Office X Missouri

Gershman, BurkHill acquire 18-property office portfolio in Missouri

Gershman, BurkHill acquire 18-property office portfolio in Missouri,ph01

Gershman Commercial Real Estate and BurkHill Real Estate LLC have partnered to acquire Sachs Properties’ 860,000-square-foot real estate portfolio in Chesterfield, Missouri. Gershman and BurkHill’s total investment in the properties will exceed $100 million, which includes the purchase price and planned capital improvements.

The 18-property portfolio, clustered around the intersection of Highway 64/40 and Clarkson Boulevard, includes 13 multi-tenant office buildings, four retail properties and one industrial/warehouse facility. The portfolio of properties, which are home to more than 160 tenants, has an overall occupancy rate of more than 90 percent.

Gershman began discussions with representatives of the Sachs family more than two years ago about the possibility of acquiring the portfolio of commercial properties that the late Louis Sachs, founder of Sachs Properties, began developing more than 50 years ago and which remain a cornerstone of the Chesterfield business community.

Based upon the scale of the acquisition, Gershman was seeking an equity partner for the deal and wanted to work with an equity partner that shared its long-term investment outlook.

Ultimately, Gershman teamed up with BurkHill, the private real estate investment fund founded by local real estate veteran Mark Burkhart. Burkhart, the former chief executive officer of Cassidy Turley, launched BurkHill’s first fund in 2016 to invest in real estate assets.

As part of the transaction, many of the employees of Sachs Properties will be transitioning to the Gershman team.

The Sachs family continues to control more than 150 acres of land around Chesterfield Village.

Gershman and BurkHill plan to make significant investments in the newly acquired properties, including capital improvements, design upgrades and amenity enhancements. Those plans will be unveiled in the very near future.

Gershman and BurkHill plan to rebrand the properties as the Offices at Chesterfield Village.