A California-based real estate investment trust, KBS Real Estate Investment Trust III, has purchased the retail and office portion of the Park Place mixed-use development in Leawood, Kan., for $126.5 million.
The office and retail properties are 95 percent leased to 55 tenants. The area includes 483,119 square feet of retail and Class A office space.
AMC Entertainment Inc. is headquartered in the office component, while the retail component includes boutique and national brand stores, plus trendy restaurants.
Ken Robertson, regional president of KBS, said the office real estate market in south Johnson County made Park Place a particularly attractive target.