Maryland company wants to buy Prairie Village, Fairway shopping centers

First Washington Realty Inc., the new owner of a big chunk of Brookside, is moving ahead with its purchase of three other neighborhood shopping centers.

The company has a contract to buy Corinth Square Shopping Center and the Prairie Village Shopping Center, both in Prairie Village, First Washington said, as well as the Fairway Shops in Fairway, from Landmark Retail, a privately held company based in Prairie Village. The purchase price was not disclosed.

“We’re excited about being a part of the community,” said Joshua Brown, a partner and chief investment officer with First Washington.

Landmark Retail said First Washington is now doing its due diligence, which should be completed in late October. The deal could then close by late 2014 or early 2015.

“This was an unsolicited offer. The properties were not for sale,” said Kylie Stock, property manager for LegaC Properties LLC, which manages the three properties. LegaC also is in talks to continue managing the properties after the First Washington acquisition.

The finance committee for the City of Prairie Village was meeting Monday to look at issues surrounding a possible transfer of the Community Improvement District designations for both centers from Landmark to First Washington.

Landmark acquired the three centers in 2009. Lane4 Property Group sold its interest in Landmark in late 2012 but continued as the leasing agent for the three centers.

This summer, First Washington Realty of Bethesda, Md., and the California Public Employees’ Retirement System completed their purchase of 130,000 square feet in the Brookside shopping district from BKS Real Estate LLC.

Brookside’s Foo’s renewing its lease, remodeling

Foo’s Fabulous Frozen Custard has been a Brookside mainstay for 26 years and is now set to be around for a few more.

In August, Foo’s said it was in lease negotiations with its new landlord but another tenant also was looking at its space at 6235 Brookside Plaza.

Owner Betty Bremser said she recently renewed her lease. However, because of a confidentiality agreement she can’t talk about the terms or length. She does plan to temporarily close Foo’s in November and December to renovate the space and reopen in January 2015.

“I also live in Brookside, so this is near and dear to me in many ways,” Bremser said. “My customers are seriously protective of their neighborhood. I was humbled so many times by people coming in and saying, ‘You have to be here.’”

Brown of First Washington Realty of Bethesda, Md., said Foo’s new lease should be signed this week.

This story was originally published September 29, 2014 at 11:07 PM with the headline "Maryland company wants to buy Prairie Village, Fairway shopping centers."