIT and is one of the largest owners and operators of high quality, strategically located shopping centers in the United States. As of December 31, 2015, the company owned 198 retail operating properties representing 28.9 million square feet. The company is publicly traded on the New York Stock Exchange under the ticker symbol RPAI. Additional information about the company is available at www.rpai.com.
About Schottenstein Property Group, Inc.
Schottenstein Property Group, Inc. (SPG) is a vertically-integrated owner, operator, acquirer and redeveloper of high quality, power/big box, community and neighborhood shopping centers in major population areas throughout the United States. SPG properties are predominately anchored by national retail tenants including American Signature Inc.; DSW, Inc.; Bed Bath & Beyond, Inc.; Wal-Mart Stores, Inc.; and TJX Companies. SPG owns interest in a diverse portfolio of 91 properties in 24 states with 12.5 million square feet of gross leasable area. For more information, spgroup.com.
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 22 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.
Holliday Fenoglio Fowler, L.P. acting by and through Holliday GP Corp, a Missouri licensed real estate broker.