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TriStar Sells Sanford Brown Site for $16M

ST. LOUIS-The property enjoys a recent 10-year lease, but also is right across the street from a hospital.

By Robert Carr | Updated on September 27, 2007

ST. LOUIS-TriStar Properties has sold its 55,000-sf office building here at Highway 141 and Bowles Avenue, used as a school by Sanford Brown, for $16.2 million to Greenville, SC-based TIC Properties. TriStar completed the two-story building, with parking for 440 vehicles, in early 2006.

Sanford Brown, a technical school, has a 10-year lease for the building, and had the facility reconfigured as a junior college. Thus, the lease rate is different than most office property leases in the southwest St. Louis area, says TriStar president Mike Towerman. “They’re paying a little bit more,” he says. The average office lease is $20.49 per sf, according to a second quarter Grubb & Ellis market report.

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