KANSAS CITY, KS-New York City-based KKR & Co. has agreed to buy the 1.1-million-sf Legends Outlets Kansas City for $131.5 million.
Court records indicate the investment firm was the winning bidder for the property at a U.S. District Court foreclosure auction in Kansas City last month. Other bidders for the retail property were Tanger Factory Outlet Centers Inc., Macerich Co., DRA Advisors LLC and outlet developer Craig Realty Group, according to Bloomberg News Service.
KKR and its partner RED Legacy intend to invest $40 million in cash and borrow the remainder of the $131.5 million purchase price, says Ralph Rosenberg, head of real estate at KKR. In addition to the retail space, the property also includes a 14-screen movie theater. See story in the Wall Street Journal. See Bloomberg article.