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| Regency Square North Shopping Center, 7201-7401 West 91st Street, Overland Park, KS |
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| Garrette Matlock |
OVERLAND PARK, KS – Marcus & Millichap (NYSE: MMI), a
leading commercial real estate investment services firm with offices throughout
the United States and Canada, has arranged the sale of Regency Square North,
a 74,085-square-foot grocery-anchored shopping center in Overland Park, Kan.
The $15.85 million sales price equates to $214 per square foot.
“Regency
Square North is anchored by one of two Whole Foods locations currently
operating in the Kansas City metropolitan area; a third is built and scheduled
to open in March,” says Garrette Matlock, senior vice president
investments in Marcus & Millichap’s Denver office.
“Whole Foods is a highly sought-after retailer and there was
a lot of interest in the property. We generated offers from both institutional
and private equity buyers, which resulted in a competitive process that ended
with the buyer agreeing to complete due diligence within 21 days of the
execution of the letter of intent, and with no financing contingency.”
Matlock
represented the seller, Regency North Retail LLC, an entity sponsored through
AMG National Trust Bank.
The buyer, ACF Property Management Inc., represented
itself in the transaction. Greg Bates of the firm’s Kansas City office
is Marcus & Millichap’s broker of record in Kansas.
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| Greg Bates |
In addition to Whole Foods, Regency Square North’s tenancy
includes Cinzetti’s, a unique high-quality Italian restaurant offering a
marketplace-style display kitchen with multiple exhibitor stations, Metcalf
Discount Liquors and Hitch Fit Gym.
Cinzetti’s and Metcalf Liquors are original tenants with
eight years and six years remaining on their leases, respectively. Hitch Fit
Gym recently leased 3,783 square feet of space adjacent to Whole Foods.
Built
between 2001 and 2002 on more than seven acres, Regency Square North is located
at 7201-7401 W. 91st St. in Overland Park.
The location draws from some of the wealthiest communities
in the Kansas City metro area, including the northern portion of Overland Park,
Mission Hills, Prairie Village, and the northern section of Leawood.
For a complete copy
of the company’s news release, please contact:
Gina Relva
Public Relations Manager
(925) 953-1716
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