ST. LOUIS – Photo portrait company CPI Corp., which has struggled financially, changed leadership and shuttered studios this year, has agreed to sell its downtown St. Louis headquarters for $3 million, the St. Louis Post–Dispatch reports.
American Milling, headed by David Jump, is buying the building, along with six other CPI properties.
Jump’s reputation in St. Louis is not quite untarnished. As the Post-Dispatch reports:
Jump gained notoriety in downtown development circles more than a decade ago, when he bought a string of then-empty buildings, mostly along Washington Avenue. Some were redeveloped by partners of his. Jump hung on to others until the market improved, then sold them for a hefty profit. His American Milling is a grain processor in Cahokia.
Last week, the Post-Dispatch reported that CPI had sought out investment banking firm Lazard Middle Market LLC to explore a possible sale of the company.