Fidelis Realty Pays $40M for Kansas City Shopping Center
Fidelis Realty Partners LLC has purchased Adam’s Dairy Landing, a 280,000-square-foot retail center in Blue Springs, Mo., in the Kansas City metro area. JLL Capital Markets represented seller Albanese Cormier Holdings LLC, also sourcing acquisition financing through MetLife Investment Management. The property traded for $39.8 million and the acquisition loan totaled $27.9 million, CommercialEdge shows. The property last traded in 2021, for $32 million.
Adam’s Dairy Landing is a regional open-air retail center developed between 2009 and 2012, covering 36 acres. The eight-building property has a diverse tenant roster, including Bath&Body Works, Michaels, Barnes&Noble, Old Navy, HomeGoods, Ross Dress for Less, TJ Maxx and Five Guys. The property is currently 98 percent leased. Shadow anchors include Target, a Walmart Supercenter and a Home Depot.
A Kansas City retail center just off Interstate 70
The shopping center is at 880 NE Coronado Drive, just off Interstate 70 and Adam’s Dairy Parkway. Other major thoroughfares in the area include Highway 40 W and NW Highway 7. Downtown Kansas City is some 20 miles west.
The JLL Capital Markets investment and sales advisory team brokering the deal included Senior Director Michael Nieder, as well as Managing Directors Chris Gerard and Keely Polczynski. Additionally, the company’s debt advisory team was led by Senior Managing Director Colby Mueck, as well as Managing Director Chris Knight and Director Michael King.
Just last week, a JLL Capital Markets team brokered a similar transaction, but in the Houston area. Longpoint Realty Partners bought Mason Village Shopping Center, a 96,486-square-foot asset in Katy, Texas.
The post Fidelis Realty Pays $40M for Kansas City Shopping Center appeared first on Commercial Property Executive.
