REBusinessOnline

THE GREAT MALL OF THE GREAT PLAINS SELLS FOR $20.5 MILLION

OLATHE, KAN. — Kansas City, Mo.-based Block & Co. Inc. Realtors has brokered the sale of The Great Mall of the Great Plains, which is located at the crossroads of Interstate 35, Highway 169 and 151st Street in Olathe. The 1 million-square-foot mall is situated on 100 acres, with 22 acres of vacant land surrounding the building. Great Olathe Center LLC has purchased the building from Glimcher Realty Trust for $20.5 million. The proceeds were applied towards the repayment of the $30 million mortgage on the property. Short-term plans for the mall call for local and regional restaurants and retailers to open on the ground level of the building. Long term, the owners are targeting national restaurant, retail and entertainment chains to open at the redeveloped mall by 2012. Additionally, owners are researching ways to change the entrances, as well as the interior décor. Renovation plans will be phased to minimize disruption of existing tenants. Block & Co. has taken control of retail leasing, development and property management of the mall, with David Block of the company serving as the managing partner for the new owner.

Content Partners
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