St. Louis Power Center Changes Hands
The property traded in a 1031 exchange.
Hutensky Capital Partners has sold Cave Springs Shopping Center, a 176,804-square-foot power center in St. Peters, Mo., for $22.1 million. The property traded in a 1031 exchange brokered by Marcus & Millichap. The sale also included four individually parceled, single-tenant net-leased buildings.
Hutensky had acquired the retail center from Kimco Realty Corp. for $16.7 million back in 2019, according to CommercialEdge data. An $11 million loan originated by Royal Banks of Missouri financed that transaction.
Completed in 1973 on some 15 acres, Cave Springs Shopping Center is anchored by Hobby Lobby and The Edge Fitness Club. The retail property has a diverse mix of regional and national tenants such as Office Depot, Cycle Gear, Northern Tool, Verizon, Hooters and LongHorn Steakhouse, among others. The shopping center was fully leased at the time of sale.
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Located at 4025 Veterans Memorial Parkway, the power center is near Interstate 70, in an area where the daily traffic count reaches around 79,300 vehicles, according to Marcus & Millichap. The average annual household income within a 1-mile radius is $114,000.
Craig Fuller, senior managing director with Marcus & Millichap’s IPA division, worked together with Senior Managing Directors Erin Patton and Scott Wiles in procuring a local buyer for this asset.
St. Louis’ retail scene
The St. Louis retail market remained robust in the fourth quarter of last year, with vacancy rates hitting a record low of 5.1 percent, according to a recent Cushman & Wakefield report. Leasing activity was steady and rental rates reflected consistent demand, clocking in at $14.66 per square foot—a 2.2 percent increase year-over-year.
Limited new construction—with only 3,600 square feet of retail space underway at the end of 2024—suggests supply will remain tight this year, in line with the current retail market trends.
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