PEBB Enterprises Completes $22.35 Million Sale of Missouri Shopping Center
Florida-based real estate company sells River City Marketplace following successful long-term leasing campaign
O’FALLON, MO – Oct. 17, 2022 – PEBB Enterprises, the South Florida-based private equity real estate investment company with a national commercial real estate portfolio, 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.
“We are proud of our efforts in turning around River City Marketplace,” PEBB President and CEO Ian Weiner said. “We curated the center with an ideal mix of e-commerce resistant businesses to draw consistent traffic. That made it especially appealing to this buyer.”
Cushman & Wakefield’s Evan Halkias and Kyle Pershing represented PEBB in the sale of River City Marketplace.
Located in the St. Louis MSA, O’Fallon is one of the fastest-growing suburbs in the U.S. Its proximity to I-70 puts it within driving distance of several major cities such as St. Louis, Indianapolis and Louisville. A total population of 171,129 is located within five miles of River City Marketplace.
About PEBB Enterprises: Based in Boca Raton, FL, PEBB Enterprises is an entrepreneurial, full-service private equity real estate investment company. PEBB has operated as a family-owned business for more than four decades and takes pride in the company’s team of forward-thinking associates who continue to push and expand PEBB’s growth daily. PEBB has an unparalleled track record of acquiring and developing high-quality neighborhood, regional and power shopping centers, as well as suburban office buildings. The company’s vast portfolio includes properties in Florida, Texas, Nevada, New York and numerous Midwest and Southeast states. For more information, visit https://pebbenterprises.com/.