St. Louis’ Sansone Group has been awarded a $2.6 million storefront renovation for a Des Peres, Missouri, shopping center, Olympic Oaks Village.
The shopping center is located a half-mile east of Interstate-270 on Manchester Road.
“The area has seen significant new retail growth in recent years, so Ownership wanted to renovate the Center to reflect the upscale neighborhood in which it resides and be competitive with other retail properties,” says Tim Cherre of Sansone Group.
The center was once anchored by Blockbuster Video, Michaels, T.J. Maxx and McAlister’s Deli. In 2011, Michaels relocated just to the east on Manchester Road to Des Peres Centre across from the new Dierbergs. This left a 19,956-square-foot vacancy at Olympic Oaks Village.
The same year, Blockbuster announced it would be closing its retail locations and soon after the Des Peres store was shuttered, adding to the vacancy of the center. The freestanding outlot building that had housed Blockbuster now had a 5,000-square-foot vacancy on the lower level and 4,854 square foot on the upper level, which had previously been used as office/medical space.
In June of 2012, Sansone Group represented DDR Corp. in a transaction with Fifth Third Bank, signing a ground lease and building a new bank on the former Blockbuster site. The new outparcel building offers better sitelines into the center, and helped to attract a new anchor tenant for the former Michaels space. In 2014, ALDI signed a 10-year lease for the 19,956-square-foot space and is now open.
Other tenants include Sally Beauty Supply, Great Clips, Massage Envy, Salon Genesis, Lane Bryant, Edible Arrangements, Nail Pro (which doubled its size in 2014), and Thompson Price Kitchen & Bath. More recently, new tenants European Wax Center, Jersey Mike’s and Rally House joined the mix – largely in part due to the renovations, and also the impressive demographics of the area. Sansone Group also represented DDR Corp. in the ground lease of Raising Cane’s Chicken Fingers immediately adjacent and to the west of Olympic Oaks Village, which opened Fall 2013.
Olympic Oaks Village was developed by Sansone Group in 1988, then sold to DDR Corp. in 1998. Sansone Group has continued to manage and lease the property for DDR Corp. since the sale. Tim Cherre of Sansone Group is the leasing agent for the Center.
