03 Aug 2017
Kansas City Retail Center Purchased and Reintroduced
Upgrades, new retail with expansion and new name headline deal
Kansas City, MO – July 19, 2017 – The 29-acre Barry Towne Center retail shopping center in Kansas City’s Northland area is powering up with new ownership, a new name and millions of dollars in improvements. The Center was reintroduced today by the new owners in a “re-ground breaking” at the Center.
Earlier this year, a strategic partnership between United Development Company of Southlake, TX and Falcon Realty Advisors of Dallas, TX purchased the retail center for an undisclosed amount. The partnership acquired the Barry Towne Center from the Morgan and Davis builder-developer families of Kansas City.
United Development Company announced today that they are committing $15 million in upgrades to the established 16-acre retail center that is anchored by Target, Kohl’s, Babies “R” Us and new national retailers to be announced. United Development will also be expanding the Center by investing $30 million in developing the remaining 13 acres on the east side of the Center that fronts Madison Ave.
In connection with the sweeping makeover, United Development has renamed the shopping center Twin Creeks Center.
Tim Hughes, Principal of Dallas-based Falcon Realty Advisors, said an estimated 200,000 square-feet will be added tothe Center in the form of anchor space and pad sites, which will feature nationally branded retailers. Falcon Realty Advisors is United Development Company’s development partner on the project.
Twin Creeks Center is in the heart of a newly revitalized retail area. The newly-opened Northland Kansas City Costco is adjacent to Twin Creeks Center. The main thoroughfare (Madison Avenue) for Twin Creeks Center leads directly to the new Costco. Additionally, just north of Twin Creeks Center is the Twin Creeks Development with 20,000 planned residences.
Hughes said that MD Management Real Estate Development has been retained to continue management of Twin Creeks Center and Lane4 Property Group of Kansas City leasing brokerage firm.
The acquisition is a joint venture between United Development Company, Falcon Realty Advisors and ALA Holdings. Jay Ferguson of Ferguson Properties represented the buyer and Garry Hayes of MD Management Real Estate Development represented the seller in the transaction. Metropolitan Capital Advisors arranged the financing from lender Centennial Bank of Jonesboro, AR.
During the past 5 years, United Development Company and Falcon Realty Advisors have partnered on more than 10 projects. They are actively seeking new opportunities in the greater Kansas City area. For additional information, please visit United Development Company www.UDCGlobal.com and Falcon Realty Advisors www.falconcompanies.com.
Media information – interviews:
Tim Hughes, Principal
Falcon Realty Advisors