A 105,000 square foot neighborhood shopping center anchored by Festival Foods and shadow-anchored by Target in Kansas City, Missouri. The property was acquired in February 2004 for $10.5 million as part of the Fleming Companies, Inc. bankruptcy disposition process at a 10.5% cap rate.
The investment strategy included entering into a long-term anchor lease with the existing grocer, completing the lease-up of the small shop space and selling the outlot parcels separately. Three of the four outlot parcels were sold at a 7.6% cap rate in August 2005. The remainder of the center was sold at a 7.5% cap rate in June 2007.