Plaza Galleria up for sale in Cape

Business Today

A for sale sign has been placed at one of Cape Girardeau's most familiar landmarks -- The Plaza Galleria -- according to commercial broker Tom Kelsey of Lorimont Place Ltd., who has been assigned to find a new owner.

Located at 2001 Independence in the Town Plaza area, the 56,450-square-foot building was originally built in the 1970s as a Kroger Super Center, one of the first of its kind in the Midwest.

The Talbert family purchased the property in 1983 and did extensive modifications to the former retail store to convert it into an ice skating rink with retail, restaurant and office space.

Kelsey said that for many years the redeveloped property was teeming with activity from ice skaters, restaurant and banquet customers, and shopping enthusiasts who visited the unique stores.

The Talberts also own and operate The Fantasticks Store, which will remain in operation, according to Kelsey. Their plan is to either stay at that location when the property is sold or relocate the specialty gift business depending on the ultimate use of the property. A billiards operation that leases space in the building will also continue in operation under the same arrangement. The ice skating rink has been closed in recent months along with most of the other businesses in the building.

Kelsey said the specialty property would be marketed throughout the region as well as nationally. The building has flexible uses either as retail, office or institutional. Kelsey said the 6.85 acres of property could also be redeveloped into additional business uses.

In addition to a full-fledged marketing campaign, Kelsey also expects to network with other commercial brokers, regionally and nationally, to secure a buyer. Lorimont specializes in commercial, industrial and development real estate sales and leasing. No sales price on the building was disclosed.