Six-investor deal spawns Chateau Office Village

Tom Rankin, principal and founder of commercial real estate firm Rankin Co. LLC, is teaming with attorneys Tim O’Reilly and Eric Jensen of O’Reilly and Jensen LLC, attorney Scott Montgomery, Medical Consulting Group Inc. founder and principal Bill Rabourn and dentist Dr. Mark Massey on Chateau Office Village Condominiums.

The development comprises three free-standing buildings of about 9,000 square feet each that share a 2808 S. Ingram Mill Road address, just north of PFI Western Store.

Construction started in November, and Rankin, O’Reilly, Jensen, Montgomery and Rabourn plan to move into their new offices in June. Massey said he’s under lease for another few years at 4350 S. National and won’t move until the lease expires.

All parties are currently leasing and decided to move because they want more space and ownership. O’Reilly bought the 2.8-acre parcel through Sunshine Office Complex LLC for $675,000 from James J. Morris of JM & PH Investment LLC. The five businessmen have split up the development condominium style.

Location was a big factor in the acquisition, too.

“The Battlefield (Road)/(Highway) 65 area has become very desirable,” real estate agent Rankin said.

He considers the area one of the Top 5 business locations in town and said that the opportunity to build in the area is basically gone.

“I see it as an area that grew quickly,” he said. “Five years ago, you could have bought all the ground over there you wanted, but all the sudden it’s all spoken for.”

Rankin said the land between Highway 65 and Glenstone Avenue is nearly fully developed.

Rarities, he said, are two one-acre commercial lots he’s listing for Warren Davis Properties LLC for $595,000 and $695,000 on the northwest corner of Battlefield Road and Lone Pine Avenue. Davis is developing a high-end residential community called Davis Ridge Estates just north of the lots.

Rankin will share one building with the three attorneys. He said he and seven employees will occupy 3,600 square feet while O’Reilly said that he, partner Jensen and independent attorney Montgomery will take 5,800 square feet.

O’Reilly said he and Rankin had been shopping the south-side real estate market for some time when they came across the lots.

“It was our last chance to get in that area,” O’Reilly said.

Rankin also said the site’s proximity to Highway 65 and Battlefield Road allows easy access to all of Springfield.

Rabourn said the newness and quality of surrounding buildings make the neighborhood “very much appealing.”

Rabourn said he’s paying $1.4 million to construct his building. The price of the other buildings were undisclosed, but all three designs are similar.

Rabourn said Morelock-Ross Builders is contracting the job with Slone Architects Inc. handling architecture and interior design.

Great River Engineering performed surveying work, and Crocker Consulting Engineers handling mechanical engineering. Rankin brokered the deals.

Rankin’s current address is 3022 S. National Ave.; O’Reilly, Jensen and Montgomery are at 3432 S. Culpepper Court; and Medical Consulting Group is at 3050 S. Delaware Ave.

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