Retail X Missouri

St. Louis investment group purchases retail center in Granite City, Ill.

St. Louis-based investment group Bellemore Center recently purchased the Bellemore Village Center, a retail center located in Granite City, Ill.

St. Louis-based investment group Bellemore Center recently purchased the Bellemore Village Center, a retail center located in Granite City, Ill.

Neland Investment Management represented the buyer in the $5 million transaction.  Village Shopping Center, Inc. was the seller.

The 107,000-square-foot single-story center was built in 1956 and is 100 percent leased.

“This is a great property in a thriving location. We look forward to continued economic strength in Granite City,” said Nelson Grumney, owner of Neland.

Grumney partnered with individual investor Mark Nelson to lead the group during the acquisition.

Nelson McBride Development will manage the property. St. Louis Bank provided acquisition financing.