Economic Development Agency Taps Broker to Shop West County Incubator

By on November 30, 2018

From St. Louis Business Journal:  St. Louis Economic Development Partnership has tapped Stephen Jacquemin of Sperry Commercial Global Affiliates to market its Chesterfield business incubator.

Jacquemin was selected to list the building and handle brokerage services in September after the Partnership issued a request for proposals. Documents obtained through an open records request revealed Jacquemin won out against some of the top commercial real estate firms in the region: CBRE, Cushman & Wakefield, Colliers, NAI DESCO, Sansone Group, Gershman Commercial Real Estate, Hilliker Corp. and Avison St. Louis.

The Class B building, at 743 Spirit 40 Park Drive, comprises nearly 37,000 square feet of office space and is listed for $3.8 million. Though it features a clunky layout with multiple users, its visibility along Interstate 64 in Chesterfield and the chance to work with the Partnership made it an enticing listing, said some of the firms involved with the bids.

The listing contract between Jacquemin and the Partnership goes to June 30 with an option for a six-month extension. The Partnership won’t pay for Jacquemin’s costs to market the building, and the broker’s commission is set at a typical 5 percent, the contract showed.

The Partnership has owned and operated the incubator since its inception about 20 years ago following the flood of 1993. The organization decided to sell the building, which is about a third occupied, due to newer incubators and startup communities such as T-REX and Cortex as well as the strong market conditions in Chesterfield.

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