According to the St. Louis Business Journal, the unremarkable office building at 7700 Clayton Road in Richmond Heights will soon get a makeover in appearance and use.
From the Business Journal:
Bamboo Equity Partners, a local real estate investment firm, has acquired a Clayton office building near the busy intersection of Hanley and Clayton roads.
Bamboo bought the property, which appears as two buildings connected in the center at 7700 Clayton Road, for $4.4 million from Pioneer I LLC, a business entity tied to Chesterfield-based real estate agent Lu Chai-Pei. Bamboo, through a business entity called 7700 Clayton LLC, raised $1.39 million of equity from investors to help finance the transaction, according to documents filed with the Securities and Exchange Commission.
The 52,000-square-foot building, according to St. Louis County real estate records, has an appraised value of $3.8 million.
Dan Dokovic, principal at Bamboo, said Bamboo plans to invest approximately $3 million in the property and rehabilitate it into a boutique office development with micro-suites.
“The concept will be similar to what we’ve seen in Cortex,” Dokovic said, referring to the Cambridge Innovation Center, which offers small offices that share functions such as internet, phone concierge and other amenities. “It will be micro-suites that you can’t really find anywhere else in Clayton.”