Tech Family Office Invests in Wealthy Kansas City Suburban Shopping Center
OVERLAND PARK, Kan. (PRWEB) June 01, 2023 -- A prominent family office investor has announced the acquisition of a net-leased investment property in Overland Park, one of Kansas City's most affluent neighborhoods. The purchase represents the investor's ongoing commitment to diversifying their portfolio in high-end real estate markets, focusing on commercial real estate investments in growing, upper-income communities. The in-place cap rate was 7.0% and at almost $9,000,000 the 100% occupied shopping center, at almost 40,000 square feet, was sold below replacement cost.
The family office investor selected Newmontis Investments to lead a national search for commercial real estate investment opportunities. The acquired property is located in the center of Overland Park, a premier suburban community in Kansas City known for its exceptional quality of life, top-rated schools, and beautiful parks. Overland Park has an unemployment rate of only 3.4%, which is lower than the national average and the Kansas City gross metropolitan product (GMP) was $130.9 billion in 2021, indicating a strong and diverse local economy.
The investor took advantage of the currently distressed property values, securing the investment at an attractive price while obtaining favorable financing at 4.8% interest. The property is 100% occupied by successful regional and national businesses and franchises, anchored by the highest-performing Price Chopper grocery store in the market. "The acquisition of this prestigious investment property in Overland Park, reflects our commitment to identifying and capitalizing on prime real estate opportunities for our clients." said Javorn Farrell, Vice President of Newmontis.
The decision to invest in Overland Park's property market was backed by data highlighting the area's growth and stability; the local population has grown 30% since the 2000 census (compared with 19% in the US) and the local average household income is over $210,000 ($180k median) – over 250% the national average. The family office, which is backed by a private family that created their wealth through a diversified technology company, acquired the property to support their strategic vision of diversifying their investment portfolio and taking part in the growth of thriving communities.
The Seller was represented by Doug McFadden of CBRE.
About Newmontis Investments:
Newmontis Investments is a commercial real estate investment, advisory and development firm. Based in Los Angeles, California, the investment sales team at Newmontis represents private investors, family offices and investment funds across a diverse range of asset classes, with a focus on multifamily and retail assets in major markets. Specializing in targeted acquisition searches and 1031-exchanges, Newmontis has closed in excess of $1 billion of recent transactions and has been awarded "Deal of the Year" by the Los Angeles Business Journal. The development division of Newmontis is dedicated to adding housing supply by developing build-to-rent communities and multifamily apartments in major markets. Newmontis has over 1,000 units in development and planning and its principals bring the experience of over $1.5B in AUM to its investment, development and advisory work.
Maribel Sanchez, Newmontis, http://www.newmontis.com, 1 4244217373 Ext: 1001, [email protected]
Share this article