Carl Conceller and Stephen Gwinnup of NAI DESCO represented the seller of Ballas Place, a 78,252-square-foot office building in the St. Louis suburb of Creve Coeur, Missouri. 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.