REDICO Focuses on the Midwest

ST. LOUIS—REDICO, a national real estate company, just acquired six buildings that form part of the giant CityPlace campus in suburban Creve Coeur, about 17 miles outside of downtown St. Louis. The acquisition includes nearly 900,000-square-feet of class A office and retail. REDICO officials tell GlobeSt.com that the move represents a shift away from a national focus, which brought their Southfield, MI-based company into stiff competition with institutional investors in many coastal markets, and toward a greater presence in the Midwest.

REDICO is not alone in making these moves into secondary markets. The high prices and lower yields now associated with the top coastal regions have also pushed foreign investors to begin buying in cities like Detroit and Nashville, GlobeSt.com has reported.