But a new single-purpose entity that Copaken Brooks put together bought 10 percent of the center, Creekwood Commons, near North Oak Trafficway and Northeast Englewood Road.
BIG Shopping Centers USA bought the other 90 percent of the 206,000-square-foot center, which sold for $24.6 million.
Copaken Brooks will continue its leasing and management duties at Creekwood Commons as part of the new joint venture.
But the bigger news, Copaken Brooks principal Jon Copaken said, is that the deal is expected to “open the door to additional retail acquisition opportunities (with BIG Shopping Centers USA) across the Midwest.”
Copaken said Copaken Brooks is looking for other partners and properties in Midwestern office, retail and industrial markets.
As with the Creekwood Commons deal, future acquisitions will be accomplished by creating single-purpose entities instead of using the large investment funds Copaken Brooks previously has assembled to buy multiple properties.
Copaken said he could not put a dollar amount on the value of properties he expects Copaken Brooks to acquire annually using the new approach.
He said the firm put together some $10 million to $20 million acquisition deals recently in the Dallas area.
But Copaken Brooks’ bidding for a Lenexa office and industrial portfolio that ultimately sold to Hines for about $90 million last year shows that the firm is able to compete for huge acquisition deals, Copaken said.
To go after the Lenexa portfolio, Copaken Brooks partnered with a large institutional investor, he said.