Knoth Co. Sells Whole-Foods Center

OVERLAND PARK, KS-Glenwood I and II LC, a subsidiary of Knoth Co., has sold the 74,059-sf Regency North Whole Foods Center to Southwestern Investment Advisors, a partnership with AMG. The sale price was not disclosed, but the offering had been listed at $16.8 million.

The property is anchored by a 40,492-sf Whole Foods Market, the only one in the state, says George Cushing with Grubb & Ellis Co. Cushing, senior vice president of the Institutional Investment Group, represented the seller on the deal with Wendy Vandeventer.

Cushing tells GlobeSt.com that he’s not sure why Knoth sold the property, which the company developed in 2000. He says the center is 92% occupied and has an average rent of $18 per sf.

“The retail market in Overland Park seems to be quite strong,” Cushing says. “It’s a very dynamic region of Kansas City, obviously since Whole Foods chose to locate there. Also in that immediate area there’s been some renovation of retail planned, it’s a mature trade area that’s getting an overhaul.”