11022 Manchester
Office
18,534 square ft.
Project Overview
In January 2024, Bamboo acquired 11022 Manchester Road, an 18,534 SF retail property situated on 1.36 acres in a high-visibility corridor of St. Louis. At acquisition, the building was 100% occupied by a long-term tenant paying below-market rent.
Intelica, led by broker Ed Backer, managed the acquisition and strategic planning, with the goal of either renewing the tenant at a higher rate or leasing/selling to a new user.Within just 11 months, the asset was sold for $2.85 million, resulting in a 19.43% IRR and a 1.16x equity multiple.
The Challenge
The business plan was centered on stabilizing the asset by negotiating a renewal with the existing tenant at market-rate rent. However, the tenant ultimately decided to pursue ownership elsewhere, which left the property vacant and required a significant shift in strategy. The unexpected vacancy posed a risk to timeline and projected returns.
100%
Occupancy at Acquisition
0%
Occupancy at Disposition
Solution
11022 Manchester Road
Intelica quickly adapted by bringing the property to market, targeting both investors and owner-users. Leveraging the asset’s strong location and clean condition, the team was able to generate interest quickly and navigate a competitive sales process. The property sold in November 2024 for $2.85 million, an increase of nearly $500,000 from the original purchase price, despite having 0% occupancy at the time of sale. The successful disposition ahead of schedule demonstrated Bamboo and Intelica’s ability to pivot strategies and deliver results in a dynamic market.