Effective June 9, 2020, Gershman Commercial Real Estate has been engaged to provide leasing and property management services for three multi-tenant flex office warehouse buildings in Maryland Heights. The buildings are located at 2300 Millpark Drive, 2145 Welsch Industrial Court and 11801 Adie Road, all near the intersection of Page Ave. and Schuetz Road in the Westport submarket. They will be re-branded as Westport Flex Center I, II and III.
Experienced local real estate investor Jon Serkes purchased the properties from the estate of the late Robert Bernstein, who passed way in November 2020. Mr. Bernstein had developed each of these properties through his long-standing real estate company, Robern, Inc. Underwriting and due diligence support were provided by the Gershman team. “Very well-located industrial property of this type is hard to find. I’m very happy we were able to move quickly to finalize a mutually agreeable transaction for all parties”, said Serkes.
Originally constructed in the late 1970s and early 1980s, the buildings’ occupancy rates had fallen to below 50%. A substantial capital improvement plan will be immediately implemented, which will include parking lot repairs, exterior updates, landscape enhancements, lighting upgrades, overhead door replacement and updated signage.
Gershman Commercial Real Estate will be offering available space ranging from 1,500 to 15,000 square feet of office and warehouse. The properties are well suited for small business owners, and the portfolio offers ample flexibility to support their future growth needs. “With Jon’s active ownership and the planned improvements, we are confident these properties will once again be very competitive in the Westport market”, said Christopher R. Fox, President & CEO of Gershman.