CREVE COEUR, MO-Fulcrum Asset Advisors LLC has sold a four-building office portfolio in Creve Coeur Corporate Center, totaling 567,594 sf, to JP Morgan Asset Management. Fulcrum had purchased the properties in November 2005, and sold the property for about $90.6 million, sources say.
The campus-style properties are at 600-622 Emerson Rd., and were built in the 1980s and 90s. The mid-rise offices are about 89% leased, with tenants including Capri Casinos, Drury Hotels and Benham, according to a source close to the deal. The source tells GlobeSt.com the lease rate for the properties, located along Interstate 270, are generally in the low to mid-20s.
Scott Bazoian, Jim Mosby, Carrie Pechloff Mauch, Paul Hilton and Mike Hanrahan with Colliers Turley Martin Tucker-St. Louis represented Fulcrum in the sale. Hilton tells GlobeSt.com that the properties are in one of St. Louis' best suburban office markets. JP Morgan was not represented.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.