Retail property sells based on occupancy and superior location.
Investors Realty, Inc. in Omaha, NE, brokered the $4.75 million sale of the Shops to Independence Center Mall, a 31,500 square-foot retail property in Independence, Missouri. The property is located at the entrance to Independence Mall, which is one of the largest enclosed malls in the Kansas City area and sees over 12 million visitors per year.
The shopping center was 100% occupied at the time of sale by three tenants, Chuck E. Cheese’s, Xfinity by Comcast, and Rally House. The property had previously been a Circuit City, and was completed renovated in 2011.
Ember Grummons, CCIM of Investors Realty represented the Buyer, a local Omaha partnership in a 1031 exchange. This Omaha partnership has been a long standing client of Investors Realty. Brian Farrell and Jerry Huber, CCIM 100% leased West Grayhawk in NW Omaha, an Investors managed property, which they then helped sell in May 2014.