January 16, 2019
Cleveland-based Ten Capital Management (TCM) has completed the acquisition of 575 Maryville Centre Dr in the St. Louis suburb of Town and Country, MO. Terms weren’t disclosed; 575 Maryville is a 258,441-square-foot Class A office building that is 97% leased.
“The property was acquired at a significant discount to replacement cost and is located in one of St. Louis’ premiere office parks, Maryville Centre Office Park, which has demonstrated above-market historical occupancy and rent growth,” said Paul DiSandro, a TCM partner and portfolio manager.
“With low market vacancy and no forecasted new development, rental rates are expected to increase over the coming years, offering TCM investors stable income and long-term appreciation potential,” added Ben Adams, TCM’s CEO.
The Chesterfield submarket, which includes 575 Maryville, has consistently outperformed the rest of the suburban office market, with market rents in the submarket increasing 6% since the end of 2016, according to TCM.
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