New owners of Northland’s Barry Towne Center plan a new name and $45 million in renovations and expansions.
United Development Co. of Southlake, Texas, and Falcon Realty Advisors of Dallas purchased the center from MD Management, developers of the center. The purchase price was not disclosed.
The 273,000-square-foot center is just north of Barry Road and west of U.S. 169, across from the Metro North Shopping Center. It opened in the late 1990s and is currently anchored by Target, Kohl’s and Babies “R” Us, with empty spaces in-between, so occupancy is only 50 percent. It also has a multi-tenant building housing just Plato’s Closet and another multi-tenant building with Famous Footwear, Mattress Firm and Fry Orthodontic Specialists. Firestone also has a freestanding building in the center. Target and Firestone own their buildings.
The shopping center’s new owners plan to add more national tenants. They also plan to invest $30 million for additional development. Preliminary plans call for about 200,000-square-feet of retail on a 13-acre site facing North Madison Avenue but with visibility on U.S. 169, along with three new inline buildings north of Babies “R” Us.
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They also plan $15 million in improvements to the facade as well as new landscaping, paving, lighting and new monument signs.
It will now be known as the Twin Creeks Center.
“It’s an asset that is really needing a capital infusion. The location is great, it is in an area going through a ton of revitalization,” said Tim Hughes, CEO and owner of Falcon Realty Advisors. “That whole Northland area is that last undeveloped area of north KCMO.”
Twin Creeks Center is just south of the 14,000-acre Twin Creeks residential area which ultimately could have as many as 70,000 residents. Costco also recently opened at 1600 N.W. 88th St., just north of Twin Creeks Center.
Lane4 Property Group will be the leasing brokerage firm for Twin Creeks Center. MD Management Real Estate Development will continue to manage the center.
Jay Ferguson of Ferguson Properties represented the buyer and Garry Hayes of MD Management Real Estate Development represented the sellers.
The $280 million Barry Towne project received approval by the Kansas City Council in 1996 and developed in stages.
It will have a “re-ground breaking” at 9 a.m. Wednesday at 8401 N. Mercier Ave.
Joyce Smith: 816-234-4692, @JoyceKC