Shopping Center in Kansas City Sells for $17.5M

In a $17.5 million deal brokered by HFF, Retail Properties of America sold the Stateline Station shopping center to Schottenstein Property Group.
Stateline Station, Kansas City

Stateline Station Shopping Center, Kansas City

Kansas City, Mo.—HFF has arranged the sale of Stateline Station, a shopping center totaling 142,000 square feet in south Kansas City, Mo. The price tag of the transaction was $17.5 million. The property was 85 percent leased at closing.

The HFF team representing the seller, Retail Properties of America Inc. of Oakbrook, Ill., was led by directors Amy Sands and Clinton Mitchell and by Barry Brown, senior managing director. Schottenstein Property Group Inc. of Columbus, Ohio acquired the asset free and clear of debt.

Stateline Station is located at the intersection of Highway 150 and West 135th St. in the South KC submarket. The retail center was completed in 2004 and is anchored by Marshalls, Cost Plus World Market, excluding a separately-owned Super Target. Other retailers include Petco, Tuesday Morning, Mattress Firm, Pier 1 Imports and Dollar Tree.

Average household income in a three-mile radius of the center is $130,141, which is 76 percent higher than the national average.

Image courtesy of Google