December 8, 2023
, RockStep Capital Buys Kansas Shopping Center – What is a Ground Lease?, Robert Khodadadian

The single-level, enclosed shopping mall has three main anchors. Image courtesy of RockStep Capital

RockStep Capital has purchased Manhattan Town Center, a 367,000-square-foot regional shopping center in downtown Manhattan, Kan.

Since 2015, the retail center has traded five times. Urbancal Manhattan Town Center LLC was the previous owner of the development, while the 37.6-acre site the shopping center sits on is owned by the city, according to The Mercury.

Last month, the Manhattan City Commission met to discuss the sale of the Manhattan Town Center to Rockstep Capital, and voted in favor of the transaction, local publication KMAN reported.

RockStep plans to improve and revitalize Manhattan Town Center by implementing innovative retail strategies, for which the company has secured several local investors.

Developed in 1987 by the City of Manhattan and Forest City Enterprises, Manhattan Town Center is the only regional mall within a 50-mile radius. Anchored by Dillard’s, JCPenney and the AMC Dine-In IMAX Theater, the retail center features more than 50 shops and full-service restaurants such as Applebee’s, American Eagle, Claire’s, H&M, Victoria’s Secret, Ulta Beauty and Famous Footwear.

The shopping center is located at 100 Manhattan Town Center, offering convenient retail options in the heart of the Flint Hills. The property is near Route 24, which provides direct access to Kansas City. Kansas State University, Sunset Zoo and Fairmont Park are within a 2.5-mile radius from the shopping center.

The post RockStep Capital Buys Kansas Shopping Center appeared first on Commercial Property Executive.


In the simplest form, a ground lease is a long-term net lease (usually 49 years or 99 years) of land including any improvements on the said land. Assets that can be subject to a ground lease include but are not limited to, vacant land, office buildings, and large residential buildings.

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Read MoreInvestment, Midwest, News, Retail, RockStep Capital Commercial Property ExecutiveSince 2015, Manhattan Town Center has traded five times.
The post RockStep Capital Buys Kansas Shopping Center appeared first on Commercial Property Executive. 

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