Renovations Planned to Transform Property
Earlier this year Hildegard Priorities, LLC purchased Jefferson County Plaza on Vogel Road in Arnold. The center, located at the southern end of its competitive trade area off I-55, is co-anchored by Home Depot, Target, and Xist Fitness. Despite high traffic neighbors and a prime location just 1/3 mile west of the intersection of I-55 and Richardson Road, the property suffered from a lack of investment and neglect, which eventually took a toll on its image and overall leasing potential.
JLL’s Kyle Steiner, Retail Brokerage Senior Associate, knew his client was in the market for a retail investment property in St. Louis. Steiner presented the Jefferson County property to his client, who immediately recognized the opportunity to beautify the neglected asset and bring it back to life. Steiner helped secure the deal, and Hildegard awarded JLL the leasing assignment. With Steiner’s expertise in lease negotiations and marketing, Hildegard Priorities was prepared to further its investment through a series of upgrades designed to increase the property’s value and reposition it within the market.
Hildegard Priorities has set its renovation plans in motion, starting with the replacement of the center’s roof and repair of the retaining wall. Cosmetic updates to the façade, improved signage, and resurfacing of the parking lot will all be completed over the course of the next 18 months to two years.
“We are pleased that we were able to help Hildegard find a property in the St. Louis market that nicely complements their existing retail portfolio,” said Steiner. ”We expect the upgrades will help even better position the center as a desirable retail destination while also becoming a valuable asset to the client.”
Jefferson County Plaza has approximately 42,000 square feet of which 4,240 is available for retail, office or medical use.