Savoy Properties Represents Investment Group in Purchase of Medical Buildings
April 2, 2014 – Savoy Properties represented Dunn Road Investments, LLC in the purchase of Florissant Professional Campus located at 125-261 Dunn Rd, Florissant, MO 63031, comprised of 4 buildings totaling over 40,000 SF on 5.66 acres. The Property was purchased from SA Group Properties, Inc., an affiliate of US Bank for $1,880,800 on March 31, 2014.
Ryan Pennington and John Pennington of Savoy Properties represented the buyer, Dunn Road Investments, LLC. Marc Cacciarelli and Mark McNulty of CBRE resented the seller, SA Group Properties, Inc. Pennington and Pennington will act as leasing agents for new ownership while White Company will take over the management.
The buyer, Dunn Road Investments, LLC, is an affiliate of Savoy Properties. “We were attracted to this project for a number of reasons—first and foremost, however, this is a well-performing Property in an improving submarket. We are approaching this project with a hands-on mentality with a long-term commitment,” said John Pennington.
Ownership plans on investing over $700,000 in the Property, with renovations to include upgrades to common areas, landscaping, signage and rebranding of the campus.
“We are very pleased to be a part of the team for this Property,” said Ryan Pennington, “this is an established medical campus, and with the planned renovations of new ownership, we hope to attract quality, long-term tenants.”