Blue Springs, Mo. — Hanley Investment Group Real Estate Advisors has brokered the sale of two newly constructed, single-tenant retail properties located in Blue Springs, roughly 19 miles southeast of downtown Kansas City. The adjacent properties — which are occupied by Dental Care on 7 and Starbucks Coffee — were sold for more than $5 million to two separate buyers. The transactions had a blended cap rate in the low 6 percent range.
Situated on a 0.96-acre parcel, Dental Care on 7 totals 4,200 square feet. Jeff Lefko and Bill Asher of Hanley, along with Jay Ferguson of Ferguson Properties Inc., represented the seller and developer, Ferguson Properties and Foresight Real Estate, in the transaction. Peter Winterling of Kidder Mathews represented the California-based private 1031 exchange buyer.
The 2,312-square-foot Starbucks Coffee, which features a café and drive-thru, sits on a 0.59-acre parcel. Jeff Lefko and Bill Asher of Hanley, in association with Jay Ferguson of Ferguson Properties Inc., represented the seller and developer, Ferguson Properties and Foresight Real Estate, in the transaction. John Martin of Lee & Associates represented the buyer, a California-based private 1031 exchange investor.