ST. LOUIS — A two-building office portfolio in Sunset Hills has been acquired in a sale to an unnamed local investor group.
The deal involved 735 Landmark Parkway Drive at 78,000 square feet and 3660 S. Geyer Road at 53,000 square feet. The portfolio was most recently held in receivership by C-III Asset Management. St. Louis County records show that since 2014 the portfolio had been held by a special loan servicer, or analyst, assigned to monitor the property’s performance. New York-based Bluerock Real Estate previously acquired the properties in 2007 as part of a larger $21 million deal.
The Landmark property is 60% occupied. The Geyer office is 85% occupied, and located near Panera Bread's headquarters.
Neither the investor group nor the sales price was disclosed, but similar properties have sold for between $5 million to $15 million each, according to data from real estate research firm Reonomy.
The buyer was represented by Intelica CRE's Dan Merlo and Joel Meyer, who said their client beat two out-of-state groups in a competitive bidding war. Intelica is leasing and managing the buildings.
The buyer began improvements to the Landmark building, such as a new parking lot, rooftop HVAC unit and digital directories, on Monday. St. Louis-based Eddy Design Group has been tapped for the project.
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