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.
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