The Warrenton Shoppes development, formerly the Warrenton Outlet Mall, was purchased by Corporate Group, a real estate developer in St. Charles County, from developer Raul Walters Properties in an off-market sale on July 1. 

In a press release, Raul Walters Properties lauded the sale and commended the joint efforts of their developers and Tony Gagliano of the Core Real Estate Group for bringing the shopping center back to life. No sale price was revealed.

“The transaction made a windfall for RWP who redeveloped the site over eight years by adding a $15 million interchange to Warrenton (and) bringing in Rural King as an anchor, which allowed the center to be 95% occupied of the 56 suites and over 40 leases,” reads the release. “Tony Gagliano of Core Real Estate achieved the leasing efforts.”

Corporate Group will now manage the property and Board Chairman Jerry Scheidegger said he hoped to provide shopping options to Warren County residents as the area continues to grow. 

“I was born and raised in St. Charles and I see Warren County being the next big growth area, and we want to be part of it,” said Scheidegger. 

He also pointed out that Corporate Group is a family-owned corporation operating almost solely in Warren and St. Charles counties. The Scheidegger family has owned land in Warren County for roughly 50 years. 

Previously, the former outlet mall had fallen on tough times as many of the shops had shuttered and storefronts were vacant. Under Raul Walters Properties, the center flourished as a more mixed-use development, adding businesses such as a Mexican restaurant, fitness center, dog trainer and ice cream shop.

The group also helped orchestrate a tax increment financing agreement with the city of Warrenton in 2022 to help redevelop the area and bring in Rural King as an anchor to the strip mall, according to previous Record reporting. 

The development also played a role in the overhaul of the nearby exit 191 overpass on Interstate 70 which was paid for by a $15.4 million bond and a half-cent sales tax approved by voters in 2016 which was also used to pay any remaining costs from the TIF agreement. 

That bond was paid off in full by the city in March of this year and the sales tax was sunsetted. 

Gagliano said the Corporate Group has their own leasing department and will be taking over leasing new tenants as well. 

“It was a pleasure to help get that retail center back to life after it was vacant for so many years,” said Gagliano. 

Scheidegger said while they only recently came into ownership of the development, they are working to attract more businesses to the center, although those plans will have to wait. 

He said they plan to take 30-60 days to make minor improvements to the shopping center before moving forward with filling any remaining vacancies. He did say that at this time they did not plan to make any changes to existing tenants and leases. 

Scheidegger hoped to pursue additional amenities that Warren County residents may be looking for like dining options or a coffee shop. He also floated the idea of an additional medical center in the area if they could find a tenant that would fit. 

“We just want to be there for the people as they come into the development, such as medical, eye clinics, dentists, chiropractor, retailers. We know that the way the growth is in Warrenton, we want to be there to help in the community,” said Scheidegger.