Quarry Town in Galloway Village under new ownership

RELATED

TLC Properties loses Edgewood REIT management contract

The Quarry Town mixed-use development in Galloway Village has been acquired by an out-of-state real estate investment trust with multiple Springfield holdings.

Fargo, North Dakota-based Edgewood Real Estate Investment Trust closed July 25 on the purchase of Quarry Town, located at 4006 S. Lone Pine Ave., said Jamie Thomas, local asset manager for Edgewood REIT. The financial terms of the deal with Green Circle Projects were undisclosed.

“We’re thrilled to add Quarry Town to our growing Springfield portfolio,” Thomas said in a news release announcing the purchase. “The combination of residential and commercial space, along with its prime location in the Galloway Village, makes Quarry Town a perfect fit for our vision. We’re especially excited to be part of such a unique and charming neighborhood."

Quarry Town becomes Edgewood REIT's 16th Springfield property since entering the market in 2018. Edgewood REIT that year bought Missouri Valley REIT Inc. from the local Williams family of businesspeople, according to past reporting, and the company in 2021 purchased the downtown Heer's building. 

Past Springfield Business Journal reporting indicates Green Circle Projects debuted the $14 million Quarry Town development in 2019. Greene County Assessor records indicate the property spans nearly 140,000 square feet.

Thomas said around 98% of Quarry Town's 100 apartments are leased, with 85% occupancy on the commercial side. Commercial space that's available is over 3,500 square feet recently vacated by Great Escape Beer Works, which relocated to Republic.