Bamboo Equity Snags 52 KSF MOB
- Nov 06, 2017
Bamboo Equity Partners’ Bamboo Micro Opportunity Fund I LP has acquired a medical office building in Sunset Hills, Mo. Currently 91 percent occupied, tenants include Mercy Hospitals, SSM and Sisters of St. Joseph.
Once closing is completed, Bamboo will immediately start renovations on the 52,000-square-foot property to improve common areas used by patients and healthcare providers. The asset, located at 10777 Sunset Office Drive, will undergo a significant revamp to modernize the 1978-built asset and bring it up to Class A standards.
“Renovations will include aesthetic upgrades to the common areas including the lobby, hallways, and restrooms. Upgraded building systems such as HVAC and lighting will improve building efficiency,” said Alice Benner, managing director of Bamboo, in prepared remarks. “Approximately 30 percent of the population within a one-mile radius of the property is 60 or older, which accounts for the highest per capita healthcare spending,” added Dan Dokovic, CEO of Bamboo.
Bamboo Micro Opportunity Fund I LP acquires under-valued properties with potential for growth. The micro-fund intends to invest $55 million to $60 million by acquiring office and industrial buildings throughout the St. Louis Metro area.
Image courtesy of Yardi Matrix