California investor buys Battlefield Square Shoppes

Jeff Bether, of Escondido, Calif., used a $5.37 million loan from Morgan Stanley, secured by Kansas City-based mortgage banking firm Q10 Triad Capital Advisors, Sept. 14 to buy the shopping center near the intersection of Battlefield Road and Glenstone Avenue. Bether confirmed that the sale price was $6.8 million.

“Being cater-corner to the regional mall out there was a really good location,” said Bether, who discovered the property after deciding to diversify his portfolio with commercial properties outside of California.

Property manager Kevin Guffey, owner of Belle-based American Realty & Development LLC, said that Bether doesn’t plan any changes for Battlefield Square Shoppes, a 37,000-square-foot center on 3.2 acres at 3030-3120 S. Glenstone Ave.

Battlefield Square Shoppes is home to retailers EntertainMart, Pier 1 Imports and Talbots, all of which have long-term leases, according to Guffey, who wouldn’t disclose lease rates.

Bether said he isn’t seeking additional properties in the Springfield area.

Kansas City-based development group Glenstone Partners LP built Battlefield Square Shoppes in 1994 and owned it until the sale to Bether, according to Mike Johnson of Kansas City-based R.H. Johnson Real Estate Co. Johnson, who represented the seller, said Glenstone Partners sold the property because it was in good shape and was able to get a good return on its investment.

See SBJ’s Oct. 22 issue for more on the sale of Battlefield Square Shoppes.