Ramco-Gershenson Properties Acquires Maplewood Shopping Center for $24M
- Nov 26, 2013
Ramco-Gershenson Properties Trust recently announced the $24 million cash acquisition of the Deer Creek Shopping Center in Maplewood, Mo.
The 211,000-square-foot community shopping center is located in a densely-populated suburb of St. Louis. The property was redeveloped over the last few years and now includes anchor tenants buybuy Baby, Ross Dress for Less, JoAnn Fabrics, Marshalls, and Gordon Foods. The shopping center is currently 95 percent leased and other national tenants include Dollar Tree, Shoe Carnival, Anna’s Linens, Dots, GNC and Great Clips.
Located between Laclede Station Road and Big Bend Boulevard, Deer Creek Shopping Center benefits from access to significant traffic counts and is also strategically positioned at the Sunnen MetroLink Station, which provides increased accessibility to the center. Deer Creek Shopping Center is part of a strong trade area with an average five-mile household income of $82,000 and a population of 346,000.
Dennis Gershenson, president and CEO of Ramco-Gershenson Properties Trust, said in a statement: “The acquisition of Deer Creek enhances our position in the St. Louis market and is a complement to our other three dominant centers in the area. Deer Creek’s superior trade area demographics and strong tenant line-up ensure its long-term viability. The center is a great addition to our portfolio and reinforces our commitment to owning high-quality, multi-anchored shopping centers.”
In other local real estate news, Transwestern’s Chicago office announced it brokered the sale of Corporate Plaza on behalf of Invesco Real Estate. Located at 14528 South Outer 40 in Chesterfield, Mo., the 210,409-square-foot office building was purchased by an affiliate of Westport Capital Partners LLC. The five-story building is 98 percent leased, with Mercy occupying 89 percent of the building.
Westport Capital Partners LLC represented itself in the transaction and Invesco was represented by Transwestern’s Nussbaum and Thomas Gorman, managing director, and David Matheis, senior associate, along with Balke Brown Transwestern’s Principal Mike Donovan.