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One of Southeast Missouri's most unique business park
developments is on the market for sale according to commercial broker
Tom Kelsey whose real estate firm, Lorimont Place, Ltd. is looking for
an investment buyer. The Cape Girardeau Lorimont
development located along South Mount Auburn Road has nearly 90,500
square feet of office space and is located on 7 acres of property that
adjoins Westfield Shopping Mall. The office park
development, built in 1993 by local businessman Earl Norman contains a
three story 58,456 square foot headquarters building that is occupied by
MedAssets, a hospital supply
purchasing group. MedAssets purchased Norman's business,
HSCA in May of 2001 and contracted to purchase the real estate
development. MedAssets, with 60 Cape employees is committed to
maintaining offices here. They intend to continue occupying a
major portion of the headquarters building according to Kelsey,
but prefer to enter into a long term lease with a new owner rather than
purchase the property. Also included in a sale will be 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 Pages, Benton Hill Investment Co. and
Lorimont Real Estate offices. The corporate park features an
enclosed parking garage and additional property for development.
Kelsey said his company is also doing the leasing for the complex and
various sized lease space is available both in the
MedAssets office building and in the office/retail area adjacent to the
mall. Lorimont has teamed up with
Landmark Real Estate Group in St. Louis in search of an investment
type purchaser. Record low interest rates coupled with consistent
returns from investment real estate has resulted in a high demand for
this type of development property. Marketing packages were already being distributed to interested
purchasers.
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