Evan Binns
Reporter- St. Louis Business Journal
Now’s the time to go shopping for a retail center in Crestwood.
Crestview Plaza, an 80,372-square-foot center anchored by an Aldi discount grocery store at 9282 Watson Road, is on the sale block for $3.5 million.
Matt Bukhshtaber and Brett Chetek of CBRE in St. Louis are marketing the property, which has an occupancy rate of 75 percent and 25,000 square feet of vacant space, according to Chetek.
The property is being sold by Equity Investment Group Inc. (EIG) of Fort Wayne, Ind.
“Aldi just renewed their lease for another 10 years, and the property is across from Crestwood Court, which is going through the TIF (tax increment financing) review process. Both will add significant value to Crestview,” Chetek said.
In June, Centrum Partners, the Chicago-based developer that owns the nearly vacant Crestwood Court mall, unveiled plans to turn the mall into a multipurpose center with a “public square” partially ringed by shops and restaurants. Centrum said the redevelopment is about a $100 million project, besides any TIF.
Locally, Bukhshtaber and Chetek have been on a role recently. The team also represented UrbanStreet Group of Chicago and North American Properties, which is based in Cincinnati, in a $16.5 million deal to buy the Roberts brothers’ buildings downtown, including the unfinished Roberts Tower, an acquisition that closed earlier this week. The pair also worked on the sale of Union Station to Bob O’Loughlin’s Lodging Hospitality Management.
Real estate, Sales and leases, Law, Accounting, Sports business
Follow Your Favorites with My News
My News is a way to create a customized news feed based on companies and industries that matter to you.
Open all references in tabs: [1 – 7]