Maefield finished most of the center in 2006, but still has out-lot to build on, which will take the other 89,000 sf, says John Riser, a VP with Marcus & Millichap Real Estate Investment Services. He represented both the buyer and the seller in the deal. The pad is adjacent to the center's Home Goods and Marshall's. "The buyer bought everything else, with this earn-out included," Riser tells GlobeSt.com. "ArciTerra has the right to buy the other parcel when it is finished, when tenants are found. Maefield has some interest, they're talking to office supply stores and different types of other retail. It should get built this year."
The occupancy of the completed center, located at the southeast corner of 119th Street and Blackbob Road, is at 85%, Riser says. Other tenants include Marshall's, Home Goods, Michaels, Cold Stone Creamery, T-Mobile and Sports Clips.
Riser says the Olathe area has attracted a lot of attention because its rapidly growing population, quality of life and strengthening economic base. "Both the city and Overland Park are blessed with multiple Fortune 500 companies, including Sprint and Garmin. The type of people who work for these firms are part of a vast pool of education, which adds a level of diversity to the economy. Plus the school systems and local governments are well run, and the cost of living is low," he says.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to asset-and-logo-licensing@alm.com. For more inforrmation visit Asset & Logo Licensing.