An investor group sponsored by Kansas City real estate firm Block & Co. has purchased nearly 12 acres at the corner of Shawnee Mission Parkway and Antioch Road, which includes a closed Kmart store.
Financial terms of the deal were not disclosed.
The large Kmart store that once anchored the shopping center in Merriam closed in January 2013. The parking lot in front has since been used as overflow parking for customers of a nearby Ikea store.
Block & Co. indicated it would handle leasing and construction management for a planned redevelopment of the site. In a statement, Block & Co. said it would pursue a mixed-use, pedestrian-friendly development that would include restaurants, retail, hotel and entertainment.