Kohlberg Kravis Roberts and Co. and RED Legacy announced today they have completed the acquisition of The Legends Outlets in Kansas City, Kan.
KKR and RED Legacy placed the successful bid at a receiver-mandated court auction held earlier this year. KKR is a global investment firm with a real estate team. RED Legacy is a real estate development firm.
The Legends Outlets, home to nearly 100 designer and brand-name stores, restaurants and entertainment venues, opened in 2006.
The shopping center has tenants including 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.
Plans are to add additional designer and outlet center retailers, according to the owners.
"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," said Ralph F. Rosenberg, KKR head of real estate. "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, a spokesman said.
“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.”
Dave Claflin, a spokesman for RED Legacy, said, "One of the things that is most appealing about our offer is local ownership. We understand the market, built the original center and will be able to manage it with a very hands-on approach. Shoppers there shouldn't see anything different."
At the same time, he said they would work very diligently to upgrade the leasing and make it more of a destination experience for shoppers.
The Wyandotte Daily News reported in January that KKR and RED Legacy turned in the highest bid on Jan. 25 in the court auction, $131.5 million, for The Legends Outlets.