KBS Real Estate Investment Trust III has closed on the sale of Park Place Village, a 10-building, 484,980 SF mixed-use property in Leawood, Kan., to DFW Land.
The project, developed in phases between 2007 and 2013, combines office and retail space within a walkable setting. Tenants have access to a range of amenities, including boutique shops, restaurants, a fitness center, rooftop terrace, bike storage, on-site parking, and electric vehicle charging stations. The property was fully leased at the time of sale and is situated within a larger community that includes apartments, townhomes, lofts, and the Aloft Hotel, providing residents and visitors with a variety of living, working, and entertainment options.
KBS originally acquired the property in 2015 for approximately $126.5 million. The sale marks a strategic move for KBS REIT III, as the transaction represents the only mixed-use property in its portfolio. With this deal completed, the REIT is now solely focused on office assets across its holdings.
The Kansas City metro has remained a resilient market for well-positioned suburban mixed-use developments. Park Place Village’s occupancy and amenity package demonstrate continued demand for properties that integrate retail and office environments with nearby residential and hospitality components.
Newmark represented KBS in the transaction, with brokerage services led by Derek Fohl and Gary Carr.
Legal counsel was provided by Greenberg Traurig, including attorneys Bruce Fischer and Howard Chu.
For DFW Land, best known for investments across the Dallas-Fort Worth region, the acquisition highlights its expansion strategy into new markets. For Leawood, the deal underscores the city’s appeal as a growing hub for destination retail, professional offices, and community-focused development.
Header image: Park Place Village located at 11500 Ash Street and Nall Avenue in Leawood, Kan. Photo | KBS Real Estate