Intercontinental Buys Westport Plaza
Joint Venture of Investcorp, Golub & Co. Sells 700,000-SF Property After Raising Occupancy by Nearly 20%
Intercontinental Real Estate Corp., a real estate investment management firm based in Boston, has acquired Westport Plaza, a 700,000-square-foot mixed-used property in suburban St. Louis, MO.
A joint venture of Investcorp's U.S. real estate group and Golub & Co. of Chicago sold the property for an undisclosed price. Intercontinental made the purchase on behalf of U.S. Real Estate Investment Fund (US REIF), its fifth fund.
The 41-acre development, located about 20 minutes west of downtown St. Louis, contains approximately 500,000 square feet of office space in four buildings and 170,000 square feet of retail space, in addition to two hotels and about 30,000 square feet of storage space. Office tenants include Travelers Insurance, Northrop Grumman and Healthways, while retail tenants include Starbucks, Ozzies, Pujols 5 and Coldstone Creamery.
The Investcorp/Golub & Co. joint venture acquired the property in 2004 for $60 million and raised occupancy from 74% to more than 92%.
"Westport Plaza meets a growing demand for quality office space, superior amenities and convenient location," Golub & Co. President and CEO Michael Newman stated. "We are pleased with the value we have created during our tenure with property enhancement, management and leasing."
Andrew Cathlina of Golub & Co. and Peter Petron of Investcorp handled the deal for the sellers, while Michael Keyes handled the deal in-house for Intercontinental.