Copaken Brooks Makes BIG Shopping Center Deal in North Kansas City
June 18, 2014
Big Shopping Centers USA has agreed to pay $24.6 million
for a 90 percent stake in Creekwood Commons, a 206,000-square-foot shopping
center in the Northland.
Copaken Brooks will retain a 10 percent stake and will
continue its leasing and management duties at the shopping center as part of
the joint venture. The deal between the two firms closed Wednesday.
"This acquisition marks Big's entry into Missouri,
allowing us to continue to build a Midwest foothold," Stanley McElroy Jr.,
president of Big Shopping Centers USA, said in a release.
Big Shopping Centers USA, which is headquartered in
Beverly Hills, Calif., is a subsidiary of Big Shopping Centers. The parent
company owns, operates and develops shopping centers in the United States,
Israel, India and Serbia.
Its new Kansas City acquisition is located on 13 acres at
N.E. Englewood Road and North Oak Trafficway. Creekwood Commons is co-anchored
by a Hy-Vee supermarket and a Gordmans department store. Built in 1989 and
renovated in 2005, the center is 100 percent leased, with other tenants
including Party City, 24-Hour Fitness, Famous Footwear, Mattress Firm and Panera
As an equity partner, Big USA seeks joint venture
opportunities with entities such as Copaken Brooks that own and operate
shopping centers and retail portfolios. According to McElroy, his firm expects
to close at least five more deals this year.