Wittenauer Properties watches as transactions turn to construction

PHOTOS: Dave Wittenauer, left, and Tom Maloney, right.

For Wittenauer Properties, 2020 has been a rollercoaster of a year. It started strong with the sale of the Sunrise Center shopping center at 1333 Central Park Drive in O’Fallon to a local ownership group planning a redevelopment of the long-vacant restaurant space.

“It was a great start to the year,” said David Wittenauer, president and designated managing broker of Wittenauer Properties.

Although transaction volume slowed at the beginning of the pandemic, the team has seen significant owner-user activity this year and has worked on a number of sale transactions with buyers planning either new construction projects or significant redevelopments of properties, according to Tom Maloney, vice president of the firm.

“Even with leasing volume down, owner-user sales and investment sales activity has continued to be strong. We have been fortunate to get a good number of deals done so far this year. We are working on a few more high-profile owner-user sales that we should be able to announce in the next couple months.”

The team recently completed transactions in which they represented O’Fallon Township High School District 203 and Bank of Belleville. “District 203 purchased the building at 706 E. Highway 50 in O’Fallon with plans to redevelop the property in the future,” said Wittenauer. “We also represented Bank of Belleville in their acquisition of land. They will be opening Bank of Monroe County, a division of Bank of Belleville in front of the Schnuck’s center in Waterloo.”

Overall, Wittenauer is pleased with the year his firm is having and is enthusiastic about the level of activity throughout the Metro East.

“We are also seeing a number of deals we did last year are now under construction,” said Wittenauer. “We sold the land at 1160 Central Park Drive in O’Fallon to Drake’s and are excited they are now open. We also sold land at 331 Regency Park in O’Fallon to Metro East Dermatology and Skin Cancer Center who plans to break ground on their new building this year.”

According to Wittenauer, the team is busy working on additional deals throughout the Metro East market. “We are marketing some great development opportunities throughout the region including sites in O’Fallon, Waterloo, Fairview Heights, Collinsville, Troy, Maryville, and others. We are continuing to see activity increase and cannot wait to announce some of the projects we are currently working on.”

 

 

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