KANSAS CITY, MO. AND OVERLAND PARK, KAN. — A group of private investors led by LANE4 Property Group has acquired three Kansas City-area shopping centers totaling 421,546 square feet previously owned by MD Management. LANE4 spearheaded the transaction and structured a recapitalization that allowed some of MD’s generational investors to remain in the partnership while other owners were able to exit. The portfolio includes Metro North Square in Kansas City, Oak Barry Center in Kansas City and West Park Shopping Center in Overland Park. The properties have been owned by members of the Morgan and Dreiseszun families since they were developed.
Metro North Square totals 188,270 square feet and is 88 percent occupied. It is located on Barry Road, immediately south of the Metro North Mall redevelopment. Prominent tenants include Children’s Mercy, Power Play, The Salvation Army and Spectrum Station.
Oak Barry Center spans 136,892 square feet and is 99 percent leased. The grocery-anchored center is located down the road from Metro North Square and is home to Price Chopper, Planet Fitness and Dollar Tree.
West Park Shopping Center totals 96,384 square feet and is 98 percent occupied. Anchor tenants include Johnson County Community College, Catholic Charities and Save-a-Lot.
Andrew Sandburg of LANE4 will provide leasing services across the portfolio, while MD Management continues as property manager.