Exclusive: Kansas City Retail Center Gets $50M Financing
Prudential Financial issued the note for the Prairie Village asset.
First Washington Realty has obtained a $50 million refinancing loan for The Shops of Prairie Village, a 298,703-square-foot retail center in Prairie Village, Kan., according to Yardi Matrix information. Prudential Financial originated the permanent note.
Previous financing includes a $28.5 million loan from Nationwide, the data provider shows. That note, dating back to June 2015, was set to mature in June last year.
First Washington acquired the 1950-completed asset back in February 2015 from Cosentino’s Food Stores. Tenants at the 20-acre property include The Body Lab, Hollywood Feed, Bag & Baggage, Dolce Bakery, Village Flower Co. and Chill in the Village.
READ ALSO: Retail Market Trends in 2026
Located at 6950 Mission Lane, the 10-building retail center is about 1 mile from the city center and 10 miles from downtown Kansas City. On a 5-mile radius, the property serves a population of 286,196 with a $111,787 average household income, its website shows.
Kansas City’s retail fundamentals remained relatively stable in 2026, with average asking rents forecast to reach $15.6 per square foot by year-end, up 70 basis points year-over-year, according to a Marcus & Millichap report. Limited new supply has helped support operating conditions even as investment activity moderated, providing a relatively steady backdrop for lender interest in well-positioned assets such as The Shops at Prairie Village.
First Washington’s recent retail activity
First Washington focuses on retail properties all across the country, although with more assets in coastal markets. The company targets necessity- and convenience-based retail assets in markets characterized by high barriers to entry and limited new development.
In Kansas City, the firm has four more properties, out of which one was recently acquired. First Washington purchased the 124,808-square-foot Liberty Corners last month from Brixmor Property Group. The retail center is about 28 miles away from The Shops of Prairie Village.
You must be logged in to post a comment.