KANSAS CITY, Mo. (December 12, 2022) Overland Park retail hub Hawthorne Plaza has a new — and local — owner.
An affiliate of Kansas City-based LANE4 Property Group Inc. recently paid an undisclosed amount to Dallas-based Invesco for the upscale retail center at 5001 W. 119th St. at the southwest corner of 119th Street and Roe Avenue. The nearly 135,000-square-foot center reports 96% occupancy, according to a release.
Kansas City-based Alpert Cos. built the project in 1990 and sold it in 2005 to Invesco, which led renovations of the center in 2015.
After the renovation, the site won a 2016 Capstone Award. The work included new facades, landscaping, outdoor seating areas, pedestrian pathways and a reconfigured parking lot. It also added the 25,000-square-foot building for The Container Store, the national retailer’s first location in Kansas.
The retail center’s 2022 assessed value is $29.8 million, according to the Johnson County Assessor’s Office.
“Invesco did an excellent job on the center’s redevelopment in 2015,” LANE4 Managing Partner Michael Berenbom said in the release. “We’re eager to hit the ground running on a property we believe is well-positioned for continued growth and success.”
Berenbom described the corridor as a “true shopping and dining destination” because it sits near Town Center Plaza, Camelot Court and Town Center Crossing. They are home to neighboring retail tenants such as Restoration Hardware, Crate & Barrel, Pottery Barn, Arhaus and Williams-Sonoma.
“We are bullish on the growth of retail sales at 119th and Roe,” Berenbom said in the release. “Following the recent tectonic shifts in the retail market and the way consumers shop, we think Hawthorne will rise to the top in this new environment.”
Hawthorne’s average tenant occupancy tenure is 16 years, and local retailers dominate its tenant roster, which also includes some national retailers.
“LANE4’s experience with Corinth Square, The Shops of Prairie Village, Red Bridge Shopping Center and other local retail centers has established our confidence in the power of local and regional tenants,” Berenbom said. “One of our goals is to grow Hawthorne’s existing strong brand.”
Joni Johnson, owner of retail store Clairvaux, added a second location In February at Hawthorne Plaza, saying she was attracted to the site because of its “built-in foot traffic and mix of local and established stores.”
CBRE represented the seller, and Lane4 represented the buyer. LANE4 also will provide in-house management and leasing services.
Read full article from Kansas City Business Journal here.