SITE Centers Sells Kansas City Retail Asset
The property previously traded in 2013 for $49 million.
Image by Paul Brennan via Pixabay
The R.H. Johnson Co. has purchased Merriam Town Center, a 363,076-square-foot regional power center in the Kansas City suburb of Merriam, Kan. The seller was SITE Centers, according to CommercialEdge data, which had acquired the asset back in 2013 from Blackstone for some $49 million.
A JLL Capital Markets team led by Director Michael Nieder and Managing Director Amy Sands represented the seller in the current transaction.
Completed in 1998, the open-air shopping destination encompasses eight buildings across a 46.7-acre site. Tenants at Merriam Town Center include PetSmart, Ross Dress for Less, Home Depot, Cinemark and Dick’s Sporting Goods. At the time of the sale, the center was 97 percent leased.
Merriam Town Center is located at 8800 Johnson Drive, roughly 10 miles southwest of downtown Kansas City. The property is right off Interstate 35, in an area where the daily traffic count reaches approximately 128,000 vehicles. The average household income within a five-mile radius is $92,500.
SITE Centers has recently sold Ashbridge Square, a 386,248-square-foot power center in Downingtown, Pa. Institutional Property Advisors represented the seller and procured the buyer, a joint venture between Kahn Development Corp. and J. Loew & Associates.
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