HFF announces the $8.64 million sale of an 89,305-square-foot, single-tenant retail building occupied by Kohl’s in the suburban St. Louis community of Manchester, Missouri.
The HFF team marketed the property on behalf of the seller, Kimco Realty Corp.
The building is leased to Kohl’s, which has occupied the property since 1998 and recently executed a 10-year lease extension. The property is situated on 9.546 acres at 14425 Andersohn Drive in Manchester, a strong regional trade area surrounded by national tenants. Located at a “main and main” location approximately 22 miles west of downtown St. Louis, the building is on the hard corner of two strong regional roadways with traffic counts of more than 46,725 vehicles per day and surrounded by dense, affluent residential neighborhoods. It is estimated that more than 83,800 residents earning an average annual household income of $121,289 live within a three-mile radius of the Kohl’s.
The HFF team representing the seller included managing director Marc Mandel, director Steve Schrenk and managing director Danny Kaufman.
“We saw strong activity for this asset and received multiple offers,” Mandel said. “Through this competitive process, we were able to deliver full asking price for our client in less than 90 days from hire to sale.”
About Kimco Realty Corp.
Kimco Realty Corp. (NYSE: KIM) is a real estate investment trust (REIT) headquartered in New Hyde Park, N.Y., that is one of North America’s largest publicly traded owners and operators of open-air shopping centers. As of March 31, 2018, the company owned interests in 475 U.S. shopping centers comprising 81 million square feet of leasable space primarily concentrated in the top major metropolitan markets. Publicly traded on the NYSE since 1991, and included in the S&P 500 Index, the company has specialized in shopping center acquisitions, development and management for 60 years. For further information, please visit www.kimcorealty.com, the company’s blog atblog.kimcorealty.com, or follow Kimco on
Twitter at www.twitter.com/kimcorealty.
About HFF
HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform, including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.
