Ten Capital Management has acquired 575 Maryville, an office building property based in St. Louis, Missouri’s Town and Country suburb. No financial terms were disclosed.
CLEVELAND, OHIO, January 15, 2019 – Ten Capital Management (“TCM”), a privately held real estate investment management firm, today announced it has completed the acquisition of 575 Maryville (or the “Property”), located in the Town and Country suburb of St. Louis, Missouri.
The highly-amenitized Property is a 258,441 square foot Class A office building providing tenants with a state-of-the-art fitness center, two conference rooms, on-site dining, and structured parking. Anchored by one of the largest commercial real estate companies in the world, the Property is currently 97% leased to four tenants with a weighted average lease term of seven years.
The Property is located in the prestigious suburb of Town and Country – the most affluent community in Missouri and one of the wealthiest suburbs in the U.S. Positioned in the heart of St. Louis’ dynamic West County office market, 575 Maryville has outstanding highway access with a dedicated and named four-way interchange at I-64, the major east-west interstate route in the metro area. 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 and Class A vacancy is expected to fall below 5% by year-end.
“The Property was acquired at a significant discount to replacement cost and is located in one of St. Louis’ premiere office parks, Maryville Center 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.
TCM is a privately held real estate firm investing across a broad spectrum of strategies and seeks to deliver consistent, superior risk-adjusted returns to its global investor base, while remaining proactive, adapting quickly to changing market fundamentals and opportunities. TCM makes equity investments between $10 and $25 million, targeting transactions which fall “below the radar” of larger institutional investors. For more information, please go to www.tencapmanagement.com.