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| Reynolds Thompson |
CINCINNATI, OH -- Select Strategies Retail
Holdings V, LLC, an affiliate of privately held real estate investment firm
Select Strategies Realty, announced the completion of its $78.4 million
acquisition of a seven-property shopping center portfolio in the greater St.
Louis metropolitan area.
The 1,100,000 square foot portfolio is 91% leased and is
anchored by a strong group of national tenants including ALDI, Fresh Thyme,
Burlington and Planet Fitness.
Select Strategies Retail Holdings V made the acquisition on
behalf of the firm’s principals and investment partners.
“Select’s investment strategy is driven by our analysis of
retail trade areas, synthesized with our proprietary STAR methodology,” said Reynolds
Thompson, chairman and chief investment officer.
“We combine an operator’s perspective with decades of
investment experience, which allows us to identify unique investment
opportunities with significant value-add components.”
 |
| Jeremy Sain |
The HFF team that represented Select Strategies Retail
Holdings V was led by managing director
Jeremy Sain.
The St. Louis properties include Creve Coeur at 955
Woodcrest Executive Drive and 12139 Olive Boulevard; Kings Highway at 4650
Lansdowne Avenue; LeMay Shopping Center at 1000 LeMay Ferry Road; Gravois Plaza
at 3727 Bamberger Ave.; Kirkwood Crossing at 1259 S. Kirkwood Rd. and Overland
Crossing at 8901 Page Avenue.
The portfolio also includes Fairview City Centre
in Fairview Heights, Illinois.
The portfolio’s anchor tenants include The Home Depot, Fresh
Thyme Farmer’s Market, ALDI, Office Max, Kohl’s, Home Goods, Dick’s Sporting
Goods, Burlington Coat Factory, Hobby Lobby and Planet Fitness.
“We know this market well,” said Brian Neltner, CEO
of Select Strategies Realty. “We have Select professionals on the ground in
these specific sub-markets, so we can apply our leasing, development and
management expertise to these assets.
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| Brian Neltner |
"Given our long-standing presence and experience in
this market, we expect to provide strong current returns and create long-term
value for our investors.”
This transaction reflects the latest success of the Select
Retail Advisors program, formed in 2015 to pursue investment opportunities on
behalf of the firm’s principals and investment partners.
The value of
transactions sponsored by Select now exceeds $175 million.
"We are appreciative of the opportunity to purchase
these assets in a direct manner, which we believe is reflective of our
reputation as buyers and operators in our primary markets", commented
Neltner.
“We continue to see a disconnect between the investment
community’s perception of risk and the risk we believe to be reality,” said
Thompson.
“There is an
opportunity to identify attractive assets as public and institutional investors
exit certain markets. Select’s trade area oriented investment protocol provides
the framework for identifying these types of opportunities.”
Holiday Fenoglio Fowler, L.P. (HFF) provided advisory
services to Select Strategies Retail Holdings V relating to the sourcing of
debt capital for this portfolio. HFF and its affiliates operate out of 26
offices and are a leading provider of commercial real estate and capital market
services to the global commercial real estate industry.
CONTACTS:
Natalie Hastings
513.376.2728
natalie@nataliehastings.com
