Berengaria, a Marcus Investments portfolio company, has added The Shoppes at North Village to its retail portfolio in the Midwest. The 226,000-square-foot retail center in St. Joseph, Mo., represents the third asset the firm bought in a joint venture with the Africk Family Office.
Colliers International brokered the deal on behalf of the buyers. The acquisition price was partially covered via a loan with Nodaway Valley Bank.
The property is located at 5201 N. Belt Highway along the Interstate 29 freeway and approximately 55 miles from Kansas City. Home to 25 tenants, the retail center is shadow-anchored by Target, Wal-Mart, Sam’s Club, Home Depot and Kohl’s as well as several restaurants and wellness companies. The asset was 98 percent leased at the time of sale.
“The Shoppes at North Village is the premier shopping center not just within St. Joseph but in the entire region,” said Jay Peirick, president of Berengaria, in a prepared statement.
Image courtesy of Marcus Investments