X Team Member LANE4 Property Group Purchases Three Kansas City Shopping Centers
KANSAS CITY, Mo., June 3, 2009 — X Team, an international alliance of retail real estate advisors with expertise in more than 45 major markets throughout the U.S., Canada and Europe, announced today that Kansas City, Mo.-based member LANE4 Property Group, in conjunction with several local investors, purchased three of Kansas City’s most iconic shopping centers: Prairie Village and Corinth Square Shopping Centers in Prairie Village, Kan., and the Fairway Shopping Center in Fairway, Kan. X Team President Jason Baker made the announcement.
Located at 71st Street and Mission Road, Prairie Village Shopping Center is anchored by Macy’s and Hen House Market. Additional tenants include The Better Cheddar, Bruce Smith Drugs, Chico’s, Toon Shop, Inc., Blue Moose Bar and Grill, Café Provence and Bijon Salon & Day Spa, as well as other local boutiques, neighborhood shops and restaurants.
Corinth Square North, located at 83rd Street and Mission Road, includes such notable tenants as Hen House Market, CVS Pharmacy and Westlake Hardware. Anchored by the famous two-level Mission Road Antique Mall, Corinth Square South is located adjacent to Corinth Square North at the same intersection.
Fairway Shopping Center, also anchored by Hen House Market, is located along Shawnee Mission Parkway at Belinder Road, and contains an eclectic mix of boutique shops and neighborhood services, including Rainy Day Books and Matney Floral.
Today the three centers provide more than 416,000 square feet of retail space, along with an additional 154,000 square feet under multiple ground leases.
LANE4 Property Group will lease and manage all three centers. “We were attracted to these centers because of their long and successful role in serving some of Kansas City’s strongest neighborhoods,” said Jeff Berg, LANE4 Property Group senior vice president and principal.
“LANE4 has been working hard on completing this important acquisition,” said X Team President Jason Baker. “In the midst of a difficult economy, our members are rising to the challenges and still getting deals done.”
The Kansas City office of Bank of America provided financing for the portfolio acquisition, with permanent financing provided by Joe Platt from the Kansas City office of Grandbridge Real Estate Capital.
Click to view and download photos of Prairie Village Shopping Center and Fairway Shopping Center
LANE4 Property Group specializes in project leasing, tenant representation, development and property management of retail, office, hospitality and mixed-use projects throughout the United States including, The Trails in Kansas City, Mo.; Blue Ridge Crossing in Kansas City, Mo.; Briarcliff Village in Kansas City, Mo.; One Kellogg Place in Wichita, Kan.; The Shoppes at Market Pointe in Papillion, Neb.; and Tiffany Springs MarketCenter in Kansas City, Mo.
X Team is an international alliance of retail real estate advisors with offices located throughout the U.S., Canada and Europe. X Team members average more than 20 years of experience, with expertise in more than 45 major markets, specializing in tenant representation, developer/landlord representation, retailer property dispositions and retail investments. X Team services include competition, market penetration and demographic analyses; site selection; transaction negotiation; site plan consulting; portfolio analysis; lease valuations; acquisitions; dispositions; asset assessment and valuation; and, due diligence support.
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