Successful Closing: Bamboo and Intelica Close on the Purchase of Two Olivette properties
Bamboo Equity Partners has acquired more than 200,000 square feet of office and industrial space in Olivette, an area Bamboo Equity Principals say is “poised for future growth.”
Bamboo-affiliated firm Intelica CRE represented both Bamboo and the seller, the Greenberg family, on the Dielman Rock Island deal. Intelica’s Drew Clary represented Bamboo in its deal with the seller, Raven Development, on the North Price property.
Creve Couer-based Bamboo acquired 9601-9643 Dielman Rock Island Industrial Drive and 1220 N. Price Road for $3 million, Managing Principal Dan Dokovic said.
It plans to invest close to $1 million in major upgrades at the Dielman site and rebrand the roughly 56,000-square-foot property.
Eagle Warehouse & Distributing occupies roughly 60% of the North Price property, which has around 148,000 square feet of office and warehouse space. An additional 60,000 square feet will be available for lease in 2020.
Olivette’s central location and proximity to major business hubs like Clayton and Frontenac were key to Bamboo’s deal.
“You can get anywhere in St. Louis from Olive and I-170 within 20 minutes,” he said. “We’re bullish on midcounty, especially Olivette … it’s one of the key areas that’s poised for future growth.”
Read the full St. Louis Business Journal article here.