Sept. 18, 2018
One of the largest corporate developments in the Southeast Missouri region has been recently sold according to Tom Kelsey, broker with Lorimont Commercial Real Estate. Kelsey, who handled the sale confirmed that Drury Southwest through its affiliate, DSW Development Corporation has acquired Lorimont Place located at 240-280 S. Mount Auburn Road in Cape Girardeau. The class “A” office and retail center, presently 88% occupied contains a total of 90,500 square feet situated on nearly 6 acres and is located along South Mount Auburn Road between Cape Girardeau Doctor’s Park and West Park Mall. The sale to Drury’s will not affect the 11 tenants who presently occupy the complex. Vizient, a Dallas based healthcare purchasing company is the largest tenant there occupying nearly 47,500 square-feet in a three-story office building on the site. Other tenants include McAlister’s Deli, Edward Jones, Simply Swirled, Landmark Holdings, State Farm Insurance, Renaissance Beauty Academy, Dille & Traxel Architects, Parmele Law Firm, Missouri Well-Care, Benton Hill Investments and Lorimont Commercial Real Estate.
The Lorimont broker said the complex was originally built in 1993 by Cape Girardeau businessman, Earl Norman. The high rise office building was occupied by Norman’s company, Health Services Corporation of America (HSCA). Norman sold his company in 2001 to MedAsset’s who eventually was purchased by Vizient. DLJ of Arnold Missouri acquired the corporate development in 2003 and was the present owner and seller to Drury Southwest in this most recent sale. Lorimont is unique for its architectural style, 150 car enclosed parking garage and trade-mark 40’ brick clock tower. Kelsey said NAI Desco in St. Louis was also a participating broker in the transaction. No sales price was disclosed.