UPDATED: 4:20 p.m., Tuesday-
The Town and Country Crossing shopping complex has a new owner.
Town and Country's Planning Director Sharon Rothmel tells Patch the shopping center changed hands last Wednesday. Rothmel said the sale included all of the commercially developed property except the Target lot, which includes the land carved out for the store building and parking. She said the 30 acres designated for residential use to the west of the commercial 45 acres was also not included in the sale.
"We look forward to working with the new owners as successfully as we worked with the previous owners," Rothmel tells Patch.
Ramco-Gershenson Properties Trust bought the property, according to Rothmel. She said the company owns properties throughout Midwest and the South and it recently acquired Heritage Place in Creve Coeur.
Ironically, the sale closed exactly ten years from the original acquisition of the property by TNC Investors L.L.C., the owners of the complex until last week.
"We've owned it for ten years and we largely stabilized the property and the investment fund that it part of was ready to move on. These generally are ten year funds," Ted Levis, a partner in TNC Investors, tells Patch.
Levis said TNC Investors kept the 30 acres next to the shopping complex because it is zoned residential.
"We decided to keep it until the market conditions are right to sell it," he said.
Rothmel explained that the complex's management office, which was located in Town and Country Crossing, also closed last week with the former property manager retiring. However, Rothmel said, the office assistant was retained by Ramco-Gershenson Properties Trust.
Patch is waiting to hear back from Ramco-Gershenson Properties Trust on immediate plans for the shopping center. Check back for any updates.