Regional St. Louis-area shopping center sells for $40.75M
JLL Capital Markets closed the sale of the ALDI-anchored retail property in Fairview, Illinois
CHICAGO, June 7, 2022 – JLL Capital Markets announced today that it has closed the $40.75 million sale of Lincoln Place, a 272,060-square-foot regional shopping center anchored by ALDI and Total Wine & More in the St. Louis-area community of Fairview, Illinois.
JLL represented the seller, Acadia Realty Trust. Jenel Real Estate acquired the asset.
Visited by approximately 5.14 million visitors over the past 12 months, Lincoln Place is 95 percent leased to a solid lineup of best-in-class anchor tenants, including ALDI, Kohl’s, Shoe Carnival, Ross Dress for Less, Old Navy and the only Marshalls, Total Wine & More and Five Below locations within a 20-mile radius. The center is rounded out by popular retailers such as Carter’s, Longhorn Steakhouse, Nothing Bundt Cakes, St. Louis Bread Company, GameStop and Pizza Hut. The property also benefits from a category-leading Lowe’s shadow anchor and Chick-fil-A drive through, both of which drive traffic to the property.
Lincoln Place is at 6165 North Illinois St. at a “main and main” retail location in Fairview across the river from downtown St. Louis. The center is just off and visible from the I-64 Expressway, which is a main throughfare with 90,000 vehicles a day. This high barrier-to-entry location serves an expansive trade area that includes 500,000 residents.
The JLL Retail Capital Markets Investment Sales Advisory team representing the seller was led by Managing Directors Amy Sands and Clinton Mitchell and Director Michael Nieder.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $19.4 billion, operations in over 80 countries and a global workforce of more than 100,000 as of March 31, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Acadia Realty Trust
Acadia Realty Trust is an equity real estate investment trust focused on delivering long-term, profitable growth via its dual – Core Portfolio and Fund – operating platforms and its disciplined, location-driven investment strategy. Acadia Realty Trust is accomplishing this goal by building a best-in-class core real estate portfolio with meaningful concentrations of assets in the nation’s most dynamic corridors; making profitable opportunistic and value-add investments through its series of discretionary, institutional funds; and maintaining a strong balance sheet. For further information, please visit acadiarealty.com.
About Jenel Real Estate
JENEL is a private real estate investment group based in New York City. The group owns and manages over ninety properties totaling more than three million square feet which include urban high-street retail, hotel and other mixed-use properties. For the last three decades the team has been known for its proven track record of re-positioning under-performing properties through hands-on development, capital improvements and aggressive leasing strategies. Assets owned are all strategically located in dynamic cities which possess strong market fundamentals. Their acquisition criteria includes properties with attractive economic adjusted returns, measured downside risk, and significant upside opportunity over the medium and long-term. jenel.net