Time Equities JV Buys Kansas City Shopping Center
DRA Advisors sold the suburban property.
The joint venture between Lormax Stern and Time Equities Inc. has purchased Oak Park Commons, a 348,983-square-foot shopping center in Lenexa, Kan. The previous owner was DRA Advisors, according to CommercialEdge data. Mid-America Real Estate Corp. Principal Ben Wineman and The R.H. Johnson Co. Principal Eric Gonsher represented the seller.
DRA Advisors has recently sold a 172,697-square-foot retail center in Darien, Ill., also with the assistance of Mid-America. Principals Rick Drogosz, Ben Wineman and Joe Girardi were instrumental in the deal.
Completed in 1987, Oak Park Commons comprises six buildings on a 12.8-acre site. Its tenant roster includes regional and national retailers such as Ross Dress for Less, Hobby Lobby, Ulta, Verizon, Planet Fitness, Dollar Tree, Best Buy, Petco, K&G Fashion Superstore, Sam’s Club, Northern Tool + Equipment, Shoe Carnival, Chipotle, Panda Express and Aspen Dental.
Located at 12120 W. 95th St., Oak Park Commons is close to Interstate 35, which provides direct access to downtown Kansas City, and directly across Oak Park Mall. The Johnson County property serves around 241,000 individuals within a 5-mile radius, with the average household income of $116,000.
Kansas City’s retail sector has shown resilience during 2023. According to a recent Marcus & Millichap report, Johnson County remained one of the top submarkets for transactions, alongside East Jackson County and the North of the River area.