ST. CHARLES COUNTY, Mo. — A St. Charles County shopping center anchored by a grocery store has sold for $22.35 million.
The deal for River City Marketplace, a 157,779-square-foot shopping center in O’Fallon, Missouri, which is anchored by grocery store Fresh Thyme, was completed Oct. 13, said the seller, Florida-based private equity real estate investment company PEBB Enterprises.
Red Bank, New Jersey-based First National Realty Partners bought the retail site on 19.85 acres at 2259 Highway K. It is 93% leased and anchored by Ross Dress for Less and Total Wine & More along with Fresh Thyme. The retail center was built in 2004.
The shopping center, then known as O’Fallon Walk, was 55% occupied when PEBB acquired it in 2015 from IBT-Group LLC for $9.2 million, the company said. After an extensive $6 million capital improvement program to upgrade the center, Fresh Thyme and Ross signed on that first year.
After anchor Gordmans closed in 2020, alcohol retailer Total Wine moved into nearly 26,000 square feet within the last year, and new tenants Big Blue Swim School, a children’s swim school that occupies 20,000 square feet, and CycleBar, a premium indoor cycling gym, were added to the roster of existing tenants such as Five Below, Kirkland’s and Kay Jewelers.
The retail site is the third property purchased in Missouri by investment firm First National Realty Partners, or FNRP, the company said in a news release. The firm also owns Mark Twain Village in St. Charles and Shoppes at Cross Keys in Florissant.
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