GBT Realty Sells St. Louis Retail Asset for $41M

The Shoppes of Mid Rivers. Image courtesy of GBT Realty Corp.

GBT Realty Corp. has sold The Shoppes of Mid Rivers, a 270,000-square-foot shopping center in St. Peters, Mo., with the assistance of JLL. Jenel Real Estate has purchased the asset for $40.7 million.

In 2021, the property became subject to a $29.6 million four-year loan originated by Fifth Third Bank, according to CommercialEdge data.

Construction on The Shoppes of Mid Rivers started in 2016 and the property came online in 2018. The retail center encompasses six buildings spread across a 27.8-acre site. At the time of the sale, the asset was 99 percent leased; tenants include Marshalls, Burlington, Ross Dress for Less, HomeGoods, Ulta Beauty, Five Below, Academy Sports and many more.

Shoppes of Mid Rivers is located at 5245 N. Service Road, some 30 miles from downtown St. Louis. The shopping center is adjacent to Interstate 70, in an area where the traffic count reaches approximately 140,000 vehicles per day. The average income per household within a 5-mile radius is approximately $96,118.

JLL Director Michael Nieder, together with Managing Directors Clinton Mitchell and Amy Sands, brokered the deal on behalf of the seller. The brokerage firm also assisted GBT Realty in the disposition of a 77,850-square-foot portion of a shopping center in Chester, Va.