This multi-tenant, Class-A property is located near a high-visibility exit on I-64 (the main east-west thoroughfare through St. Louis) in Chesterfield, one of the MSA’s most affluent suburbs. Directly south of the property is Chesterfield Commons, a 2 million square foot shopping center that drives traffic to the area. The building’s diverse tenant mix of orthopedic, physical therapy, plastic surgery, reproductive health, oral surgery, and neurobehavioral practices creates substantial patient volume and a referral network between tenants.
After Remedy acquired the building, its property management team got to work optimizing operations by re-scoping and re-bidding all building service contracts, enhancing the energy management system for greater programmable control over HVAC and lighting, and fairly allocating the tenant work order requests. As a result, Remedy was able to reduce tenant operating expenses by $31,500 per year. Additionally, Remedy aggressively appealed tax assessments, reducing taxes $160,000 per year compared to projections.
Transaction Date: July 2015
in annual projected expenses