PEBB Enterprises, Partner Contrarian Capital Management Close Sale of Kansas Shopping Center
Joint venture completes $16.8 million disposition of Pinnacle Village in Overland Park
OVERLAND PARK, KS – PEBB Enterprises, in partnership with Contrarian Capital Management, completed the $16.8 million sale of Pinnacle Village Shopping Center in Overland Park, Kansas. Cherry Hill Properties of Lawrence, Kansas is the buyer.
The transaction closed on Aug. 2. PEBB and Contrarian acquired Pinnacle Village in May 2018 and enhanced the 12040 Blue Valley Parkway center through leasing activity and property improvements.
Pinnacle Village is a 108,729-square-foot center on 15.44 acres prominently situated at the major retail intersection of Blue Valley Parkway and 119th Street. It is 90% occupied, with DSW and Michaels as anchor tenants. Super Target and Lukas Liquor Superstore are shadow anchors.
Inline tenants at Pinnacle Village include Firehouse Subs, Goldfish Swim School and First Watch Restaurant.
PEBB and Contrarian previously sold a Pinnacle Village outparcel leased to Tires Plus for $2.22 million in August 2020. That transaction followed the May 2020 sale of a separate outparcel for $1.72 million.
“This disposition is a continuation of our strategy to prioritize investment and development opportunities in Florida – with a particular emphasis on our home base of South Florida,” PEBB President and CEO Ian Weiner said. “We are confident the new owner, locally based Cherry Hill Properties, will build on the momentum our joint venture created.”
Evan Halkias and Jeffrey Benz of Cushman & Wakefield Retail Investment Advisors represented the sellers in the Pinnacle Village transaction.
On July 5, PEBB and Contrarian closed on the $29.85 million acquisition of the Meridian Office Center in Boca Raton, Florida.