LEAWOOD, Kansas (September 24, 2025) – KBS, one of the largest owners and operators of premier commercial real estate in the nation, announces the sale of Park Place Village, a 484,980 square-foot Class A mixed-use asset consisting of office and retail space located in Leawood, an affluent suburb of Kansas City, Kansas. The property was purchased by DFW Land, a real estate development company that specializes in the acquisition, development and sale of land in the Dallas-Fort Worth Metroplex area. Park Place Village was owned by KBS Real Estate Investment Trust III.
According to Marc DeLuca, KBS’ CEO and regional president, Eastern U.S., this transaction highlights KBS’ ability to identify improving submarkets early and reposition assets to have enduring relevance and performance. When KBS purchased the property in 2015, the company recognized the long-term potential of the sub-market and the unique opportunity to elevate the mixed-use destination.
“By proactively managing the asset and curating a retail experience that enhanced the overall office offering, KBS strategically exited the property at 100% occupancy – even while navigating post-pandemic market challenges,” says DeLuca. “The result is an office product that remained relevant and resilient, and delivered consistent cash flow at a time when many office assets have struggled.”
Located in Kansas City’s South Johnson County submarket, Park Place Village is a 10-building, multi-tenant property developed in phases between 2007 and 2013. Today, the asset includes a dynamic mix of tenants and offers amenities including boutique shops, upscale restaurants and cafes, a fitness center, bike storage, EV car-charging stations, on-site parking, and a rooftop view terrace. The surrounding neighborhood features shopping and entertainment venues, parking garages, the Aloft Hotel, 201 apartments, 30 townhouses and 27 lofts.
“KBS transformed Park Place Village into one of Leawood’s most popular mixed-use destinations through active management and strategic placemaking,” says Ryan Pires, asset manager of Park Place Village and senior vice president, asset management for KBS. “By creating a vibrant retail experience that elevated the surrounding office product, we enhanced tenant engagement and long-term relevance. Located in affluent South Johnson County, the property now serves as a dynamic live/work/play anchor, with its appeal set to grow through future development.”
Vijay Borra, Chief Executive Officer of DFWLAND, stated: “Park Place Village represents a natural and strategic addition to our real estate portfolio. This asset is well positioned to deliver long-term performance and value. Over the past 90 days, we have successfully acquired several million square-feet of office and retail space, reinforcing our commitment to pursuing high-quality properties that align with our long-term investment strategy. We also want to express our gratitude to our team for their dedication and hard work in making these acquisitions possible.”
Newmark reports that the Kansas City office market recorded 116,174 square-feet of net absorption during the quarter, bringing the four-quarter total to 1.1 million square-feet. This marks the fourth consecutive quarter of positive absorption, driven by tenants capitalizing on favorable leasing conditions. On the retail front, Kansas City displayed ongoing resiliency, marked by strong leasing activity and a continued preference for well-located, experiential retail. South Johnson County displayed the second highest amount of net absorption in the market during the past four quarters.
Derek Fohl and Gary Carr were leads for the Chicago and Dallas Based Newmark Capital Markets teams that represented KBS in the sale of Park Place Village. Additional team members involved in the transaction include Jim Postweiler, Peter Harwood, Jack Trager, Jake Paschen, Robert Hill, Chris Murphy, and Austin Sheehan
“As both the office and retail markets experience continued recovery, we expect mixed-use assets like Park Place Village, which exemplifies KBS’ superior management and service, to remain highly desirable to investors,” says Fohl, senior managing director at Newmark.
Attorneys Bruce Fischer, Howard Chu and paralegal, Amanda Kennedy, of global law firm Greenberg Traurig, LLP’s Orange County represented KBS as legal counsel in the disposition.
According to Fischer, Greenberg Traurig’s Chair of the West Coast Real Estate Practice and Co-Managing Shareholder of the Orange County Office, who led the Greenberg Traurig team, “The successful execution and exit of Park Place Village underscores the resilience and growth of KBS’ vision for the property and South Johnson County’s growth. KBS was able to deliver an optimal outcome which reflects both discipline and long-term positioning.”
Park Place Village is located at 11500 Ash Street, Nall Avenue, Leawood, KS 66211.
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