O'Fallon (St Louis MSA), MO
Megan Crossing is a 114,000 square foot Class A shopping center located in a regional retail corridor in the West St. Louis, MO MSA.
The center is anchored by a new long term Hobby Lobby, LaZ Boy, and Dollar Tree. At the time of acquisition, the asset was 87% occupied representing a great value-add opportunity in a market with average occupancy over 95%.
Megan Crossing is located in a regional trade corridor along Highway K (40,000 vpd) with neighboring tenants like Target, Lowes, Home Depot, Kohl’s, Ross, etc. with close access to Interstate 70 (120,000 vpd) and Highway 364 (29,000 vpd). Demographics in the area are strong with 91,000 people living in a 3 mile radius earning average incomes of $80,000. In a 5 mile radius there are 165,000 people with average incomes around $97,000.
PMAT was able to acquire this center from a special servicer through an auction process at a significant discount to the original basis (over 50% discount), replacement cost, and market value. There is only one vacant box available at Megan Crossing and the reset basis allows for maximum flexibility in our efforts to stabilize this asset. PMAT succesfully negotiated several lease renewals and sold off Dollar Tree, LaZ Boy, and the main center in separate transaction - taking maximum advantage of cap rate arbitrage via this parcellation strategy. PMAT retained a small parcel of land & developed a new 7 Brew coffee shop that will be sold off separately.
For Megan Crossing Leasing Inquiries, Please Contact:
phone: 202-780-PMAT (7628)