Pace Properties Acquires Distressed St. Peters Shopping Center
Date Posted: December 11, 2019
Posted In: News, Projects,
From St. Louis Business Journal: Pace Properties employees were among the buyers who acquired a roughly 100,000-square-foot vacant retail center in St. Peters.
The deal for the Crossings at Mid Rivers, at Veterans Memorial Parkway and Costco Way off Interstate 70, closed earlier this week. Pace employee owners and other investors bought the property out of receivership.
An acquisition price was not disclosed.
Pace had developed the property in 2001 and sold it shortly thereafter. The new buyers are “optimistic” about the property’s future despite its vacancy. At one time its tenants included Marshall’s, Home Goods, electronics retailer HHGregg and a former Macaroni Grill location that closed in 2014.
“We think the underlying fundamentals of asset and location are excellent,” Senior Vice President Ricky Meyer said. “It sits in a solid trade area. We’re encouraged by the interest we’ve already received from restaurants and retailers.