Vandivort owner adds to commercial portfolio

Buerge, co-owner of Trolley’s Downtown Bar & Grille and senior vice president at First National Bank in Springfield, closed May 25 on a purchase of the Chestnut Corners building, 2025 E. Chestnut Expressway.

Warren Davis Properties sold the building, home to several businesses including the Springfield offices of Amberg Entertainment, to Buerge’s AGB LLC. Neither party disclosed the cost of the transaction, but a deed filed with Greene County shows that Buerge’s company borrowed $1.48 million from Citibank for the purchase.

Warren Davis Properties has 11 properties for sale, according to the company’s Web site, and Kim Harrington, owner/member of Davis Property Management, said there wasn’t anything unusual about the Chestnut Corners transaction.

Michelle Cantrell of Carol Jones, Realtors represented Buerge in the purchase, while Larry Grover of CJR Commercial Realtors worked with Davis.

Buerge said the building is about 20 years old and in good shape, needing only minor work, such as re-striping the parking lot and small repairs to the building’s soffits.

Ted Amberg, owner of Amberg Entertainment, moved his company into the 9,000-square-foot anchor space at Chestnut Corners in 2005. He said the space has served his needs well.

“I’m delighted that he’s the new owner – he’s a good guy, and I knew him before the purchase,” Amberg said, adding that Buerge scheduled a June 14 get-together so building tenants could meet the new management. Other tenants include Two Men & A Truck and United American Insurance Co.

Building a portfolio

The Chestnut Corners purchase is part of a growing real estate portfolio for Buerge, who completed his purchase of the downtown Vandivort Center in July 2006.

Buerge said he wasn’t actively searching for property to purchase, but when a Realtor presented information about Chestnut Corners, the opportunity was too good to pass up.

“It’s about 26,000 square feet, and it’s almost 100 percent full,” Buerge said. “When I heard what (Davis) was asking for it, it made sense as an investment, and I approached Warren through his Realtors later that same day.”

Buerge formed AGB in 2004 and also owns a residential rental property and a piece of vacant land in Airport Plaza. The Vandivort Center, however, is the crown jewel of his commercial properties.

Remodeling work at the Vandivort is nearly finished, including renovation of the grand ballroom and upgrades to the building’s office space. Buerge said the building’s tenants seem to be happy with the changes; only five of the 48 spaces in the building are currently open.

“It’s a great space for downtown,” Buerge said of the Vandivort, “and downtown has been good to us too.”

Buerge’s land in Airport Plaza, on Kearney Street, is up for sale. He said he purchased to build a new location for First National Bank, but the bank found its South National Avenue site while waiting for the Kearney Street area to develop.[[In-content Ad]]