Kohlberg Kravis Roberts & Co. L.P. (together with its affiliates, “KKR”), a leading global investment firm with a global real estate team, and RED Legacy, a real estate development firm focused on value add acquisitions, ground up development, asset management and suburban and infill redevelopment opportunities, announce today that KKR and RED Legacy have jointly completed the acquisition of Legends Outlets Kansas City located in Kansas City, KS, following their successful bid at a receiver-mandated court auction held earlier this year.
Legends Outlets Kansas City is home to nearly 100 designer and brand name stores, restaurants and entertainment venues including anchor store Saks Fifth Avenue OFF 5TH, Ann Taylor Factory Store, Brooks Brothers Factory Store, Cole Haan, Levi’s Outlet, Nike Factory Store, Polo Ralph Lauren Factory Store and Under Armour, among many more. Located in Village West, the property opened to shoppers in 2006 and is poised to become a leading shopping destination for both Kansas City residents and visitors to the market as it attracts additional leading designer and top outlet center retailers where shoppers save up to 65 percent off regular retail prices.
According to KKR Head of Real Estate Ralph F. Rosenberg, “The closing of Legends Outlets Kansas City, our first collaboration with RED Legacy, represents the joint vision our firms share in acquiring high-quality assets that benefit from diverse demand drivers with significant rent-growth potential. Moving forward we are confident Legends Outlets Kansas City’s already impressive traffic and sales numbers will increase as our leasing and marketing efforts get underway.”
While the new ownership transition is planned to be seamless for customers, future focus will be to attract additional outlet center retailers to the development that are unique to the Greater Kansas City marketplace.“Our ultimate goal is for Legends Outlets Kansas City to be the region’s premiere shopping destination,” said RED Legacy Managing Partner Dan Lowe. “Legends Outlets Kansas City draws significant traffic from across the greater metropolitan region and from across the country. We look forward to beginning our work to give customers an enhanced mix of uses and more leading and favorite brands to shop, as well.”