JLL Capital Markets 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 about 5.14 million visitors during the past 12 months, Lincoln Place is 95 percent leased to a 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 N. 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.
