FORMERLY KNOWN AS BARRY TOWNE
The Twin Creeks Shopping Center, located northwest of Barry Road and US Hwy. 169 near the Platte-Clay county border, has been sold.
ACF Property Management of Studio City, Calif., a California property management company, acquired the retail center in Kansas City’s Northland. The center is reported to be at full occupancy.
According to the Kansas City Business Journal, ACF Property Management paid $32 million in late September for Twin Creeks Shopping Center, buying it from AREP III BT LLC, an affiliate of United Development Co. of Southlake, Tex.
The Twin Creeks Shopping Center was formerly known as Barry Towne Shopping Center. It is a 257,450-square-foot property anchored by Target — whose store was not included in the sale — and Kohl’s.
According to the Business Journal, Twin Creeks is 99.2% leased to 14 tenants, including Ross Dress For Less, ULTA Cosmetics, Petco, Five Below, Famous Footwear, Bath & Body Works, Spectrum and AT&T.
“The center sits in one of the fastest-growing submarkets in metro Kansas City, boasting an average household income of $89,089 with over 146,000 people located within a five-mile radius of the property,” Charley Simpson, a senior vice president with Colliers International, said in a recent release. “Additionally, the center’s two vacant land pads totaling 2.11 acres offer future upside for leasing or development.”
Simpson, El Warner and Caitlin Zirpolo, all of Colliers’ California-based National Retail Capital Markets team, represented AREP III BT in the transaction, alongside Drew Quinn of the firm’s Kansas City office.
Twin Creeks Shopping Center is southeast of the Northland’s Costco store and west of the Metro North Crossing redevelopment.
The shopping center also is just south of the 13,000-acre Twin Creeks area, which has been widely reported to be primed for thousands of potential new homes in the coming decades by a sewer expansion project completed about six years ago.
Morgan Stanley provided a $17 million loan to the buyer in connection with the acquisition, according to a report in the Kansas City Business Journal.
According to its website, ACF Property Management oversees 46 neighborhood shopping centers in 13 states, including the Shops at Boardwalk and North Oak Marketplace in the Northland, and Northridge Plaza in Olathe.