A St. Louis private equity real estate firm spent approximately $105 million on a round of property acquisitions, and a Springdale retail center was a part of it.
MRP Capital Group, led by CEO Joey McClary, specializes in buying retail centers that are adjacent to Walmart stores. The company said it is the largest owner of “shadow centers” with 64.
The Springdale center is located at 2002 S. Pleasant St., which is in front of a Walmart Supercenter.
“We are beyond excited to close this fund as we scale an investment strategy that we’ve been solely focused on for the last six-plus years,” McClary said. “We’re most proud that we’ve been able to do so in the middle of the COVID-19 pandemic alongside our longtime investors and new relationships.”
The 14,025-SF center is anchored by a Dollar Tree retail store and a nail salon.
MRP paid slightly more than $1.6 million for the center through its Pool 6 Properties LLC. It was funded by a $37.4 million loan from BSP of Finance in New York Center.
The seller was Schostak Brothers & Co. of Livonia, Michigan. It acquired the property for $1.28 million in 2013.
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