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Fidelis In The News

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Ward Parkway Shopping Center sells to Houston-area real estate company

December 19, 2022

Ward Parkway Shopping Center has sold to a Houston-area commercial real estate firm for an undisclosed amount.

Fidelis, based in Bellaire, on Dec. 14 bought the 27.8-acre center at 8600 Ward Parkway from Farallon Capital Management LLC of San Francisco, Jackson County property records show.

A sales price was not immediately available. Fidelis obtained about $42.6 million in financing from Independent Financial of Houston in connection with the transaction. The last time the center changed hands, in December 2018, Farallon paid $71.5 million to Barings LLC, according to county records.

Originally built in 1959, the 550,000-square-foot Ward Parkway Shopping Center now houses nearly 50 retail, restaurant and entertainment businesses. The shopping center's anchors include AMC Theatres, Home Goods, Off Broadway Shoe Warehouse, Old Navy, PetSmart, Ross Dress for Less, T.J. Maxx, Trader Joe's and Ulta Beauty. Fidelis' acquisition did not include businesses that own their locations in the center, such as Target Corp. and Chick-fil-A.

Legacy Development manages and leases Ward Parkway Shopping Center. In 2018, the Kansas City Business Journal recognized the firm with a Capstone Award for a $10 million renovation of the shopping center, through which a former Dillard's store and condemned parking garage were torn down to make way for a new multitenant Restaurant Pavilion and outdoor gathering space.

Fidelis representatives did not return requests for comment Monday.

The company's development and investment portfolio consists of more than 60 retail, health care, multifamily and industrial properties totaling approximately 20 million square feet nationwide, with a concentration around Houston, according to the Fidelis website. Ward Parkway Shopping Center represents Fidelis' first acquisition in the Kansas City area, its site shows.

 

Click here to read the article online.

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