SARA Investment Expands St. Louis Footprint
- Aug 09, 2019
SARA Investment Real Estate has completed the purchase of a 115,000-square-foot office building in Earth City, Mo. Altus sold the asset for $8.5 million, according to Yardi Matrix data, while First Bank provided acquisition financing, as indicated by St. Louis County records. The asset last changed hands in July 2013 for $3.3 million.
The Class B property is located at 3301 Rider Trail S., in the Northwest suburb of St. Louis. Completed in 1982, the building underwent a series of improvements between 2006 and 2013, also per Yardi Matrix data. Renovation work included upgrading the common areas and exterior, as well as refurbishing the building entry. Situated on a 9.9-acre site, the property provides 720 parking spots with a parking ratio of six spaces per 1,000 square feet.
The three-story asset is 100 percent leased to a tenant roster including U.S. Bank and Hillshire Brands. Situated at the intersection of Rider Trail and Earth City Expressway, the property provides access to interstates 70 and 270 and is less than 6 miles from Lambert International Airport.
The investment marks the buyer’s ninth acquisition in the market, according to Jared Stinehagen, vice president of operations at SARA Investment. Todd Spitzer, director of real estate for SARA Investment, is spearheading leasing efforts at the property, as indicated on the new owner’s website.
Last November, SARA Investment sold the Midwest Creative Office Portfolio, a group of properties totaling approximately 525,000 square feet. The buyer, R2 Cos., paid $60 million for the properties.