The Shoppes of Mid Rivers. Picture courtesy of GBT Realty Corp.
GBT Realty Corp. has offered The Shoppes of Mid Rivers, a 270,000-square-foot purchasing middle in St. Peters, Mo., with the help of JLL. Jenel Actual Property has bought the asset for $40.7 million.
In 2021, the property grew to become topic to a $29.6 million four-year mortgage originated by Fifth Third Financial institution, based on CommercialEdge knowledge.
Development on The Shoppes of Mid Rivers began in 2016 and the property got here on-line in 2018. The retail middle encompasses six buildings unfold throughout a 27.8-acre web site. On the time of the sale, the asset was 99 % leased; tenants embody Marshalls, Burlington, Ross Costume for Much less, HomeGoods, Ulta Magnificence, 5 Beneath, Academy Sports activities and lots of extra.
Shoppes of Mid Rivers is situated at 5245 N. Service Street, some 30 miles from downtown St. Louis. The purchasing middle is adjoining to Interstate 70, in an space the place the site visitors rely reaches roughly 140,000 autos per day. The common revenue per family inside a 5-mile radius is roughly $96,118.
JLL Director Michael Nieder, along with Managing Administrators Clinton Mitchell and Amy Sands, brokered the deal on behalf of the vendor. The brokerage agency additionally assisted GBT Realty within the disposition of a 77,850-square-foot portion of a shopping mall in Chester, Va.
