LANE4 Property Group, a big player in commercial real estate in the Kansas City area, has another prominent property now in its portfolio: Overland Park’s Hawthorne Plaza.

Driving the news: This week, the Kansas City-based property group announced its acquisition of the shopping center in south Overland Park.

Where exactly: Hawthorne Plaza stands at the southwest corner of 119th and Roe, neighboring Leawood’s Town Center Plaza across 119th Street and the Town Center Crossing shopping center across Roe.

Details: According to LANE 4 officials, the sale was finalized last week.

• The property was originally built in 1990 and today consists of 135,000 square feet of retail space.
• LANE 4 purchased the property from Texas-based Invesco Real Estate, which acquired the center from its original developer Alpert Companies of Kansas City in 2005.
• As part of the new ownership, LANE4 will provide in-house management and leasing services for Hawthorne Plaza, officials say.

Zooming out: LANE4 also currently owns Prairie Village’s Corinth Square and the Shops of Prairie Village shopping centers.

• The company also owns the Red Bridge Shopping Center in south Kansas City, Mo.
  

Bigger picture at Hawthorne Plaza

LANE4’s deal comes after a number of openings and closings at the shopping center over the past few months.

• Shops like Spruce Design Home, Clairvaux and Restore Hyper Wellness have all opened this year.
• According to LANE4 officials, the typical occupancy for a business at Hawthorne Plaza is roughly 16 years.
• The Container Store serves as the shopping center’s anchor tenant, and the center is currently 96% occupied, LANE4 says. 

What they’re saying: “This corridor is known throughout the region as a true shopping and dining destination,” said LANE4 managing partner Michael Berenbom. “We are excited for a local ownership group to acquire real estate at our market’s leading retail intersection.”