Last edited 10:37 a.m., Jan. 28, 2015
Editor's note: An earlier version misidentified the four properties that sold.Commercial real estate broker Mike Fusek said Sperry Van Ness/Rankin Co. closed on the sale of four Price Cutter properties last month to a publicly traded real estate investment trust. Fusek said the four were sold together at their full list prices.
Fusek said the properties occupied by Price Cutter maintained long-term leases with the new REIT owner. Three of the four properties were listed together for sale for $14.72 million. The store at Grand St. and Kansas Expressway, which was not included in the sale, is now listed for $2.79 million. The Aurora location had been listed for $2.5 million. The four properties sold were:
- 708 S. Elliott Ave., Aurora, 46,444 square feet;
- 1013 U.S. Highway 60, Republic, 46,775 square feet;
- 1901 E. Division St., 46,600 square feet; and
- 2021 W. Republic Road, 67,355 square feet.
According to the Greene County Recorder of Deeds, Roswil Inc. has requested the deeds of the Springfield properties transfer to Realty Income Properties 30 LLC earlier this month. Maryland-based Roswil, the former owner of Price Cutter, was looking to liquidate its real estate holdings in the area when it first listed nine properties together with Fusek in 2012, according to Springfield Business Journal archives.
Fusek said the operators of the REIT were enticed by the long-term leases with Price Cutter.
“You have a great tenant, and everybody needs groceries,” Fusek said.
The deal comes as Price Cutter itself
entered an agreement to purchase the property and equipment connected to four Dillons stores in town. After nearly four decades in Springfield, Dillons announced Nov. 4 it was closing its four Queen City stores by year’s end.
The last day for employees is scheduled Jan. 3, a Dillons spokeswoman previously told Springfield Business Journal.
Price Cutter officials have not said how they will utilize the associated assets.
Erick Taylor, president and CEO of Price Cutter parent company Pyramid Foods, did not respond to interview requests by deadline.
According to a statement released last month through public relations firm Fasone Partners – which also did not respond to a request for information by deadline – Price Cutter officials were considering how they should move forward.
“We are currently assessing new store concepts, conducting market research and evaluating community needs. At this time, no decisions have been made,” Taylor said in the statement.[[In-content Ad]]
