St. Louis’ Summit Realty Ventures makes second big acquisition

November 05, 2010  |  Staff Writer  |  Print Article  |  Email this Article

ArrowRock Income & Growth Fund, an investment fund owned and managed by St. Louis-based Summit Realty Ventures,  recently closed on its second acquisition.

The fund purchased Westover Village, a more than 114,000-square-foot shopping center on more than 41 acres in Fort Worth, Texas, from Amegy Bank of Texas. The shopping center is located about five miles from downtown Fort Worth. Westover Village is shadow anchored by Target, and also includes such national tenants as Petco, Party City, Half Price Books, JPMorgan Chase, Arby’s and McDonald’s.

John Ross, Mark Billeaud and Scott Reese, three St. Louis-based commercial real estate executives, formed Summit Realty Ventures in April of 2009.  The investment entity has targeted distressed industrial and retail properties in Texas, Florida and Colorado.

“Westover Village fits the overall goal of our fund, which is to acquire class A assets at significant discounts to replacement cost in growth oriented locations,” said Billeaud, a 22-year industry veteran.

Specifically, the fund is targeting Class-A multi-tenant industrial/service center buildings and neighborhood/ community shopping centers. Its goal is to achieve a portfolio that balances the two sectors.

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