Copaken Brooks Makes BIG Shopping Center Deal in North Kansas City

Kansas City Business Journal
Rob Roberts, Reporter

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 Bread.

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.

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