Skip to main content

Press Releases

Marcus & Millichap Arranges the Sale of a 25,515-Square-Foot Retail Property in Olathe, Kansas

October 21, 2021

OLATHE, Kansas (Kansas City MSA), October 21, 2021 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research, and advisory services, announced today the sale of Southgate Retail Center, a 25,515-square-foot shopping center located in Olathe, Kansas (Kansas City MSA) according to Grant Fitzgerald, regional manager of the Columbus and Cleveland offices.

Zach Turner, Erin Patton, Scott Wiles, and Craig Fuller, investment specialists in Marcus & Millichap’s Columbus and Cleveland offices worked directly with the seller, a local limited liability company, and secured the buyer, who was a West-Coast based limited liability company. The subject property sold for $5,800,000 which was $227 per square foot. Colby Haugness, Kansas Broker of Record, assisted in closing this transaction.

Southgate Retail Center is located at 20120 W 153rd Street in Olathe, Kansas, which is part of the Kansas City Metro. The subject property was built in 2005 and is shadowed by Target and Home Depot directly off I-35. Southgate Center is occupied by prominent national retailers, such as Panera Bread, Jimmy John’s, Orange Theory, Mod Pizza, Sports Clips, as well as local service-based tenants, specializing in dental, nails, food and finance.

Zach Turner, lead investment specialist on the transaction stated, “Southgate Center has an extremely sought-after tenant base, and even better location. Despite the center being 16-years old, it garnered tremendous attention from both local and out-of-state investors and proves to be one of the most aggressive shopping center sales in Kansas City history from a CAP Rate perspective. This is an excellent example of the rebound effect we’ve seen in the retail market this past year and speaks volumes to the area.”

 

#     #     #

About Marcus & Millichap (NYSE: MMI)

With over 2,000 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed 8,954 transactions in 2020 with a value of approximately $43 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com.

MM Texture Background