HFF Closes Sale of KC Retail Center

The 190,000-square-foot grocery-anchored center was purchased by an affiliate of Northeast Capital Group from Blackstone Group LP, a New York City-based private equity firm.
The Prospect Plaza, Kansas City, Mo.

The Prospect Plaza, Kansas City, Mo.

Kansas City, Mo.—HFF recently announced that it closed the sale of Prospect Plaza, a shopping center in the Kansas City area suburb of Gladstone, Mo. The HFF investment sales team representing the seller was led by Directors Amy Sands and Clinton Mitchell. The buyer is an affiliate of Northeast Capital Group, a private investment firm based in Ramapo, NY.

Located at 6479 North Prospect Ave., the center is at the intersection of North Prospect Avenue and Northeast 64th Street in Gladstone, a community north of Kansas City. Prospect Plaza is 91.5 percent leased to several national and regional tenants, including Price Chopper, Hobby Lobby, The Salvation Army, Aaron’s, Starbucks, Great Clips, Yappy Hour Pet Resort, Advance America, Majestic Nails and Hunan Garden.

More than 71,000 residents earning an average annual household income of $64,175 live within a 3-mile radius of the property. Prospect Plaza was one of five Kansas City area shopping centers that a Blackstone Group affiliate acquired as part of a large portfolio transaction in 2011.

Image via Google Street View