A St. Louis-based investment firm has purchased a 13,500-square-foot strip mall in Chesterfield that soon will be home to a new Mercy Health family medicine and urgent care center.
Mase LLC, which owns two other properties in Chesterfield, bought the building at 17701 Edison Ave. for $2.7 million from G.H.H. Investments LLC. Mercy Health signed a five-year lease with Mase to occupy the property’s prominent space, according to Will Aschinger, Hilliker Corp. vice president of sales principal, who represented Mase in the acquisition. Mercy will move into the former spot of home furnishings company Ooh La La, which closed last summer.
“As we do with any new location, Mercy looked at population statistics and saw the Chesterfield community’s growth made it a good fit,” Donn Sorensen, president of Mercy’s Eastern Missouri region, said.
The facility will be Mercy’s 11th urgent care center in the St. Louis area. A 10th location at its Olive-Mason building at 12680 Olive Blvd. will open in April.
The expansion of Mercy’s urgent care facilities reflects a burgeoning national trend. Urgent care is one of health care’s fastest growing segments, according to a November report by IBISWorld, and is $16 billion industry.
Once Mercy Health opens the family medicine and urgent care center on Edison Avenue in late summer, the facility will compete against two St. Luke’s Urgent Care centers and one Total Access Urgent Care facility that are located within a 10-mile radius. An After Hours Pediatric Urgent Care facility also is located nearby.
Mercy Hospital, located at 615 S. New Ballas Road, is 11 miles away.
The strip mall on Edison Avenue is 87 percent occupied, and a 1,770-square-foot space is available for lease, according to Aschinger.
Mase bought the property because of its corner location at Edison and Long, Aschinger said, and its proximity to Chesterfield Towne Center.
According to a release, Mase’s purchase is part of 1031 reverse exchange transaction, which began with 7874 Veterans Memorial Parkway. Mase bought 3900 Lemay Ferry Road in South County for $2.3 million, then sold and reverse exchanged the Veterans Memorial Parkway property for $7 million. It then purchased the Edison Avenue property.
Steph Kukuljan, Reporter
St. Louis Business Journal