Federal Realty has acquired Town Center Plaza and Town Center Crossing in Leawood, Kansas, for $289 million, marking its first entry into the Kansas City metro market.
Town Center Plaza and Crossing, located on the northwest and southeast corners of 119th Street and Roe Avenue, offer a combined 550,000 square feet of retail space. Town Center Plaza is 92% occupied, and Town Center Crossing is 94% occupied.
The shopping centers are anchored by Trader Joe’s, Apple and Restoration Hardware. They also feature a retail lineup including Gorjana, Whole Harvest Kitchen and Aritzia. Federal Realty’s portfolio includes approximately 27 million square feet of commercial space and 3,100 residential units spread across 102 properties.
The acquisitions are part of the Bethesda-based REIT’s ongoing capital allocation strategy, meant to recycle mature assets. “These strategic moves demonstrate how we thoughtfully unlock value and redeploy capital to drive growth,” said Don Wood, President & Chief Executive Officer of Federal Realty.
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