Parkville, MO – August 14, 2023 – Faris Lee Investments, a leading retail investment sales firm has sold Parkville Commons, a strong performing 133,410-square-foot-grocery neighborhood center serving the Parkville trade area. This investment offering presented a rare opportunity for investors to acquire a fully leased top-tier grocery-anchored center in one of Kansas City's most desirable communities.
The successful sale of Parkville Commons was facilitated by the team of Scott DeYoung, Don MacLellan, and Jeff Conover of Faris Lee Investments & Owen Buckley, Weston Buckley, and Brandon Buckley with Lane 4 Property Group. The listing team made up of Faris Lee Investments capital markets expertise along with Lane 4's local market knowledge proved to be critical for the success of this transaction.
Parkville Commons is home to a top-performing grocery store, Price Chopper, which has experienced strong sales volume over recent years. The center’s strategic location in one of Kansas City's most affluent and educated communities also contributed to this successful transaction.
Functioning as a regional daily needs shopping center, Parkville Commons offered a diverse mix of businesses, including restaurants, beauty establishments, medical facilities, professional services, health and nutrition stores, and sports fitness centers. The daily needs retailers guaranteed high and consistent foot traffic throughout the day, regardless of the economic cycle or the rise of e-commerce threats.
“Investors looking to maximize returns on their investment will have the potential to increase income over time by converting current leases from gross and base year to full triple net leases (NNN). This strategic move opens up avenues for additional revenue streams,” said Don MacLellan.
The area surrounding Parkville Commons has witnessed significant residential development growth, with three major mixed-use developments featuring nearly 1,000 units of single-family homes, townhomes, and high-end apartments. Additionally, the community boasts a world-class golf course, adding to its allure and desirability.
“The property generated significant offer activity from across the United States, including the West Coast, East Coast, and Midwest., said Scott DeYoung . “The property sold to a local private Investment group who has nearby ownership holdings which compelled them to pursue Parkville Commons for the long term generational outlook” he added.
About Faris Lee Investments:
Faris Lee Investments is one of the leading retail investment firms in the US founded in 1996 and is based in Irvine, California. In addition, the firm provides a national marketing platform for their property offerings, property valuation, debt structuring, and negotiation, market research, and analysis services. Faris Lee combines underwriting and research that exceeds industry standards with a marketing strategy to transform investment potential, enhance value and provide their clients the competitive advantage needed when making investment decisions. The firm also serves as retail investment advisors in the areas of acquisitions and dispositions, merchant banking, distressed asset disposition, private equity, and corporate sale-leaseback. For more information, visit www.farislee.com
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