Sale and financing secured for Adam's Dairy Landing in Blue Springs, MO

CHICAGO, Nov. 5, 2024 – JLL Capital Markets announced today that it has closed the sale and financing of Adam's Dairy Landing, a 279,843-square-foot regional open-air retail center located in Blue Springs, Missouri.

JLL worked on behalf of the seller, Albanese Cormier Holdings, LLC. JLL also represented the buyer, Fidelis Realty Partners LLC, in securing acquisition financing through MetLife Investment Management.

Adam's Dairy Landing, strategically positioned at the southeast corner of I-70 and Adam's Dairy Pkwy., offers excellent visibility to over 81,000 vehicles daily and attracts an impressive 4.6 million visitors annually. The center's prime location provides easy accessibility to I-70 and the broader Kansas City metro area.

Blue Springs, Missouri, is a thriving suburban city situated approximately 20 miles east of downtown Kansas City. As the eighth-largest city in Missouri with a population of 55,000 residents, Blue Springs has experienced consistent growth, with a 29.5% population increase between 2000 and 2020. The area boasts an average household income of $101,372 within a three-mile radius of the property, reflecting its affluent demographic.

The thriving 35.69-acre regional open-air retail center, Adam's Dairy Landing, is currently 98% leased and features a strong mix of national and regional tenants. Developed in phases between 2009 and 2012, the center is anchored by shadow tenants Target and Kohl's, which combine to create over 1.3 million synergistic retail consumers annually. The center includes a diverse lineup of popular retailers such as TJ Maxx, HomeGoods, Ross Dress for Less, Ulta Beauty and Michaels.

JLL Capital Market’s Investment and Sales Advisory team was led by Senior Director Michael Nieder, Senior Managing Director Chris Gerard and Managing Director Keely Polczynski. JLL’s Debt Advisory team was spearheaded by Senior Managing Director Colby Mueck, Managing Director Chris Knight and Director Michael King.

"The sale of Adam’s Dairy Landing is indicative of the strong demand for well-located, high-performing, open-air power centers in growing suburban markets," Nieder said. "The property's diverse national tenant mix and recent leasing momentum attracted significant investor interest."

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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AlbaneseCormier, founded in 2001, is a vertically integrated real estate investment firm specializing in the acquisition, leasing, and management of retail shopping centers across the United States. With a focus on open air shopping centers and mixed-use developments, the company has grown its portfolio to over 6 million square feet in 20 states.

Fidelis, one of Texas' largest commercial real estate companies, has expanded its focus from retail to include healthcare, multifamily and industrial properties across 14 states. With approximately 24 million square feet under management, Fidelis operates as a group of companies united by a single culture, purpose, mission and value system. Headquartered in Houston with additional offices in key regions, Fidelis aims to create synergies between its diverse property types to benefit tenants, residents, customers, patients, industries and communities.