Tennessee firm buys Albertsons in Cape

Business Today

A Nashville-based development group -- MRW Retail -- has contracted to buy the former Albertsons grocery store building in Cape Girardeau.

The group has signed a contract to buy the building at the corner of Independence and Kingshighway, and the agreement is set to close Aug. 23, according to Glenn Wilson, a partner in the three-man development group.

MRW Retail is buying the 7,560-square-foot building and property in conjunction with the purchase of other Albertsons grocery store buildings in Hot Springs, Ark., and Nashville. The purchase was not disclosed.

Albertsons closed in March after being open for 13 months.

Wilson said he has had contact with some interested tenants, including Wisconsin-based Kohl's Department Store, and grocery store chains Wal-Mart, Kroger, Food Lion and Schnucks.

Wilson said the group doesn't have a plan for the property, other than to market it, and then sell it or lease it. He said nothing has been ruled out, even making it into a strip mall.

"We just bought it thinking it was good real estate," Wilson said. "We also think it's a great market and are excited about the possibilities. It's a beautiful building."

Wilson is also the president of South Star, a commercial development company in Nashville that builds shopping centers.