Olathe Portfolio
Acquired a two-property portfolio out of receivership at a discount to loan value, then recapitalized with an institutional partner to add an adjacent center. Whole Foods anchors on a 20-year lease; extensions already signed with LongHorn and Five Below.
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The opportunity
Sourced off-market through a receivership, two high-quality, 2015-built Kansas City centers acquired at a discount to the loan balance, then recapitalized with an institutional partner to add the adjacent Olathe Pointe Phase I (three centers, 326,927 SF). Anchored by Whole Foods on a 20-year lease in a premier corridor with ~$113,000 average household incomes.
What we did
- Lease the remaining vacancy at Gateway and Olathe Pointe Phase I.
- Secure contractual tenant extensions, LongHorn Steakhouse and Five Below already signed.
- Address deferred capital projects left by the prior owner.
- Grow NOI through CAM recovery and position an outparcel for development or sale.
Outcome
Leasing momentum is strong, with shop-space leases signing above underwriting, a grocery-anchored, core-plus position stabilizing in one of Kansas City's top retail nodes.
Acquired Nov 2023