Assignment – Meridian Brentwood 2020-07-09T17:21:19+00:00

ST, LOUIS, MO

MERIDIAN BRENTWOOD

  • PROPERTY TYPE  Class A, Mixed-use Healthcare Campus, Office and Retail
  • YEAR BUILT 2003-2008
  • NUMBER OF BUILDINGS 7
  • NOI $6,624,320
  • TOTAL NET RENTABLE AREA 424,823 SF
  • PERCENT LEASED 100%
  • TOTAL LAND AREA 12.3 Acres
  • NUMBER OF TENANTS 16
  • PARKING 2,478 Spaces (5.8/1,000 SF)
OFFERING MEMORANDUM

INVESTMENT SUMMARY

The Chetek Group of Marcus and Millichap is pleased to exclusively offer for sale the Meridian at Brentwood, a Class A mixed-use mission critical Barnes-Jewish Healthcare campus in St. Louis, Missouri. Built between 2003 and 2008, the property spans 424,823 square feet on a 12.3-acre lot. The Meridian at Brentwood is 100% leased, with 85% of net operating income derived from investment grade tenants. The property has a mix of office and retail tenants, including BJC HealthCare, Best Buy, Bed Bath & Beyond, and TIAA Bank with a favorable parking ratio of 5.8/1,000 square feet.

LISTING HIGHLIGHTS

Property is 100% leased to 16 tenants in 7 buildings.

Diverse mixed-use asset with 66% office space and 33% retail space.

Built in 3 phases between 2003and 2008, with 85% of NOI derived from investment grade tenants.

Year 1 NOI of $6,624,320 with a weighted lease term remaining of 6 years as of 7/1/2020.

According to Placer.ai, this Best Buy has the 2nd highest foot traffic in the
state and 1st within a 30-mile radius. The Best Buy occupies 45,000 square feet (11%) and is on its 3rd renewal option.

Bed Bath & Beyond occupies 37,000 square feet (9%) and underwent a $2M buildout with an initial signed 12- year lease term through 2031.

TIAA Bank occupies 20,000 square feet (5%) and added 21 new employees in 2016.

BJC HealthCare, St. Louis’s largest employer, occupies 255,617 square feet in 5 of 7 buildings (60%). Anchored by BJC’s corporate division headquarters with 1,100+ full-time employees.

BJC has critical operations at the site including Information Technology, Risk Management, Human Resources, Supply Chain, Telemetry (24/7), Corporate Communications, Center for Clinical Excellence, and Planning, Design, & Construction.

OFFERING MEMORANDUM