Midwest Retail acquires portion of Missouri Center
Midwest Retail Properties has acquired a Walmart-shadow-anchored center in Lake St Louis, Mo., for $16.5 million.
The five multi-tenant buildings included in the deal make up 124,797 sq. ft. of The Shoppes at Hawk Ridge and house tenants including GNC, Game Stop, Petland, Jimmy Johns, Starbucks, and Orange Theory.
The deal was brokered by Mid-America Real Estate Corp. on behalf of the seller, a private investor from the St. Louis area.
Fashion Outlets of Chicago gets green light to expand
Macerich will soon be contacting potential retail tenants to fill an additional 225,000 sq. ft. of space proposed for the Fashion Outlets of Chicago in Rosemont. The new GLA would increase the size of the center by 50%.
Officials of the town near O’Hare Airport approved the expansion, which would entail demolishing the Rosemont Theatre, a 4,200-seat venue that was hailed as a “first-rate arts center” by the Chicago Tribune when it opened in 1995, featuring Barry Manilow on opening night.
“They have the green light,” Rosemont Mayor Brad Stephens told the Tribune. “They have to give us a year’s notice before they start construction so we can wind down the theater. We’ve got certain salvage rights to property inside the theater before it gets demolished.”
Stephens added that the redevelopment agreement with Rosemont was essentially a “glorified letter of intent” allowing Macerich to gauge interest from prospective new tenants.
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Yetter re-joins CBRE in San Diego
Joe Yetter, a player in the San Diego retail real estate market for three decades, has returned to the CBRE office there where he started in 1986.
Yetter had been with Cushman & Wakefield’s in the city, specializing in leasing, investments and land acquisition in San Diego and Imperial counties. He has completed some 1,100 transactions with an aggregate consideration exceeding $600 million and was named a “Power Broker” by CoStar five times.
“Joe Yetter’s strong retail background, leasing expertise, and in-depth retail knowledge of the San Diego market will make him a great addition to our firm,” said CBRE-San Diego executive managing director John Frager.