Bamboo Equity Partners closes on second acquisition for the Bamboo Micro Opportunity Fund® I, L.P
Bamboo Equity Partners, a leading real estate investor of office and industrial properties based in St. Louis, announced today the latest acquisition by the Bamboo Micro Opportunity Fund I, L.P. The fund will acquire 11960 Westline Industrial Drive, an office property located near Westport Plaza in Maryland Heights, MO. Bamboo plans to attract strategic tenants to increase the 72% occupancy rate and update the property for energy efficiency. Current building tenants include Lindenwood University, professional staffing service YOH, and Kantar Health.
"Bamboo is very excited about this acquisition in the Westport Plaza area," said Principal Dan Dokovic in a recent interview. "With its proximity to highways and the airport, and considering the surge in investment we've seen in Maryland Heights, the building on Westline represents a great opportunity for our fund and for potential tenants."
While 11960 Westline will be the first acquisition in Maryland Heights for Bamboo Micro Opportunity Fund I, L.P, Bamboo Equity Partners has made numerous Westport acquisitions over the last ten years. The 93,000 square foot, three-story office building was built in 1971. It enjoys close proximity to major highways I-270, I-70 and the Page Extension, as well as Highway 141 and Lindbergh Blvd. Visibility to Page Avenue exposes the building to traffic estimated at 67,651 vehicles per day. Westport Plaza, formerly a restaurant and entertainment spot in St. Louis County, has been revitalized as a focus of corporate activity including a new $75 million World Wide Technology headquarters.
As a city, Maryland Heights has made nearly a $100 million investment in infrastructure in recent years, and the corporate real estate market has responded. Worldwide Technology completed its new global headquarters in 2017 and Edward Jones continues to expand its flagship campus. According to the most recent Co-Star Quarterly Report, office vacancy in the Maryland Heights/I-270 market is 4.4%.
"The fundamentals of the area are strong, especially for a regional headquarters. The St. Louis area has a large and qualified workforce available for a variety of industries," said Dokovic.
A third acquisition in the Micro Opportunity Fund is expected next month. Last year, the fund acquired 10777 Sunset Office Dr., a medical office building with prestige healthcare tenants in Sunset Hills, MO. Bamboo Equity Partners is a team of real estate professionals positioned to acquire undervalued multi-tenant office, and industrial assets. The return objective for Bamboo is a risk-adjusted return in the mid-teens to mid-twenties.