ST. LOUIS – Aug. 15, 2016 – Ten-X, the nation’s leading online real estate marketplace, announces the upcoming sale of Park 270, a high-end, two-building office tower campus in Metro St. Louis. The 274,650-square-foot property located along Interstate 270 will be sold via Ten-X Commercial by VFC Properties 41, LLC using Ten-X’s Managed Bid selling function. Ten-X is partnering with CBRE to market and sell the asset.
Ten-X’s Managed Bid transaction function is a two-step process whereby interested buyers submit sealed indicative bids to qualify for a short list that compete for a property in a scheduled online auction event. Indicative bids for Park 270 are due Sept. 12 with the Managed Bid event taking place Oct. 5. Property tours will be offered Sept. 1 and Sept. 8.
Located at 1801-1807 Park 270 Drive, Park 270’s two, five-story buildings were constructed in 1984 and 1987 and have 26 total tenants for a combined occupancy of 90.5 percent. The largest tenant is Hub City Terminals, which recently renewed its lease for 6 years and expanded its footprint to approximately 80,000 square-feet. The asset is in the well-established Westport Plaza Corridor within the West County office submarket — St. Louis’ largest and most popular suburban submarket, consisting of approximately 16.1 million square feet.
“Park 270 presents investors with an opportunity to acquire a stabilized office campus in a strong market with value-add potential through leasing and increasing rents,” said Ten-X Commercial Real Estate Division General Manager Gordon Smith. “A new owner will have the opportunity to increase rental rates through modest upgrades at the property, which already benefits from its dynamic visibility and West County location. This is another high-quality, metro-area office asset that investors across the country can count on finding on the proven Ten-X platform.”
Leasing at the property has been strong since VFC Properties 41, LLC took over, as it maintained a significant amount of the tenants scheduled to roll over in 2016, while also executing new leases with Maxim Healthcare Services (12,317 square-feet) and Crowdstrike (3,370 square-feet).
Park 270 has a strong amenity package with a renovated fitness center and conference room, plus on-site café and property management. The building itself benefits from its prominence from Interstate 270, as well as an elegant design and attractive glass lines.
For more information, please click here or call 844-694-4976.
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Ten-X is the nation’s leading online real estate transaction marketplace and the parent to Ten-X Homes, Ten-X Commercial and Auction.com. To date, the company has sold 200,000+ residential and commercial properties totaling nearly $39 billion. Leveraging desktop and mobile technology, Ten-X allows people to safely and easily complete real estate transactions online. Ten-X is headquartered in Irvine and Silicon Valley, Calif., and has offices in key markets nationwide. Investors in the company include Google Capital and Stone Point Capital. For more information, visit Ten-X.com.