65 Marketplace gains tenants, nears completion

McBee’s opportunity to invest in the fast growing southwest Missouri market presented itself when Winters decided to sell three retail strip centers and a partially finished apartment complex for $5 million, all located in Ozark’s 65 Marketplace at the intersection of Highway 65 and Route J.

Winters’ sale to McBee appears to be in response to business trouble Winters encountered, but not because the properties he sold McBee were bad investments. Repeated attempts to interview Winters were unsuccessful.

“There was some depressed value there, absolutely,” McBee said. “Especially with the apartment complex.”

McBee said all three of his retail strip centers – 19 store fronts with a combined 28,000 square feet – are already leased, with all but two tenants open for business. He expects the final two to be operating by January. Tenants include restaurants, an insurance company, a hair salon, a tanning salon and retail stores.

Construction on the Embassy Apartments stopped in February 2004 under Winters, McBee said, but began again in August. McBee said he foresees leasing the first units in January, part of a first phase that includes a pool, tennis courts, clubhouse and pavilion. Phase II, which will bring another 96 apartments, will begin next summer.

Once residential tenants fill the apartments, McBee said he wants to introduce cross-promotions with his business tenants in an effort to keep the money flow within 65 Marketplace.

Click here for the full story from Nov. 14.