A joint venture between G REIT Inc. and tenant-in-common investors has sold a 12-story office building in St. Louis, Mo., for $47 million.
G REIT, which owned a 77.63 percent interest in the property, and the TIC investors, which owned the remaining 22.37 percent, sold One Financial Plaza to Parmenter Realty Fund III Inc.
The class A property, constructed in 1985, comprises approximately 434,000 square feet of gross leasable area. At the time of sale, the building was 85 percent occupied by tenants that included Jacobs Engineering Group and Stifel Financial Corp.
Originally purchased in August 2004 for $37 million, the property netted G REIT approximately $11.5 million in cash proceeds after payment of a related mortgage loan, closing costs and other transaction expenses, and the return of lender-required reserves.