Marcus & Millichap Arranges the Sale of a 38,273-Square-Foot Retail Property in Olathe, Kansas
Zach Turner, Erin Patton, Craig Fuller and Scott Wiles, investment specialists in Marcus & Millichap’s Columbus and Cleveland offices, had the exclusive listing to market the property on behalf of the seller, a Kansas City-based partnership. The buyer, a Kansas City-based developer, was secured by Zach Turner, Erin Patton, Craig Fuller and Scott Wiles. Colby Haugness, Kansas Broker of Record, assisted in closing this transaction.
Shops of Sunnybrook is located at 11120 S Lone Elm Road in Olathe, Kansas, and is home to prominent tenants such as Austin’s Bar & Grill, Prairie Liquors, Pour Coffeehouse, Subway, Hotworx, and Performance Rehan. Shops of Sunnybrook was 86 percent occupied at the time of sale, and in addition to the 38,273-sqaure-foot of retail, the subject property included about three-acres of developable land.
Zach Turner, lead investment specialist on the transaction, stated, “Shops of Sunnybrook is an excellent example of what is currently going on in the aggressive retail and shopping center market. Despite the unprecedented times we’re in, many tenants and centers are performing extremely well. Investors have taken notice of this positive trend, which has led to enhanced levels of demand and buyer activity on deals such as Sunnybrook. Due to the strong fundamentals of the deal, and the vibrant area surrounding it, we were able to garner immense buyer activity from both local and national groups, and we were able to run a very seamless sale process start to finish.”
This deal is particularly exciting, because the seller was the original developer and has been a major cause of the immense and positive growth in the surrounding areas over the past few decades. The buyer, a separate prominent local developer, now has the ability to not only benefit from the strong existing cash-flow, but can also add and develop to the site further. This has the potential to elevate the area even further, which is very exciting for the residents of Olathe and new ownership.
# # #
About Marcus & Millichap (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2021, the company had 1,994 investment sales and financing professionals in 82 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 13,255 transactions in 2021, with a sales volume of approximately $84.4 billion. For additional information, please visit www.MarcusMillichap.com.