A 144,000 square foot B+ office building located in St. John, Missouri, metropolitan St. Louis, along I-170 between Clayton and the airport. The property was acquired in May 2007 for $8.5 million from a local developer.
The investment strategy included leasing up blocks to high-density, back office users and re-branding the property. The strategy was successfully executed by leasing the entire building to Enterprise-Rent-A-Car as a call center operations / national reservations on a long term lease. The property sold in September 2008 for $14.75 million, representing a 7.3% cap rate.