Deal for new library located at 2201 S. Brentwood Blvd. closed July 31, 2024
Brentwood, MO (August 13, 2024) – Hal Ball, Hilliker Corporation Senior Vice President, Principal, represented Brentwood Public Library (BPL) in the sale of a $3.2 million property that closed July 31, 2024, for its new location at 2201 S. Brentwood Blvd., Brentwood, MO 63144.
Construction for the new library will occur from March 2025 – June 2026, with a tentative opening planned for June 2026. The new location has an existing building that is 10,000 square-feet with 70+ parking spaces. The library will remodel the building at the new location and increase the space to 15,000 square feet. The current Library is located at 8765 Eulalie Ave. and is 7,000 square-feet.
Gina Gibbons, BPL Director, said that the library launched an expansion/renewal project in 2023 with the goal to provide more space for community programs, meeting spaces, technology services, and adult and youth materials at a new facility in the heart of Brentwood.
BPL requested $8 million to support the purchase, renovation, expansion and operation of the new facility. The library planned on financing the project with a tax levy increase, which required a public vote in April 2024 for Proposition L. that was approved by voters. The increase was to pay off the debt service on the certificates of participation as well as to provide the library with more operating funds for its increased costs in a building twice its current size.
With voter approval, the funds will be generated through the sale of certificates of participation, which have since been sold, and paid back over a maximum 25-year term. The $8 million amount includes approximately $3.2 million for the purchase of the building with the remainder supporting renovation, construction and increased operating costs. The library will also apply $1 million to the project.
In October 2023, Gibbons contacted Ball for assistance to represent BPL in the purchase of a new location, which was formerly owned by Retina Institute. After confirming this property was the best available option for the library's goals, Ball spent a month negotiating with the Sellers resulting in agreed to price of $3.2 million that was originally listed for $3.7 million.
Gibbons said, "Hal was a joy to work with and a true professional. He skillfully led us through the entire complicated process and calmly solved numerous surprises that arose. Thanks to Hal's efforts we now own our dream property and cannot wait to complete the project and serve the citizens of Brentwood as well as the entire St. Louis community."
To learn more about the deal, provided is a link to the August 2, 2024, St. Louis Business Journal article written by Gloria Lloyd, https://www.bizjournals.com/stlouis/news/2024/08/08/new-building-brentwood-public-library-upgrade.html.
About Hilliker Corporation:
The Entrepreneur’s choice for commercial real estate services in the St. Louis region. Hilliker guides business owners through their needs at each stage of the business life cycle. Since 1985, Hilliker Corporation has brokered more than 10,000 transactions including sales and leases of industrial, office, institutional, retail and investment properties. To learn more, please call, (314) 781-0001.