Bamboo Equity Partners has disposed of 73,000 SF of flexible office/warehouse properties located St. Louis, MO. The properties – Craig Park Tech Center, at 1842- 1866 Craig Park Court in Maryland Heights, and Dielman Tech Center, 1215 Dielman Industrial Court in Olivette are 100% leased with tenants including, NISA Investment Advisors, ImageNet Consulting and Festive Couture Floral.
Bamboo Equity Partners purchased Craig Park Tech Center in June of 2015 and Dielman Tech Center in March of 2016. Bamboo retained Intelica CRE as the listing agent for the portfolio along with property management and brokerage responsibilities. Intelica was able to increase the occupancy rate from approximately 40% to 100% with significant tenant and building improvements. This strong lease up strategy allowed Bamboo to reposition the portfolio.
Los Angeles-based Prosperity CRE acquired the portfolio marking their entrance into the St. Louis Market. “Craig Park Tech Center and Dielman Tech Center are well-maintained and extremely well positioned flex office parks. Both properties offer excellent functionality and versatility for our tenants. We saw this as an excellent opportunity to enter the (Olivette) and Maryland Heights markets, two very dynamic business and commercial areas in St. Louis,” commented Zach Winner, a Prosperity CRE Partner.
The sale was not part of Bamboo's Micro Opportunity Fund, which focuses on the Midwest office and industrial micro assets with purchase prices ranging from $1 million to $10 million. "We’re excited to have another full cycle success story for our investors. Bamboo’s strong banking relationships allowed us to make an undervalued acquisition giving our investors an attractive basis to aggressively target solid tenants in the market. We hope to continue this strategy in these submarkets," commented Dan Dokovic, Managing Partner at Bamboo Equity Partners.
Intelica CRE will continue to provide brokerage and property management services for the tech portfolio.
For more about this deal check out the full write up in St. Louis Business Journal