KANSAS CITY, MO—BIG Shopping Centers USA just finished the acquisition of Creekwood Commons, a 206,000-square-foot shopping center in Kansas City's rapidly expanding Northland market. BIG USA acquired a majority interest from Copaken Brooks in a deal that closed on June 18th. Company officials did not disclose any additional details.
“This acquisition marks BIG's entry into Missouri, allowing us to continue to build a Midwest foothold – a region with many pockets of long-term growth,” said Stanley L. McElroy, Jr., president of Beverly Hills, CA-based BIG USA, a subsidiary of BIG Shopping Centers, in a prepared statement. “Creekwood Commons is a strategic investment for us, being in a solid middle-class community of Kansas City.” He was not available by press time, but GlobeSt.com will soon provide an update on the company's Midwest plans.
Creekwood Commons sits on a 13-acre site at the intersection of Northeast Englewood Rd. and North Oak Trafficway. Iowa-based Hy-Vee, a Midwestern supermarket, and Gordmans, an Omaha, NE-based department store, co-anchor the center. Built in 1989 and renovated in 2005, tenants occupy 100% of the space. Other notable tenants include Party City, 24-Hour Fitness, Famous Footwear, Mattress Firm, Panera Bread and Chipotle. Copaken Brooks will continue to lease and manage the property.
“The opportunity to co-invest with BIG will help open the door to additional retail acquisition opportunities across the Midwest,” said Jon Copaken, principal with Copaken Brooks.
As an equity partner, BIG USA seeks joint venture opportunities with retail operators, such as Copaken Brooks, as well as property owners, to acquire quality shopping centers and retail portfolios throughout the US for long-term investment. According to McElroy, the company expects to close at least five more deals in 2014.
BIG Shopping Centers owns, operates and develops shopping centers in Israel, the US, India and Serbia. Copaken Brooks has developed several major properties in the Kansas City region, including Town Pavilion and the 1201 Walnut buildings downtown and malls in Kansas, Missouri and Illinois, including Oak Park Mall in Overland Park, KS.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
