Monday, January 28, 2013
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 Kansas City Star reports the prevailing bid will be determined Monday.
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.