Dealing with all aspects of Retail Real Estate.
Northwest Plaza, located at St. Charles Rock Rd and Lindbergh Blvd in St. Ann, Missouri, was originally built as an open air mall in 1966 before being enclosed in the 1980s. The development had declined in recent years as the mall’s anchors departed. The mall was shuttered in 2011.
Redevelopment plans for the 122 acre site include space for several big box and junior anchor users as well as multiple outlots. NAI DESCO will continue to market the property.
The following is an excerpt from an article by Peter Sheahan of NAI DESCO published in the June 2012 issue of Heartland Real Estate Business. The original article is available here:
St. Louis Retail: Leasing, Development Activity Heats Up
Consumers are loosening their wallets in St. Louis, and the thaw in spending has given the local retail market a much-needed shot of adrenaline. The discount retailer is still king, but new concepts and developments are gaining ground. With positive absorption of space on the rise, investment sales are increasing.
St. Louis is poised to see a major development in the central trade area at the former Hadley Township site. After several failed attempts at development in the past 10 years, Hadley seems destined for redevelopment at last. The 40-acre site is located on I-64 in the central suburb of Richmond Heights and will consist of an assemblage of 150-plus commercial and residential parcels.
In the southern half of the development, Menards was selected by the city over Costco and will open one of its first St. Louis locations in early 2014. The site plan includes a 240,000-square-foot store with additional out parcels for retail and restaurant users.
David Wittenauer of NAI DESCO recently completed the lease of 1,075 square feet of in-line retail space at 3012 S. State Route 159 in Glen Carbon, IL. The space was leased to Adam Wolfe who plans on opening a State Farm Insurance office. Wittenauer represented the owner, Missouri Real Estate & Insurance Agency, Inc.
David Wittenauer of NAI DESCO recently completed the lease of 1,540 square feet of in-line retail space at 1095 N. Green Mount Rd in Belleville, IL. The space was leased to Scottrade. Wittenauer represented the owner, Threlkeld Family Investment, LLC.
Barry Iken of NAI DESCO recently completed the lease renewal of 6,194 square feet of retail space at 8075-81 Mexico Rd, St. Peters, as well as the expansion of 2,800 square feet of contiguous space. The total space (8,994 square feet) was leased by Ft. Zumwalt School District. The shopping center is located across the street from Ft. Zumwalt High School.
Matt Hirsch and John Shuff of NAI DESCO recently completed the lease of 1,000 square feet of retail space to Super Deli Magic Market at 640 W. Woodbine Ave in Kirkwood, Mo. Hirsch and Shuff represented the landlord, STNT, LLC. The center is now 85% leased.
Congratulations to Josh Hibbits of NAI DESCO for assisting the Pita Pit in leasing their first location in St. Louis. The new store, which will sell pita sandwiches, salads and smoothies, will be located at 206 N. 9th Street in Downtown St. Louis, Mo. The 2,037 SF in-line retail space was leased from Paul Brown Developer, LP.
Floyd Sweeney, SIOR, MCR of NAI DESCO recently completed the lease of 9,000 square feet of retail space located at 921 Highway K in O’Fallon, Mo. Sweeney leased the space, which was formerly a True Value hardware store, on behalf of the landlord, St. Louis Ventures, LLC. The space was leased by The Fitness Fuzion, a fitness studio specializing in Zumba.
Josh Hibbits of NAI DESCO recently completed the lease of a 15,000 square foot retail building located at 13986 Manchester Rd in Ballwin, Mo. to Edwin Watts Golf Shop. Hibbits represented the landlord, TMJ, LLC, in the lease of the former Golf Discount Superstore building. This is the first St. Louis location for Edwin Watts Golf Shop.
Josh Hibbits and David Wittenauer, CCIM of NAI DESCO successfully represented Family Dollar, Inc. in the lease of 8,617 square feet of in-line retail space located at 1016 Broadway in Highland, Illinois. Family Dollar, who leased the space from Family Care Properties, LLC, anticipates a fourth quarter 2011 opening.