Ten Capital Management Acquires St. Louis Office Asset
- Jan 17, 2019
Ten Capital Management (TCM) has closed on the acquisition of a St. Louis-area office property from Bluerock Real Estate. The Class A building comprises 258,441 square feet and is 97 percent leased to four tenants, with Cushman & Wakefield as the anchor tenant.
The building, located at 575 Maryville Centre Drive in the Town and Country suburb, is situated close to the interchange of Interstate 64 and Highway 141 and in close proximity to Maryville University. Amenities at the building include a fitness center, two conference rooms, on-site dining and a parking garage.
“The Property was acquired at a significant discount to replacement cost and is located in one of St. Louis’ premiere office parks, Maryville Center Office Park, which has demonstrated above-market historical occupancy and rent growth,” said Paul DiSandro, a TCM partner & portfolio manager, in prepared remarks.
The property last changed hands in 2008, when Bluerock Real Estate purchased the asset from Solutia for $42.8 million. Bluerock secured a $29 million loan for the property in 2013 that matures in July 2023. Investors have been increasingly eyeing Midwestern cities like St. Louis, as companies chase both yield and NOI.
Image courtesy of Yardi Matrix