Kansas City, Mo. — The 240,000-square-foot center is 88 percent leased to 28 tenants.
Kansas City, Mo. — American Realty Capital – Retail Centers of America Inc. has purchased Tiffany Springs Market Center, a retail power center in Kansas City, for $53.5 million. The 240,000-square-foot retail property was 88 percent leased to 28 tenants at the time of the sale. Three tenants, Best Buy, The Sports Authority and PetSmart, represent 48 percent of the annualized rental income of the property. Best Buy occupies 46,000 square feet and The Sports Authority leases 42,000 square feet. Both have 10-year lease terms, which expire in January 2019. PetSmart occupies 25,000 square feet and has a 10-year lease term, which expires in July 2018.
The purchase of Tiffany Springs Market Center represents ARC Retail's third acquisition of a retail power center with multiple credit tenants. ARC Retail's portfolio now exceeds $107 million in purchased assets.