A private investment group recently acquired a 23,500-square-foot mixed-use building in St. Louis, with Jones Lang LaSalle representing the seller of the building, BankLiberty.
The value of the transaction exceeded $2 million.
The multi-tenant building is anchored by ground-floor tenants Enterprise Bank and an insurance firm. The second floor of the building, totaling about 12,500 square feet of space, is vacant, but fully-furnished.
The building was developed in 2008 by Champion Bank. It occupied about 20,000 square feet of space until April of 2010 when the bank’s assets, including this piece of commercial real estate, were taken over by the FDIC. BankLiberty was assigned the assets.
David Biales, vice president, and David Steinbach, senor vice president, both of Jones Lang LaSalle, represented the seller in the transaction.
“This asset offers maximum exposure for a potential tenant and a great deal of upside potential for the right owner,” said Biales. “The building is in a superior location in close proximity to Interstate-270 and several nearby amenities, and offers a full floor of space that essentially is in plug-and-play, move-in condition.”
The building was acquired by Lakeside Property LLC, a local private investment and management firm. The firm immediately began a marketing campaign to lease the building’s second floor.