Polimeni International Acquires Florissant Marketplace

Polimeni International has assumed ownership of the 146,257 square foot Florissant Marketplace in Florissant, Missouri, a suburb of St. Louis, that enjoys a strong economy and whose region welcomes companies such as Boeing and Emerson Electronics.

Polimeni International’s President and Chief Executive Officer, Michael Polimeni, stated, “We are very selective in where and why we invest considerable dollars into acquiring properties across the country. We look for a well-educated workforce, a welcoming municipal government, a stable local economy with the potential for growth, overall property location, and whether it meets the needs of the consumer. These factors made us enthusiastic buyers of this property.”

Polimeni International acquired Florissant Marketplace for $16.6 million.

Acknowledging the role of Schnucks Supermarket in their decision to move forward, Mr. Polimeni observed, “We have long recognized that vibrant and dynamic supermarkets are at the center of every community, including one of the oldest in Missouri. This particular supermarket company understands that role, having significantly invested in this store within the last several years. As a result of its focus on consumer service and amenities, it remains very much important to the Florissant consumer. Another key tenant is Gold’s Gym which serves many in the community seeking an active and healthy lifestyle.”

An economic powerhouse

Polimeni continued, “The metrics for Florissant Marketplace underscore the strength of the center and the economic health of the surrounding communities. The market has consistently maintained occupancy levels at, or in excess of, 95% for nearly a decade, and many of the tenants are respected national brand names.”

Stephen Garber, Chief Operating Officer (COO) of Polimeni International, observed, “The unique location of the market was a significant factor that compelled us to focus on the property. It enjoys a significant residential density, is adjacent to major roadways, and is aligned with a thriving business community that is anchored by some of St. Louis’ leading employers, two colleges, and the nearby St. Louis Lambert International Airport.”

The brokers for the deal were CBRE, Inc. led by company vice president Chase Young based in St. Louis, MO.

About Polimeni International

Polimeni International, LLC, is a full service real estate firm specializing in the development, construction, management, brokerage and marketing of prime commercial properties throughout the United States and in selected global markets.

The company has a proven and consistent track record of identifying potential areas of growth in advance of the market, allowing the company to maximize its returns on investment. Now over three decades old, it is an independent strategic force in real estate, its corporate structure designed to ensure that it remains agile in navigating market forces, focused on creating growth equity, pragmatic in land use, and dedicated to remaining an ethical standard of excellence in the industry.

http://www.polimeni.com/