At the direction of Bamboo Equity Partners, Intelica CRETM took on brokerage and property management roles for 1842-1866 Craig Park Court in 2015. Intelica upgraded the property and attracted high-value tenants to improve the value of the asset, including creating custom tenant finishes, in keeping with Bamboo’s investment goals.
Bamboo Equity Partners is a boutique commercial real estate investment firm that specializes in under-utilized properties. When Bamboo acquired Craig Park Court out of foreclosure, the building was not well-maintained. A pipe burst in the final days before the acquisition deal was completed, causing extensive damage that further lowered the value of the property. The finishes were outdated and unattractive, which did not bode well for improving the then-44% occupancy rate of the 42,210 square feet property. The asset as acquired simply could not compete with other flexible warehouse/office properties in the crowded Westport/Maryland Heights market, where property value has increased following investments by the local government, as well as the continued presence of global companies like Edward Jones and Worldwide Technology.
Past success with improving the value of undervalued assets in partnership with Bamboo informed Intelica’s approach to Craig Park Court. First, Intelica launched a rehabilitation project. Updates to the property included new landscaping, LED lighting, tenant signage and facade and landscaping improvements. Each of the offices spaces were optimized to fit the needs of a state-of-the-art modern office, making it possible for Intelica’s brokers to impress potential tenants during walkthrough presentations.
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