Massive Johnson County shopping centers bought by this Maryland company
.JPG "Leawood’s Town Center Plaza and Crossing shopping centers have been sold.")
A Maryland-based real estate company recently bought Leawood shopping centers Town Center Plaza and Crossing.
The neighboring centers — which combine for 723,000 square feet of retail space — were purchased by Bethesda-based Federal Realty Investment Trust for an undisclosed amount.
A spokeswoman for the company said the sale closed on July 1. Federal Realty did not indicate what percentage of the shopping centers the company now owns.
Most recently, Ohio-based Washington Prime Group (WPG) were majority owners of the centers. In 2021, WPG filed for Chapter 11 bankruptcy protection. In April, WPG announced that it would put its remaining malls (70 at the time) on the market and lay off nearly 140 workers, according to reporting from The Florida-Times Union.
Asked about future plans with the shopping center, Federal Realty told The Star it wasn’t making any changes just yet.
“As long-term owners, we are looking forward to investing in the shopping centers as well (as the) greater Leawood community,” the company said in a written statement. “We will spend some time getting to know the property and community to assess where we go from here.”
Town Center Plaza and Crossing contains more than 100 tenants, including Apple, Trader Joe’s, Anthropologie and North Italia.
Federal Realty was founded in 1962 and owns more than 100 properties, including several similar to the Leawood shopping centers.
Its portfolio includes the glitzy Santana Row in San Jose, California, and the CocoWalk center in Miami.