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Dallas Firm Takes Four Retail Centers for $70M

KANSAS CITY, KS-Henry S. Miller Equity Partners, based in Dallas, buys four retail centers from Houston-based Weingarten Realty Investors for $70 million. The retail properties total 575,000 sf.

By Dana Dubriwny | Updated on July 11, 2006

(For more retail coverage, click GlobeSt.com/RETAIL.)

KANSAS CITY, KS-Henry S. Miller Equity Partners, based in Dallas, has purchased four retail centers from Houston-based Weingarten Realty Investors for $70 million. The retail properties, located in the Kansas City area, total 575,000 sf and were purchased at an 8% cap rate.

The properties include:

  • The 201,974-sf Regency Park Shopping Center located at 93rd and Metcalf Avenue in Overland Park, KS. With a 92% occupancy, anchor tenants include Borders, Marshalls, Dress Barn, Michaels and Micro Center.
  • Westbrooke Village North Shopping Center located at Quivira Road and 75th Street in Shawnee, which measures 133,915 sf and has an 82% occupancy level. Anchor tenants include DSW Shoes, K & G and Borders.
  • The 103,732-sf Westbrooke Village South Shopping Center located at Quivira Road and 75th Street in Shawnee and is anchored by Dillon’s Grocery and Starbucks. The center is 90% occupied.
  • Pinetree Plaza Shopping Center, located at Highway 50 and Jefferson Street in Lees Summit, MO, which is 97% occupied. Anchor tenants include Price Chopper, Brook Mays and Baskin Robbins.

Steve Harris, president of Henry S. Miller Equity, tells GlobeSt.com that while the properties will most likely be held for five years, the two Westbrooke Village centers are being viewed as value-add assets.

Vance Miller, chairman and CEO of Henry S. Miller Equity Partners, says the deal came as an unexpected offer from the seller. “We have a mutually respectful relationship with Weingarten, and frankly, they put us on the spot,” Miller tells GlobeSt.com. “They asked if we could close in less than two months, which we were able to do, and it helped their business in the close of their second quarter.”

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