A Houston-area commercial real estate firm bought its second Kansas City-area shopping center in the past two years — this time in Blue Springs.
Fidelis Realty Partners of Bellaire, Texas, last week bought Adams Dairy Landing, a dominant regional retail center at 880 NE Coronado Drive, from AlbaneseCormier of Beaumont, Texas. A sale price is not yet available. Fidelis obtained a $27.9 million loan from MetLife Investment Management in connection with the Oct. 29 transaction. In December 2022, Fidelis acquired Ward Parkway Shopping Center for $62.9 million.
Located southeast of Interstate 70 and Adams Dairy Parkway, the retail center was built in phases between 2009 and 2012, first opening in 2010. The open-air center totals 279,843 square feet on 35.7 acres that historically housed the Adams Dairy Farm. The property includes a mix of national and regional tenants, such as TJ Maxx, Homegoods, Dollar Tree, Ross Dress for Less, Petco, Michaels, Old Navy, Ulta Beauty and Five Below. It's also shadow-anchored by Target and Kohl's just to the south, meaning those large retailers are nearby without being part of the center property itself.
As of Fidelis' purchase, the property was 98% occupied, up slightly from 96% when AlbaneseCormier acquired Adams Dairy Landing for $32 million in September 2021. JLL Capital Markets worked on AlbaneseCormier's behalf with the center's recent sale and also helped Fidelis secure acquisition financing. In a release Tuesday, JLL highlighted Adams Dairy Landing's strategic position, visible to more than 81,000 vehicles daily, visited by 4.6 million people annually and within Blue Springs, which the commercial real estate firm said saw a 29.5% population increase between 2000 and 2020.
"The sale of Adams Dairy Landing is indicative of the strong demand for well-located, high-performing, open-air power centers in growing suburban markets," JLL Senior Director Michael Nieder said in the release. "The property's diverse national tenant mix and recent leasing momentum attracted significant investor interest."
Nieder, Senior Managing Director Chris Gerard and Managing Director Keely Polczynski led JLL's Capital Market’s Investment and Sales Advisory team during the transaction. Senior Managing Director Colby Mueck, Managing Director Chris Knight and Director Michael King led JLL's Debt Advisory team.
Fidelis ranks as one of Texas' largest commercial real estate companies. It focuses on retail, as well as health care, multifamily and industrial properties, in 14 states and has approximately 24 million square feet under management.
