Ronnie’s Plaza

Newmark Zimmer’s Investment Sales and Capital Markets team successfully completed the sale of Ronnie’s Plaza, a 98,212-square-foot shopping center in St. Louis. In 2022, Savoy Properties acquired this historic retail hub, a local icon that draws over 1.1 million visitors annually to Ronnie’s Cinema. Originally established as a drive-in theater by Wehrenberg in the 1940s, the property had never been on the market for over 50 years.

One of the project’s key early successes was securing the property for a local developer, ensuring it remained in the hands of a community-focused owner rather than an out-of-town buyer, as has often been the case with similar properties. Amidst a challenging period for movie theaters during the pandemic, Savoy Properties recognized the potential of Ronnie’s Plaza—not just as a cinema but as a prime commercial real estate development. They immediately set plans in motion to redevelop underutilized parcels and restore the center’s value.

In collaboration with TRI Architects and Summit Sign & Graphics, Savoy made significant improvements, including tenant signage upgrades, as well as interior and exterior renovations, such as enhancements to the façade, roof, and pylon. These initiatives have led to increased tenant confidence and the revitalization of the center. Within just a year, Savoy has raised occupancy rates from 60% to a projected 98%, while tenant retention has doubled year to date.

The long-term strategy for Ronnie’s Plaza includes the addition of two new buildings over the next decade, which will further boost foot traffic for existing tenants and significantly enhance the property’s value. With these ongoing improvements, Savoy is on track to double the value of Ronnie’s Plaza by 2032.