Corporate park development seeks investment buyer

Business Today

One of Southeast Missouri's most unique business park developments is on the market for sale, according to commercial broker Tom Kelsey, whose real estate firm, Lorimont Place Ltd., is looking for an investment buyer.

The Lorimont development on South Mount Auburn Road in Cape Girardeau has nearly 90,500 square feet of office space and is located on 7 acres of property that adjoins Westfield Shoppingtown Westpark Mall.

The office park development, built in 1993 by local businessman Earl Norman, contains a three-story 58,456-square-foot headquarters building that is occupied by Med Assets, a hospital supply-purchasing group. Med Assets purchased Norman's business, HSCA, in May 2001 and contracted to purchase the real estate development.

Med Assets, with 60 local employees, is committed to maintaining offices here, according to Kelsey.

"They intend to continue occupying a major portion of the headquarters building, but prefer to enter into a long-term lease with a new owner rather than purchase the property," said Kelsey.

Also included in a sale will be a 31,834-square-foot, two-level office and retail lease space that currently has seven office tenants -- Healthsouth Rehabilitation, State Farm Insurance, Pyramid Medical Services, Dr. Jan Seabaugh, Audiology Center, The Yellow Pages, Benton Hill Investment Co. and Lorimont Real Estate offices.

The corporate park features an enclosed parking garage and additional property for development. Kelsey said his company is also doing the leasing for the complex and various-sized lease space is available in the Med Assets office building and in the office/retail area adjacent to the mall.

Lorimont has teamed up with Landmark Real Estate Group in St. Louis in search of an investment-type purchaser.

"Record low interest rates coupled with consistent returns from investment real estate has resulted in a high demand for this type of development property," said Kelsey, adding that marketing packages are already being distributed to interested purchasers.