CPI Corp - Sale Leaseback in Downtown St. Louis Commercial Real Estate Experience
A leader in the portrait photography industry.
Location: St. Louis
Size: 270,000 SQ FT + 300 surface parking spaces
Since the opening of its first studio over 60 years ago, CPI Corp. has been a leader in the portrait photography industry. Headquartered in St. Louis, Missouri, CPI is the leading portrait studio operator in North America offering photography services in approximately 3,100 locations, principally in Sears and Wal-Mart stores.
In the summer of 2012 CPI Corp hired a Chicago-based consultant to evaluate sources of liquidity. King Realty Advisors helped CPI Corp sell its downtown St. Louis headquarters to a real estate investor familiar with the asset-type and sub-market. The investor purchased the CPI Corp real estate assets in 16 calendar days, providing an immediate cash infusion to CPI Corp. During those 16 days, King Realty Advisors worked with the new buyer/landlord and seller/tenant, CPI Corp, to structure a new 15 year lease for CPI Corp.
Three years later, King Realty Advisors's investor sold CPI's building and two of four parking lots for over $3,000,000 higher than which the properties were acquired.