Gershman began discussions with representatives of the Sachs family more than two years ago about the possibility of acquiring the portfolio of commercial properties that the late Louis Sachs, founder of Sachs Properties, began developing more than 50 years ago and which remain a cornerstone of the Chesterfield business community, the company states.

Based upon the scale of the acquisition, Gershman was seeking an equity partner for the deal and wanted to work with an equity partner that shared their long-term investment outlook. "It was critical for us to partner with someone that shared our vision for these assets," said Stern.

Ultimately, Gershman teamed up with BurkHill, the private real estate investment fund founded by local real estate veteran Mark Burkhart, the former CEO of Cassidy Turley, who launched BurkHill's first real estate fund in 2016. BurkHill's investment came though BurkHill Real Estate Fund I.

"This deal represents one of the largest real estate transactions in St. Louis in recent history," Burkhart says. "BurkHill diligently seeks real estate assets that fit our strict investment criteria. We have been very patient in search of the right investment and this iconic property meets our high standards. Gershman's long history of success in operating similar assets, coupled with our experience, is a great combination."

As part of the transaction, many of the employees of Sachs Properties will be transitioning to the Gershman team. Gershman and BurkHill plan to rebrand the properties as the Offices at Chesterfield Villag

"The decision to sell these assets was very difficult but this transaction was as close to a win-win for everyone as we felt we could have achieved," said the Sachs family in a prepared statement. "We felt Gershman was the ideal partner to best honor the legacy of Sachs Properties both for our employees and our tenants and we're very happy they were able to partner with another local firm in BurkHill."

The Sachs family continues to control more than 150 acres of land around Chesterfield Village, which could be prime sites for future developments.

Gershman and BurkHill plan to make significant investments in the newly acquired properties, including capital improvements, design upgrades and amenity enhancements. Those plans will be unveiled in the very near future, the joint venture states.

"This has been a long process and we're very excited to reposition these properties in the marketplace," says Chris Fox, EVP and managing director of brokerage and advisory services for Gershman. Fox will oversee the Gershman team providing ongoing leasing for the Chesterfield Village properties. "

"We pride ourselves in providing a very hands-on level of service and intend to bring that same approach to this portfolio. We have a great management and accounting team as well, many of which have a long history with these properties through Sachs, and intend to keep most of that day to day team located in Chesterfield within the portfolio," he says.

Gershman is the largest locally owned commercial real estate firm in the St. Louis metro area and currently manages nearly 6 million square feet of commercial space. Gershman made the investment through its subsidiary, Gershman Commercial Equities.