ST. LOUIS, MO— Bamboo Equity Partners has acquired a 62,564-square-foot class A office building located in the Westport submarket, at 2458 Old Dorsett Road, St. Louis, MO. The building is 70% percent leased with Coldwell Banker – a subsidiary of Realogy (NYSE:RLGY) -as an anchor tenant, and provides significant upside potential for new ownership.
“We are excited about this submarket. This acquisition fits our strategy of investing in cash flowing assets with strong fundamentals and future growth potential,” commented Andrew Serkes of Bamboo regarding the purchase. “The caliber of tenants, and the commitment they’ve made to this location, is an affirmation of the quality of the building.”
The property has historically maintained occupancy above 90% but faced rising vacancies through the recession. “We look forward to attracting new tenants and stabilizing the property by repositioning the building as one of the best in the submarket,” adds Serkes. The class A office vacancies in the Westport submarket are currently around 4%. Bamboo Equity Partners is a team of well-versed real estate professionals that currently manages over $450 million of real estate assets across nine Midwest states.
Bamboo Equity Partners typically structures its acquisitions as joint ventures with pension funds, advisors, and high net worth individuals, endowments, and sovereign wealth funds. Bamboo has retained Intelica CRE as the listing agent for the portfolio along with property management responsibilities.
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