90,000 SF LORIMONT DEVELOPMENT SOLD
240-280 S. Mt. Auburn Road - Cape Girardeau, MO
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.
|
