PEBB Enterprises, the South Florida-based private equity real estate investment company, closed the $22.5 million sale of River City Marketplace in O’Fallon, Missouri.
River City Marketplace is a 157,779-square-foot community shopping center anchored by Ross, Fresh Thyme and Total Wine.
First National Realty Partners is the buyer of the center located on 19.85 acres at 2259 Missouri State Highway K. The transaction closed on Oct. 13.
Built in 2004, River City Marketplace is currently 93% occupied. Formerly known as O’Fallon Walk, the center was 55% occupied when PEBB acquired it in 2015. The company embarked on an extensive capital improvement program, which helped attract Fresh Thyme, Ross and other strong tenants in its first year of property ownership. Fresh Thyme’s 30,750-square-foot location is one of the top performing stores in its entire chain, according to Placer.ai data.
In November 2021, PEBB announced the additions of Total Wine, Big Blue Swim School and CycleBar to River City Marketplace’s tenant roster.
Cushman & Wakefield’s Evan Halkias and Kyle Pershing represented PEBB in the sale of River City Marketplace.