Stan Johnson Company, one of commercial real estate’s leading investment sales brokerage firms, has completed the sale of Summit Orchards, an 81,185-square-foot grocery-anchored community center. Located at 440-560 Northwest Chipman Road in Lee’s Summit, Missouri, the center was 100 percent leased at the time of sale. Margaret Caldwell, Patrick Kelley, Jason Powell and Max Van Dresser of Stan Johnson Company represented the seller, Townsend Summit, an affiliate of Townsend Capital, a Maryland-based investor and developer. Jenel Real Estate, a private family office based in New York, purchased the asset.
“Summit Orchards received a lot of pre-emptive bids due to the long-term anchor leases and strong demographics of the area,” said Margaret Caldwell, Managing Director and Partner in Stan Johnson Company’s Atlanta, Georgia office.
Summit Orchards is a newly developed center anchored by ALDI, HomeGoods, Ross Dress For Less and Five Below. Situated on approximately 9.6 acres, the property is just 15 miles southeast of downtown Kansas City, Missouri. The center is adjacent to a university, two multi-family complexes and a commercial office campus in the fast-growing city of Lee’s Summit.
“Driven by the investment-grade credit of the all-star cast of anchors, Summit Orchards checked all the boxes as a new development in a growing submarket of Kansas City,” added Patrick Kelley.