(For more retail coverage, click GlobeSt.com/RETAIL.)
ST. LOUIS-StarPoint Properties of Los Angeles has acquired the Crossings at Mid Rivers, a 93,985-sf regional shopping center in the St. Peters suburban submarket. The seller is locally based Pace Properties Inc.
Rick Drogosz, principal, and Ben Wineman, VP of Mid-America Real Estate Corp.'s Oakbrook Terrace-based investment sales group, represented Pace in the sale, and StarPoint was represented in house. Wineman tells GlobeSt.com the price was approximately $18 million, or nearly $192 per sf.
The center is located just east of the intersection of Mid Rivers Mall Drive and Interstate 70, a primary east/west thoroughfare that links St. Peters to Downtown St. Louis. It was built in 2002 and is 100% leased to five tenants. They are Marshall's, Home Goods, Ultimate Electronics, and a Maytag store along with Macaroni Grill, which operates on an outparcel under a ground lease to the center. A separately owned Costco shadow anchors just east of the center.
"The average asking rental rate for big-box retail tenants in this submarket is between $10 per sf and $12 per sf," according to Wineman. Crossings at Mid Rivers is in St. Charles County, which he says is the fastest growing county in Missouri.
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