SPRINGFIELD, IL—The Staenberg Group was the lead investor in the recent $45.2 million purchase of Southwest Plaza, a 368,000-sq.-ft. shopping center here.
The property is at the intersection of South Veterans Parkway and Wabash Avenue. Developed in three phases beginning in the early 1990’s, Southwest Plaza consists of six free-standing buildings on a nearly 33-acre site Charles Robbins Realty Co. sold the property. Bank of America provide long-term financing for the deal.
The in-line center is 100 percent leased to tenants including Best Buy, Sports Authority, Bed, Bath and Beyond, Michael’s, Office Depot and Ross Dress For Less. DSW expects to open a shoe store there later this year.
Michael Staenberg formed the St. Louis-based company in September 2012 after a lawsuit-filled split from former partner E. Stanley Kroenke in 1991. The two had run THF Realty, and the Staenberg Group is run from the same office building as THF. From the split, Staenberg kept a retail, office and residential portfolio of 24 commercial properties totaling approximately 4.7 million sq. ft. The Southwest Plaza deal was the Staenberg Group’s first acquisition.
Staenberg said in a statement that he sees opportunities to add value to Southwest Plaza, including a plan to convert a large out-parcel formerly occupied by a restaurant into two out-parcels targeted to new restaurant chains. “Southwest Plaza is an attractive property acquired at a fair price,” Staenberg said. “We especially like the stability Springfield offers as a state capital market. We’re delighted to become part of its retail ‘Main and Main’ street with White Oaks Mall, the area’s only class-A enclosed mall, right across the street. As 2013 unfolds, we hope to expand our portfolio with commercial acquisitions that meet our investment criteria.”