California Buyers Continue to Search Out New Construction, Multi-Tenant Pad Properties
CORONA DEL MAR, CALIF. – (RealEstateRama) — Hanley Investment Group Real Estate Advisors, a nationally-recognized real estate brokerage and advisory firm specializing in retail property sales, announced today that the firm completed the sale of two new construction multi-tenant pad buildings in separate transactions in the Kansas City metro area. The total purchase price for both properties was $5,430,000.
Hanley Investment Group Associate Jeff Lefko, along with Executive Vice President Bill Asher, negotiated the sale of a new construction 8,000-square-foot multi-tenant pad building at Truman’s Marketplace, a regional power center anchored by Price Chopper, TJ Maxx, Ross Dress for Less, and Burlington Coat Factory in Grandview, Missouri. Built in 2016 on 0.93 acres, the building is located at 12410 South US Highway 71 (Interstate 49). The three tenants occupying the 100-percent-occupied building are T-Mobile, McAlister’s Deli and KC Speed Nails. The buyer, a private investor from Thousand Oaks, California, was represented by John Stafford of Colliers International. The seller, a private developer also from Kansas City, was represented by Lefko and Asher. The sale price was $3,400,000, representing the lowest cap rate and highest price per square foot in the region for a multi-tenant pad without a corporate tenant.
Located 14 miles south of downtown Kansas City, the property is highly visible to over 82,000 cars per day along Highway 71 (I-49). More than 96,000 households and 240,000 people are in a five-mile radius of the property.
In an off-market transaction, Lefko and Asher also negotiated the sale of a 6,360-square-foot newly-renovated multi-tenant pad building situated on .58 acres along a major retail corridor in Raytown, Missouri. Built in 2015, the 100-percent-occupied building is located at 9105 East 350 Highway in Raytown, nine miles from downtown Kansas City. The property is occupied by three tenants: AT&T, Domino’s and Great Clips. Lefko and Asher represented the buyer, National Realty Group, Inc. based in Los Angeles. The seller, a private developer based in Kansas City, represented itself. The sale price was $2,030,000.