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One of Southeast Missouri's most prestigious business park developments
has been sold to an Arnold, Missouri investment buyer according to
commercial broker Tom Kelsey whose real estate firm; Lorimont Place,
Ltd. was involved in the multi-million dollar commercial real estate
transaction.
DLJ Cape LLC, headed by Daniel Jones has purchased the Cape Girardeau
Lorimont development located along South Mount Auburn Road.
The property sale involved
nearly 90,500 square feet of office space in two buildings
located on 7 acres of property that adjoins Westfield Shopping Mall.
In addition to the main corporate building is a 31,834 square foot
two level office and retail lease space area that currently has seven
office tenants including Healthsouth Rehabilitation, State Farm
Insurance, Pyramid Medical Services, Dr. Jan Seabaugh, Audiology Center,
The Yellow Book Directory, Benton Hill Investment Co. and Lorimont Real
Estate offices. The corporate park features an enclosed parking
garage and additional property for development.
Kelsey said there would be no changes in tenant occupancy with
the recent sale.
The office park development designed by Dallas architect John Gary
was built in 1993 by local businessman Earl Norman and in addition to
the office lease area contains a three-story 58,456 square foot
headquarters building that is occupied by Med
Assets, a hospital supply-purchasing group. Med Assets
purchased Norman's business, HSCA in May of 2001 and will continue
to occupy a major portion of the headquarters building. Part of the
terms of the recent sale involved MedAssets entering into a long-term
lease with the new owner. They
will be committed to maintaining their offices with 60 employees here in
Cape Girardeau.
Lorimont and Landmark Real Estate Group in St. Louis represented the
owners. NAI Desco
represented the buyer, DLJ Cape, Inc., who also owns several office
buildings in the St. Louis area.
No sales price information was disclosed, but Kelsey said it
certainly would qualify as one of the largest commercial sales in
Southeast Missouri in recent years.
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