ST. LOUIS—A partnership comprised of Balke Brown Transwestern, Arthur and Robert Guller of BEB Management LLC and several private investors has acquired its second Class A office property in the Riverport/Earth City market in two years. Its newest acquisition is Rider Trail Corporate Center, a two-story, 100,000-sq.-ft. building at 3470 Rider Trail South purchased for $3.65 million.
The group is initiating a program to refurbish and reposition the now-vacant structure, which was originally developed by Duke Realty in 1998. The seller was Chicago, Ill.-based Westminster Rider Trail LLC.
The Gullers and Donovan will be following a strategy that includes upgrades to the facility to bring it to occupancy.
“We felt the property was undervalued,” said Mike Donovan, Balke Brown principal. “It offers an extremely attractive parking ratio of eight spaces per 1,000 square feet and highly efficient floor plates. We also believe our plan to transition the building from single tenant to multi-tenant space after updating it and improving the site will enable us to present high-quality space to an expanding, value-conscious marketplace.”