Faris Lee Investments brokered the sale of a significant portion of Olathe Station, a 13-building, 611,643-square-foot shopping center in Olathe, Kan.
The value of the transaction was $44 million, which included 11 buildings totaling 320,469 square feet.
PASSCO, a Santa Ana-based real estate investment firm, purchased the property from Birmingham, Ala.-based AIG Baker.
Olathe Station is a two-phase retail center located at 15345 West 119th St. and 12075 South Strang Line Road.
The first phase of Olathe Station, which was 100 percent occupied at closing, opened in 1997, and totals 371,042 square feet in five buildings. This phase is anchored by Super Target, Bed Bath & Beyond, Office Max, Bassett Furniture and PetsMart and contains an additional 75,000 square feet of small shop space. PASSCO acquired all of the buildings except the Super Target parcel.
Olathe Station’s eight-building, 240,601-square-foot second phase was 98 percent occupied at closing and opened in 1997. It includes an AMC Theater, Michaels and Brook Mays Music. This entertainment-centered phase of the shopping complex includes restaurants such as Joe’s Crabshack, Zio’s Italian Restaurant, Texas Roadhouse and Rock Bottom Pizza, as well as 54,000 square feet of additional small shop space. PASSCO acquired all the buildings except the AMC Theatre parcel.
Irvine, Calif.-based Faris Lee Investments is an advisory and brokerage firm specializing in retail real estate.
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