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Tropicana Lanes, Clayton Executive Center buildings acquired by developer

Posted on September 07, 2018

Sansone Group has acquired Tropicana Lanes and the Clayton Executive Center office buildings in separate deals, the firm told the Business Journal.

An acquisition price of the Richmond Heights properties at Clayton Road and Interstate 170 was not disclosed. Sansone Group partnered with Los Angeles-based Stanton Road Capital on the deals that also included the purchase of the 13 acres of ground underneath the bowling alley and office buildings.

TJ Redmond of CBRE represented one of the sellers, MidFirst Bank, in the sale of the Clayton Executive Centers buildings.

The building that houses the former Layton's restaurant was not part of any deal, though the firm hopes to make improvements to the site sometime in the future, Principal Nick Sansone told the Business Journal.

Both of the Clayton Executive Center buildings are 100 percent occupied with such tenants as SSM, Centene and U.S. Title, he said. Average lease rates for mid-St. Louis County office space leases for $16.18 a square foot, according to Cushman & Wakefield research.

Sansone Group has hired a local consultant to operate the 52-lane bowling alley, which is currently undergoing interior upgrades. Sansone declined to disclose the name of the consultant.

The firm has been eyeing this corner of Richmond Heights for a few years, he said. It took the company nearly two years, from pursuit to closing, to acquire the properties.

"We're looking to do more acquisitions of well-located, stabilized real estate with strategic partners that can also provide some upside in the future," Sansone said.

Previously, Clayton-based real estate firm partnered with Goldman Sachs Asset Management to acquire Plaza at Sunset Hills and Shoppes at Sunset Hills in south St. Louis County for $90.98 million in 2015, records show.

Stanton Road Capital is familiar with the St. Louis market. It acquired The Deloitte Building at 100 S. Fourth St. in downtown St. Louis in 2015.


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