American Realty Capital announced this week that it had purchased a research and development building in Webster Groves, MO from Missouri-based Owen Ridge Associates, an LLC with a registered agent of Michael Barry of Owen Development. Colliers International closed the $22.8 million sale, negotiating the sale terms; according to their research, the total transaction dollar amount is the largest St. Louis has seen year-to-date for a single tenant, NNN leased office property sale. The Kase Group, an affiliate of Sperry Van Ness based in Northern California, represented American Realty Capital in the transaction.
The 90,000-square-foot research and development facility at 381-385 Marshall Avenue is part of the Owen Ridge Business Park, a well-positioned, infill development catering to office, technology and services tenants, situated on approximately 32 acres in St. Louis, Missouri. According to the St. Louis Better Business Bureau, Covidien is listed as a tenant at the facility.
For more news and information visit Blumberg Capital Partners.
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