Archive for Tuesday, January 29, 2013

Legends Outlet shopping area in Kansas City on auction block

January 29, 2013

KANSAS CITY, KAN. — The Legend Outlets shopping area in Kansas City, Kan., remains open while a foreclosure lawsuit is settled.

KKR Real Estate Fund Holdings offered $131.5 million for the shopping center at an auction Friday. That group includes RED Legacy of Kansas City and the New York investment firm Kohlberg Kravis Roberts. A backup bid of $131 million was submitted by CRG Acquisitions LLC.

The prevailing bid was to be determined Monday, but no updates were available Monday night.

E3 Realty Advisors of Los Angeles was appointed receiver of the shopping center last year after U.S. Bank filed a foreclosure lawsuit because RED Legacy, the original Legends developer, owed $179.4 million.

Dan Lowe of RED Legacy said the group intentionally stopped payments to force the auction because the debt needed to be restructured

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