Recent office sales in the immediate region include the class A properties 2291 Ball Dr. and 2281 Ball Dr., both in Westport, which total about 243,000 square feet and were purchased by Enterprise Holdings for roughly $38.5 million, according to Colliers International.

ST. LOUIS—Many owners believe an online platform can dramatically streamline a commercial real estate transaction, and VFC Properties 41, LLC the owners of Park 270, a two-building office campus in the West County submarket of Metro St. Louis, are ready to give it a try. Ten-X, the nation's leading online real estate marketplace, will handle the sale of the 274,650-square-foot property located along I-270 by using its managed bid selling function. CBRE will assist Ten-X in marketing and selling the asset.

The managed bid function is a two-step process whereby interested parties submit sealed bids to qualify for a short list and then compete in a scheduled online auction. Bids for Park 270 are due Sept. 12 and the auction will take place October 5. Potential buyers can tour the property on Sept. 1 and Sept. 8.

Located at 1801-1807 Park 270 Dr., Park 270's two, five-story buildings were constructed in 1984 and 1987 and have 26 total tenants for a combined occupancy of 90.5%. Hub City Terminals, the largest tenant, recently renewed its lease for six years and expanded its footprint to about 80,000 square-feet. The asset is in the well-established Westport Plaza Corridor within the West County office submarket — St. Louis' largest and most popular suburban submarket, consisting of about 16.1 million square feet.

“Park 270 presents investors with an opportunity to acquire a stabilized office campus in a strong market with value-add potential through leasing and increasing rents,” says Gordon Smith, commercial real estate division general manager for Ten-X. “A new owner will have the opportunity to increase rental rates through modest upgrades at the property, which already benefits from its dynamic visibility and West County location. This is another high-quality, metro-area office asset that investors across the country can count on finding on the proven Ten-X platform.”

Recent office sales in the immediate region include the class A properties 2291 Ball Dr. and 2281 Ball Dr., both in Westport, which total about 243,000 square feet and were purchased by Enterprise Holdings for roughly $38.5 million, according to Colliers International.