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FAIRVIEW, IL-Phoenix, AZ-based Cole Cos. has purchased the 272,898-sf Lincoln Place Shopping Center from Weingarten Realty Investors for $44 million. The mall, in a suburb of St. Louis, is anchored by Kohl’s, Linen’s ‘N Things, Marshalls, Office Depot, Old Navy and Ultimate Electronics. Lowe’s Home Improvement is a shadow anchor at the property.

The property is fairly new and was developed in phases over the past five to seven years, says Joe Girardi, an associate with Mid-America. He and principal Rick Drogosz represented the seller, a public REIT based in Houston, TX.

Girardi says though the property is a high-quality regional power center in a strong trade area, fully occupied, the seller has incentive to get rid of the property. “Weingarten made a decision to exit some of their non-core markets, and in St. Louis they only own a couple properties,” he tells GlobeSt.com. Girardi said he couldn’t comment on if the company is marketing its other St. Louis properties, Ballwin Plaza and Western Plaza.

He says the lease rates vary in the center, “from the low teens in the bigger spaces to the mid- to upper-20s in the smaller shops.” The property is on the southwest quadrant of Illinois Street (State Route 159) and Lincoln Trail, across from the one million sf St. Clair Square.

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