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ArciTerra Buys Most of Olathe Pointe for $29M

OLATHE, KS-The developer of the 2-year-old retail center still has to finish about 89,000 sf, and is now in negotiations with office stores and other retail tenants.

By Robert Carr | Updated on July 29, 2008

OLATHE, KS-Phoenix-based ArciTerra has purchased most of the new Olathe Pointe retail center here from Maefield Development Group, based in Indianapolis. The sales price of $29.4 million includes roughly 200,000 sf of the 289,455-sf center, which consists of two multi-tenant buildings laid out in an egg shape. ArciTerra is the compilation of CSL Investments LLC and Moynahan Investments LLC.

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.”

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