CBRE Sells, Meridian Finances 2 Gateway City Properties
- Mar 15, 2017
St. Louis—CBRE Group Inc. has announced that The Tower at OPOP (Old Post Office Plaza) and the Lofts at OPOP in downtown St. Louis have changed hands.
The properties were sold by North American Properties and UrbanStreet Group to Lakewood, N.J.- and Chicago-based real estate portfolio and asset management company Strategic Properties of North America. EVP Matt Bukhshtaber in CBRE’s St. Louis office represented the seller in the transaction.
Meridian Capital Group Managing Director Shaya Ackerman, SVP Shaya Sonnenschein and Associate Alex Izso arranged $26.2 million financing for the transaction. Both The Tower at OPOP and The Lofts at OPOP benefit from outstanding locations in the plaza. Both properties give residents easy access to food markets and other stores, office and entertainment, as well as to many building amenities.
The Tower at OPOP features 128 units, while The Lofts at OPOP includes 53 residences. The properties enjoy high occupancy rates of 96 and 94 percent respectively. The Tower at OPOP is located at 411 North 8th Street, The Lofts at OPOP 911 Locust Street.
“There is still pent-up capital on the coasts looking to diversify outside of primary markets. The stable fundamentals in St. Louis provide investors a great deal of confidence,” Bukhshtaber said. “Downtown presents considerable barriers to entry, the fact that this is the only new high-rise product in the city in so long makes it a truly irreplaceable asset.”
Bob Burk, managing partner at UrbanStreet Group, added: “We are thrilled to have completed this exciting project. I am very proud of our team and the buildings. The sale further solidifies downtown St. Louis as an attractive investment opportunity for outside investors.”
Added Saul Kuperwasser, CEO of Strategic Properties of North America: “We are excited to grow our St. Louis portfolio with these assets. Investment is following continued job growth and solid market fundamentals across the region, and we are proud to be part of that trend with The Tower and The Lofts at OPOP.”