Park Place Village in Leawood is sold for $126.5 million

KBS Real Estate Investment Trust III, which invests in office and retail properties around the country, has reached an agreement to acquire Park Place Village in Leawood for $126.5 million.

The 10-building office and retail development, which includes the AMC Entertainment headquarters and an Aloft hotel among other restaurants and stores, is a “best-in-class asset,” according to Brett Merz, senior vice president of KBS, who specializes in the Midwest market.

Park Place developers Jeff Alpert and Melanie Mann were not available for comment Friday afternoon. As Park Place Partners, they have led development of the mixed-use property, starting in 2007.

KBS officials said they expected to file final purchase documents Monday with the Securities and Exchange Commission. KBS had reported as of May 22 that it had entered into a “probable real estate acquisition” of 372,201 rentable square feet of office space and 110,918 rentable square feet of retail space on the 17.1-acre property.

KBS said in a news release Friday that the property is “a dynamic mix of tenants and offers many amenities, including boutique shops, upscale restaurants and cafes.” It said the space was 95 percent leased.

The development also includes parking garages, 120 apartments, 30 townhouses and 27 lofts.

“We believe the south Johnson County office market is one of Kansas City’s most desirable submarkets,” Ken Robertson, regional president of KBS, said in the release.

The release also said Paul Lundstedt and Dan Deuter of CBRE represented the sellers.

KBS Real Estate Investment Trust is based in Newport Beach, Calif. It is associated with KBS Capital Advisors and KBS Realty Advisors, a private equity real estate company.

As of the end of the first quarter this year, the company’s real estate portfolio included 8.2 million rentable square feet in Texas, California and nine other states.

This story was originally published June 19, 2015 at 7:43 PM with the headline "Park Place Village in Leawood is sold for $126.5 million."