Newspaper article St Louis Post-Dispatch (MO)

Best of Building Blocks

Newspaper article St Louis Post-Dispatch (MO)

Best of Building Blocks

Article excerpt

Highlights from our real estate and development blog

A tale of two Cupples * As a demolition crew chips away at the doomed Cupples 7 warehouse downtown, a sibling shows the results of a $30 million renovation.

After years of neglect, Cupples 7 is succumbing to the wreckers after no one stepped forward to save the structure. Two blocks east, the renovated Cupples 9 building is brimming with tenants.

Both buildings are part of the historic Cupples Station complex west of Busch Stadium. While a developer walked away from Cupples 7 after a condo plan fizzled, The Koman Group bought Cupples 9 out of foreclosure in 2011 and soon began a gut rehab.

Today, the 119-year-old, seven-story building's occupants include Yurbuds, Pedal The Cause, Asynchrony Solutions, Mackey Mitchell Architects and Flying Saucer Draught Emporium. Osborn & Barr, an agricultural marketing agency, is the anchor tenant.

Koman, based in Creve Coeur, said Tuesday that only a 2,000- square-foot space remains unoccupied in the 147,000-square-foot building. (07.08)

Canadian firm buys Riverport property * Olymbec USA, a privately held real estate investor, has acquired two office buildings at Riverport Lakes in Maryland Heights.

Occupancy is 70 percent with tenants including Environ International, Computerized Medical Systems and University of Phoenix, according to Cassidy Turley, which represented the seller in the deal. Built in 1989 and 1990, the Riverport Lakes buildings contain 220,000 square feet of space.

Cassidy Turley declined Wednesday to identify the seller or divulge the sale price. St. Louis County records show that Olymbec bought the property in May for $10 million from Riverport Project 1 LP.

Olymbec, based in St. Laurent, Quebec, owns office, industrial and residential properties in that Canadian province and in Tennessee, Mississippi, Texas, Nevada and West Virginia.

The Riverport Lakes purchase is the firm's first in Missouri.

"We are aggressively looking for more properties throughout the United States, including in Missouri," Justin Klumak, Olymbec's director, said in a statement. …

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