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BRANSON, MO-Inland Diversified Real Estate Trust Inc. has purchased much of the 775,000-square-foot Shoppes at Branson Hills here. The trust is paying $38.5 million, and assuming a $12.1 million loan.
Ozark Diversified Properties LLC started plans on the project in 2004. Raul Walters Cos. sold the center, which is shadow-anchored by Walmart and Target. The purchase includes retailers such as Best Buy, Bed Bath & Beyond, Michaels and Petco, while the loan is for Kohl’s and TJ Maxx. The leased space is 100% occupied.
UCR Investment Sales, based in Dallas, represented the St. Louis-based seller in the transaction. The UCR team included David Disney, Adam Howells, Kevin Catalani and Jessica Donnelli. Disney tells GlobeSt.com that the deal includes an amount of undeveloped land that can hold $16 million worth of tenant deals that “are currently working.”
Howells tells GlobeSt.com that Branson’s strong entertainment draws are what has brings in customers for the retail here. “There’s more than eight million tourists a year,” he says. “It has the strongest pull factor in the state.” The only hiccup has been the tornado that tore through Branson in late February and damaged Branson Landing, though the Shoppes were not affected.
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