The ownership of Town Center Plaza and Town Center Crossing changed hands July 1. Both shopping centers in Leawood are now owned by Federal Realty Investment Trust, which bought the properties near 119th Street and Roe Avenue for an undisclosed price.
Executives introduced themselves briefly to the Leawood City Council on Monday night, saying the Midwest purchase is a first for the Bethesda, Maryland-based company. Before the Town Center purchase, Federal Realty properties were all on the East and West coasts, said Bob Franz, vice president of West Coast acquisitions.
Franz described the 60-year-old company, with a portfolio of 103 properties mostly in open air shopping centers, as “long-term holders of assets. Most everything we do acquire we plan on keeping and holding indefinitely, investing in the community, investing in the property,” he told the city council.
Franz and Geoff Sharpe, vice president of creative planning and development, did not go into detail about plans for the Town Center shops, which were built in 1995. But Sharpe said the company has a strong commitment to design, landscaping and architecture and that he looks forward to some upgrades.
Town Center Plaza and Crossing are a combined 730,000 square feet with anchor tenants that include Apple, Trader Joe’s Restoration Hardware and Arhaus. Federal Realty’s purchase is a “regional destination” that draws millions of visitors each year and has premium brands, Sharpe said.
Carren Coston, partner at Bond RP, a retail development group focusing on strategies for developers, landlords and hospitality, called the shopping center one of the region’s most sought-after retail corridors.
“Johnson County’s growth has been on our radar for some time, and we have had clients waiting for the right opportunity to enter the market,” Coston said.
Mayor Marc Elkins and other city councilmembers welcomed the company representatives to the area. Elkins said the shopping center was created by former city councils as a downtown for Leawood.
“119th and Roe is downtown Leawood, with all due respect to our friends at 95th and Mission. The center of gravity is right here,” Elkins said.
Councilmember Mary Larson said, “I can’t wait to see what you have in mind as far as architecture and design improvements and landscaping plans. (The center) is showing a little age. Some fresh eyes and ideas are very exciting.”
Councilmember Steven Kaster said he hopes the new owners will include some new brands that are available on the coasts but have yet to reach the Midwest.
In 2021, the majority owner of the shopping center, Washington Prime Group, filed for Chapter 11 bankruptcy and was undergoing restructuring. The Columbus, Ohio-based company owned 51% of the center, according to the Kansas City Business Journal.
