Sansone Group has completed the sale of the 350,000-square-foot Shoppes at Cross Keys, located in Florissant, Mo. Boston-based The Realty Associates Fund X, L.P. purchased the 100-percent leased center for $53 million on April 3.
Anchored by Schnucks and Home Depot, Shoppes at Cross Keys is a Sansone Group redevelopment project that was completed in September of 2004. The project was unique in that two of the stores, Schnucks and Marshall’s, remained open and fully operable in the center while the redevelopment was underway. Once new stores for Schnucks and Marshall’s were completed, they were relocated and the rest of the center was built.
Shoppes at Cross Keys was 85-percent pre-leased when goundbreaking took place and has remained fully leased since opening. Sansone Group was awarded Developer of the Year for Shoppes at Cross Keys from North County, Incorporated.
“By bringing in national tenants like Home Depot, OfficeMax, Pier 1, PetSmart and others, we were able to raise the bar for future development in the area, and add value to the community,” says Jim Sansone, a Sansone Group principal.
Sansone Group has been the leasing agent and property manager and will continue to lease and manage the center for The Realty Associates Fund X, L.P.
