CHASE PROPERTIES AND DRA ADVISORS ANNOUNCES THE ACQUISITION OF PRIMROSE MARKETPLACE IN SPRINGFIELD, MISSOURI
BEACHWOOD, Ohio — Chase Properties Ltd., a Beachwood, Ohio-based owner and operator of shopping centers, in partnership with DRA Advisors, announces the acquisition of Primrose Marketplace in Springfield, Missouri. Primrose is an approximately 370,000 square foot shopping center that is anchored by TJ Maxx, Marshalls, Ross Dress for Less and JC Penney HomeStore. Mid-America Real Estate Group brokered the sale.
Primrose Marketplace benefits from being positioned as the dominant open-air shopping center within Springfield, with a strong lineup of national and regional retailers drawing shoppers from a wide regional trade area.
Primrose Marketplace is Chase Properties’ fourth acquisition in the past year, as the company continues its expansion plans. According to Andy Kline, Chase Properties’ Co-CEO, “We’re very excited about our new partnership with DRA Advisors and the opportunity to expand our presence in Missouri. We look forward to providing the region’s customers with an enjoyable shopping experience. The property is very well-located at the primary retail intersection in Springfield with a strong anchor tenant lineup with exceptionally strong sales performance. Primrose perfectly exemplifies our strategy of buying dominant open-air shopping centers located in stable secondary and tertiary markets.”
“We look forward to expanding our partnership with Chase Properties,” stated Brett Gottlieb, Sr. Director of Acquisitions for DRA Advisors. “Primrose Marketplace is a terrific property generating some of the strongest tenant sales volumes that we have seen among regional centers across the country. This acquisition represents a great beginning to our relationship with Chase Properties.”
Chase Properties Ltd is a full-service owner and operator of shopping centers located in 17 states throughout the Midwest, Southern and Eastern U.S. The company was founded in 1973. Currently, Chase Properties owns and manages 33 properties comprised of over 7 million square feet. Additional information can be found at www.chaseprop.com.
DRA Advisors LLC, founded in 1986 and based in New York City with regional offices in San Francisco and Miami, is an investment advisor specializing in real estate investment and management services for institutional and private investors. DRA has over $10 billion in assets under management. DRA’s focus has been consistent: conservative, value-added real estate investments in the office, retail, multifamily and industrial sectors in the United States. DRA’s acquisitions since inception include 1,600 properties valued at over $29 billion. For more information, visit www.draadvisors.com.
Andy Kline – 216.464.6626