Gershman Commercial Real Estate and BurkHill Real Estate LLC have partnered to acquire Sachs Properties’ prominent 860,000-square-foot real estate portfolio in Chesterfield, the company announced last week.
Gershman and BurkHill’s total investment in the properties will exceed $100 million, which includes the purchase price and planned capital improvements.
The 18-property portfolio is clustered around the intersection of Interstate 64 and Clarkson Boulevard. It includes 13 multi-tenant office buildings, four retail properties and one industrial/warehouse facility. The portfolio of properties, which is home to over 160 tenants, has an overall occupancy rate of more than 90%.
“This was a once-in-a-lifetime opportunity to acquire a very recognizable, well-located property from another well-known St. Louis real estate family,” said Tom Stern, executive chairman of GershmanCommercial Real Estate. “There are a lot of cultural similarities between the Gershman and Sachs entities that made this transaction a great fit above and beyond the value of these significant properties.”
According to the press statement announcing the acquisition, Gershman began discussions with representatives of the Sachs family more than two years ago. The late Louis Sachs, founder of Sachs Properties, began developing the properties, which remain a cornerstone of the Chesterfield business community, more than 50 years ago.
“This deal represents one of the largest real estate transactions in St. Louis in recent history,” said local real estate veteran Mark Burkhart, founder of BurkHill, private real estate investment fund.
The Sachs family continues to control more than 150 acres of land around Chesterfield Village, which could be prime sites for future developments.