NAI DESCO Sells $5.5 Million Office Building in Suburban St. Louis
ST. LOUIS, MO – Carl Conceller and Stephen Gwinnup of NAI DESCO represented the seller of Ballas Place, a 78,252 SF office building in the St. Louis suburb of Creve Coeur. The building was sold for $5.5 Million to real estate investment firm, Bamboo Equity Partners.
Located at 425 N. New Ballas Road and constructed in 1980, Ballas Place has 74 percent occupancy. Current anchor tenants include Central Bank of St. Louis, Trileaf Corp, Brookdale Senior Living and the consulting firm Povaddo.
The new owner plans to invest $4 million in building upgrades over the next year including transforming the two story atrium into shared collaborative space.
Bamboo Equity Partners through the Bamboo Micro Opportunity Fund has acquired four properties to date with a focus on Midwest office and industrial micro assets. They are represented by Intelica Commercial Real Estate.
About NAI DESCO
NAI DESCO is a leading commercial real estate firm serving Central and Eastern Missouri and Southern Illinois. Founded in 2000, NAI DESCO was formed when the Schnuck family partnered with veteran brokers to create an independent firm for the management and brokerage of third-party office, industrial, medical, retail and investment properties. The firm has grown to 25 active agents with offices in St. Louis, Missouri and is the local affiliate of NAI Global, the largest global network of owner-operated commercial real estate brokerage firms. NAI DESCO’s sister company, The DESCO Group, manages, leases and develops the Schnuck Markets portfolio as well as developing third-party properties. Together, the companies provide a full range of commercial real estate services. To learn more, please visit http://www.naidesco.com and http://www.descogroup.com.