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Former Roberts Tower, Lofts at Old Post Office Plaza sold

Former Roberts Tower, Lofts at Old Post Office Plaza sold

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Two apartment buildings located at downtown’s Old Post Office Plaza have changed hands.

Strategic Properties of North America, with offices in Lakewood, N.J., and Chicago, has acquired the Tower at OPOP on Eighth Street and the Lofts at OPOP on Locust Street from Chicago-based UrbanStreet Group.

UrbanStreet bought the buildings from St. Louis developers Michael and Steven Roberts, whose local business empire crumbled in the wake of the financial crisis. The recent sale of the apartment buildings is the latest UrbanStreet divestment of former Roberts brothers property.

The Robertses built the tower with plans for luxury condos but were unable to fill out the building shell. UrbanStreet bought the 25-story glass-and-concrete tower in 2012 and finished it with 128 apartments.

UrbanStreet also purchased the 53-unit Lofts at OPOP, formerly the St. Louis School Board building, which the Robertses had redone as lofts.

UrbanStreet also purchased the now-closed Orpheum Theater and former Mayfair Hotel. They sold the Orpheum late last year to a religious group and the hotel in late 2013 to a Denver hospitality group that redid it as a Magnolia Hotel in 2014.

Matt Bukhshtaber, an executive vice president at commercial real estate firm CBRE, represented UrbanStreet. The sale price was $35 million, the St. Louis Business Journal reported.

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