NEW YORK, May 17, 2011 /PRNewswire/ -- Cohen Commercial Properties (www.cohen-commercial.com), in joint venture with DRA Advisors (www.draadvisors.com), is pleased to announce the acquisition of the Mark Twain Shopping Center, a 300,000 square foot, open-air regional shopping center anchored by Bass Pro Shops, Gordman's Department Store, and Aldi's Supermarket, located in St. Charles, Missouri.
Aside from these three anchors, tenancy is generally comprised of a mix of local, regional, and national tenants including 7 restaurants. There is currently upside available through the approximately 30,000 square feet of vacancy as well as the potential to develop over 4 acres of adjacent land.
Located less than a mile east of the Mark Twain Shopping Center, is the Ameristar Casino which drives significant traffic from both locals and tourists to St. Charles. Lindenwood University is one mile northwest of the property. Lindenwood's main St. Charles campus' current enrollment is 14,500 students. The St. Charles Convention Center opened in April of 2005 and is located half a mile south of the Mark Twain Shopping Center. Due to the popularity of the casino, convention center, and the university, there are nearly 2,000 hotel rooms in St. Charles, with 400 more expected in 2011.
"At the end of the day, it's all about purchasing irreplaceable real estate with high barriers to entry at below replacement cost with high tenant sales volumes with below market rents. Additionally, there must be an opportunity to add value. I believe that the Mark Twain Shopping Center acquisition checks all those boxes," according to Andrew J. Cohen, CCP's Chairman. "Properties such as these are not easy to find, particularly as we transition to larger markets, but I'll take another dozen just like them. We certainly have that capacity."
SOURCE Cohen Commercial Properties