Marcus & Millichap has sold a 37,000-square-foot Overland Park retail center for $12.2 million, or approximately $322 per square foot. Anchored by Costco, Southridge is located at 12090 Metcalf Ave. in Overland Park in the 119th street corridor.
The center, formerly owned by Carson Development, sold to Los Angeles-based Highpoint Capital Group LLC, one of the most active and aggressive buyers of core-plus and value-add retail properties throughout the U.S. The purchase marks Highpoint’s first in the Kansas City market, but the firm is looking to add more Kansas and Southeast properties to its portfolio, Marcus & Millichap says.
“Johnson County’s excellent income demographics and substantial employment base is proving to be a strong draw for out-of-area investors, especially West Coast buyers,” said Ryan Bowlby, senior associate and associate director of Marcus & Millichap’s National Retail Group. Greg Bates, an associate in Marcus & Millichap’s Kansas City office, is the firm’s broker of record in Kansas.