EDWARDSVILLLE – Developer TriStar Properties has sold two mega-cube distribution centers completed earlier this year at Gateway Commerce Center to L&B Realty Advisors of Dallas, Texas.
The sales price was $64 million.
The buildings total 1.14 million square feet and occupy a combined 99 acres of land. Each is 100 percent leased to an international third-party logistics firm, GEODIS and DB Schenker.
Bobby Klucker, director of development for TriStar, said PCCP, LLC, a national real estate finance and investment management concern, teamed with TriStar to develop the buildings at Gateway, a nationally prominent 2,300-acre logistics and bulk distribution park located in Edwardsville and Pontoon Beach. The sold properties are in the Edwardsville portion of the park.
The sale is the largest industrial property transaction in the metro St. Louis market in 2017, stated Ed Lampitt, SIOR, CCIM, and managing director of the St. Louis office of Cushman Wakefield, the leasing agent for Gateway.
New spec distribution center coming January 2018
Klucker added that his company and PCCP are currently targeting January 2018 for the completion of a new $26 million speculative distribution center at Gateway. Called Gateway East 594, the 593,940-square-foot cross-docked facility has 36-foot clear-height ceilings, 570 feet of depth, 66 dock doors and two drive-in doors. Expandable to roughly 1,000,000 square feet, it is being built on a 54-acre site and represents the fifth distribution facility jointly developed by TriStar and PCCP at Gateway.
“With 18 bulk buildings containing nearly 13 million square feet under roof, Gateway’s development team continues to adhere to a proactive philosophy that anticipates the need of major consumer goods companies for efficient, expandable bulk space configurations,” said Lampitt.
In addition to GEODIS and DB Schenker, Gateway tenants include Amazon, Dial Corp., GENCO ATC, The Hershey Company, Ozburn-Hessey Logistics, Proctor & Gamble, Save-A-Lot, Saddle Creek Logistics Services, Schneider National, Unilever, USF Logistics, Walgreens and Yazaki of North America.
Founded in 1996, TriStar Properties is a nationally recognized real estate developer. Typically operating through affiliated joint ventures or partnerships, its activity log includes sale or development transactions involving more than 5,000 acres of commercial and residential land; apartment complexes; 1.5 million square feet of office space; 1.2 million square feet of retail space; and several million square feet of industrial/distribution space.
PCCP, LLC is a real estate finance and investment management company that focuses on commercial real estate debt and equity investments. With offices in New York, San Francisco and Los Angeles, it has approximately $6 billion in assets under management on behalf of institutional investors.
Since its inception in 1998, PCCP has successfully raised, invested and managed approximately $10 billion of institutional capital through private equity funds, separate accounts and joint ventures. Learn more about PCCP at www.pccpllc.com.
— The Illinois Business Journal