Kimco Sells 370 KSF Midwest Shopping Center
- May 03, 2018
A joint venture between Chase Properties and DRA Advisors has acquired Primrose Marketplace, a 367,748-square-foot open-air shopping center in Springfield, Mo. The buyer funded the purchase of the community retail property with a $40 million acquisition mortgage from Wells Fargo, according to Greene County records. The seller, Kimco Realty, developed the property in 1990. Mid-America Real Estate Group brokered the deal.
Located at 3450 S. Stewart Ave., the asset is one mile north of James River Freeway, enabling convenient access throughout the Springfield area. The city’s public transportation service operates three bus routes along the property, connecting it with the rest of the city. The 1.2 million-square-foot Battlefield Mall is in the immediate area.
A well-anchored asset
The fully leased Primrose Marketplace comprises a total of 27 individual retail units. Several large tenants anchor the property, including:
- Best Buy—48,150 square feet
- JCPenney—46,144 square feet
- TJ Maxx—31,275 square feet
- Bed Bath & Beyond—30,050 square feet
- PetSmart—29,451 square feet
- Marshalls—29,400 square feet
- Ross Dress for Less—25,466 square feet
In addition to the larger occupants, the property is also home to Jo-Ann Fabrics, Guitar Center, Kirkland’s Home and Subway.
“The property is very well-located at the primary retail intersection in Springfield with a strong anchor tenant lineup with exceptionally strong sales performance,” said Andy Kline, co-CEO of Chase Properties, in a prepared statement. “Primrose perfectly exemplifies our strategy of buying dominant open-air shopping centers located in stable secondary and tertiary markets,” he added.
Image courtesy of Chase Properties