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Springfield, MO

Primrose Marketplace under new ownership

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Last edited 1:02 p.m., May 15, 2018

The 370,000-square-foot Primrose Marketplace off Glenstone Avenue in southeast Springfield is under new ownership.

Chase Properties Ltd., based in Beachwood, Ohio, partnered with New York-based DRA Advisors LLC on the recent purchase for undisclosed terms, according to a news release. The sprawling shopping center, 3450 S. Stewart Ave., is anchored by T.J. Maxx, Marshalls, Best Buy, PetSmart, Ross Dress for Less and JCPenny Home Store, among others.

In April, Wells Fargo issued a $40 million deed of trust to G&I IX Primrose Marketplace LLC, according to public records obtained by Springfield Business Journal. Missouri secretary of state records indicate DRA Advisors is the organizer of the LLC.

“We’re very excited about our new partnership with DRA Advisors and the opportunity to expand our presence in Missouri,” said Andy Cline, co-CEO of Chase Properties, in the release. “Primrose perfectly exemplifies our strategy of buying dominant open-air shopping centers located in stable secondary and tertiary markets.”

Kline could not be reached for comment by deadline. The company didn’t lay out its plans for Primrose Marketplace in the release, though DRA Advisors’ Brett Gottlieb acknowledged the shopping center’s existing regional prominence.

“Primrose Marketplace is a terrific property generating some of the strongest tenant sales volumes that we have seen among regional centers across the country,” said Gottlieb, senior director of acquisitions for DRA Advisors, in the release.

Primrose Marketplace previously was owned by Primrose Marketplace 625 LLC, based in New Hyde Park, New York, according to Greene County assessor records.

Announced May 1, the acquisition is the fourth for Chase Properties during the past year, according to the release. In October, the company announced its purchase of the North Point Shopping Center in Joplin, with other recent buyouts in Tennessee, Louisiana and Mississippi, according to ChaseProp.com.

Founded in 1973, Chase Properties owns shopping centers in 17 states throughout the Midwest, as well as southern and eastern United States. DRA Advisors was founded in 1986 in New York. It operates regional offices in San Francisco and Miami, managing more than $10 billion in assets, according to the release.

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