Thank you for sharing!

Your article was successfully shared with the contacts you provided.

ST. LOUIS, MO-The Saint Louis Galleria, a large trophy mall here, was recently sold for $235 million. Rockwood Realty Associates completed the sale of Saint Louis Galleria,on behalf of Hycel Partners I LP of St. Louis, which is a partnership between a group whose principals are Mark H. Zorensky and Lee H. Wagman, and institutional investors advised by Heitman of Chicago, to General Growth Properties, also of Chicago.

The 1.1 million-sf Galleria, built by the partnership in 1985 and expanded in 1991, sold for such a high amount because of its great selling ability, said Lisa Malone of Rockwood.

“It was just highly sought after,” she said. “The property’s in line tenants are producing comparable sales of approximately $520 per square foot, which puts the mall in the top tier of malls nationwide.”

Malone told GlobeSt.com that malls with a figure higher than $475 per sf are considered “trophy malls.” The nationwide average of comparable sales is $330 per square foot, according to the International Council of Shopping Centers.

“We had a lot of bidding for that property,” Malone said. General Growth did not give a reason for why it bought the mall, though the company just announced it will acquire the remaining 49% of ownership in Meadows Mall in Las Vegas and spend money to renovate the 950,000-sf building.

The Galleria sale includes a parcel of land comprising approximately 13 acres, which offers significant upside through potential future development. The property is located along the established and growing retail corridor situated on Brentwood Boulevard at the intersection of I-64 and I-170.

The Galleria is anchored by Lord & Taylor, a flagship Dillard’s, and a flagship Famous-Barr, all three of which own their respective buildings and land parcels. The mall boasts upscale tenants including Mark Shale, RestoratFactory, Christian Bernard, and Bang & Olufsen.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper



Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt
Live Chat

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.