Broad Reach Retail Partners Sells Wood River Plaza in Illinois Following a Surge In Occupancy
We are pleased to announce the successful sale of Wood River Plaza, a 65,838-square-foot shopping center located in Wood River, Illinois, approximately 15 miles northeast of downtown St. Louis. Our company originally acquired the property in August 2017 and has since executed a robust value-enhancement strategy, culminating in the property’s sale in January 2024.
During our ownership, Wood River Plaza’s occupancy surged from 60.87% to 88.38%—a 45% increase—reflecting Broad Reach’s commitment to strategic leasing and asset optimization. The property is shadow-anchored by a new Walmart Supercenter, and it’s strong tenant mix includes Five Below, Edward Jones, Great Clips, Subway, Sally Beauty, Dollar Tree, H&R Block, America’s Best Contacts & Eyeglasses, Help at Home, and GameStop, reinforcing the center’s position as a retail destination.
“This sale is a testament to our hands-on approach and commitment to revitalizing neighborhood shopping centers,” said Mike Castellitto, Partner & COO. “We are proud of the significant enhancements made at Wood River Plaza, and we are thrilled to have delivered strong returns for our investors.”
Strategically located with high visibility and accessibility, Wood River Plaza benefits from significant traffic counts, including 18,000+ cars per day on Illinois Route 255, 11,500+ cars per day on Vaughn Road, and 5,500+ cars per day on Wesley Road, and experiences strong daily traffic with over 2,500 shopping visits and 200 mass transit riders utilizing the property each day. It’s convenient access to Route 255 and Illinois Route 3 further enhances its regional draw.
The shopping center serves a broad customer base, with 1.7 million people within a 45-minute drive and an average household income of $70,000.
The strong demographics and our proactive leasing and management strategies contributed to the successful repositioning of the asset, creating substantial value for our investors.