STL Real Estate News

Tag - industrial real estate

St. Louis industrial construction continues

St. Louis industrial construction

ST LOUIS, MO/January 10, 2017 (STLRealEstate.News) The St. Louis industrial market is poised to have an historical comeback after decades of stagnated growth and industrial construction demand. As witnessed by many market players in the St. Louis economy at this time, “big bombers” – industrial facilities 500,000 square feet and larger – are coming out of the ground at record pace at this time. Even better, before these projects are completed, they are being leased and pre-leased at a record pace.

What is the reason for this sustainable industrial spur? Many attribute the new e-Commerce phenomenon with major players like Amazon taking nearly 1.5 million square feet in the Metro East submarket. The two major developments in this submarket are Gateway Commerce Center, developed by TriStar, and the adjacent Lakeview Commerce Center, developed by Panattoni.

In addition to Amazon, the Gateway Commerce Center contains a host of big box users such as P&G, Unilever, and Saddle Creek Corp. In neighboring Lakeview Commerce Center, Amazon occupies space along with World Wide Technologies, occupying 769,500 feet in the Center.

The overall vacancy rate in metro St. Louis dropped to 6.5 percent at the end of the third quarter this year. Absorption year-to-date has totaled more than 3.5 million square feet now, and the velocity of these developments has captured the attention of local, established St. Louis developers, as well as brand new names to the great region. The industrial construction has been nothing but good for St. Louis residents, whom now have thousands more jobs to peruse in 2017.

It’s important to note, not all development in the St. Louis market is speculative at this time. Boeing is completing a 367,000-square-foot expansion of its tooling center near the company’s north St. Louis County campus. All of this new construction by local, national, and international developers points to St. Louis as a serious contender in the rapidly expanding distribution center arena.

___

Contributing Editor: Alexandra R. Fasulo

___

Copyright 2016 K Amant, LLC d.b.a. STLRealEstate.News.  All rights reserved.  This material may not be published, broadcast, rewritten or redistributed.

NEW INDUSTRIAL BUILDING IN METRO EAST COMPLETELY LEASED

new industrial buidling

New industrial building in Metro East

ST. LOUIS, MO: (STLRealEstate.News) New Industrial Building – The industrial construction year for St. Louis just keeps growing. Coming in at a record high for the region in the last 20 years, St. Louis is the place to be for industrial developments, construction, and projects in 2016.  No different for the new 55,000-square-foot, $4.3 million industrial speculative building in the Metro East Region, officials reported this week that the building is almost completely leased, adding to a strong year for local industrial real estate.

Two prominent companies have come together to split leasing the entire building for their operations. AlienAds, a direct mail company from Collinsville, and Johnson Controls, the exclusive supplier of factory authorized service parts and residential accessories for all Johnson Controls products, this week announced they have combined to lease all but 5,000 square feet of the building.  The Maune Company, a well-known locally based commercial real estate firm, developed the building at 1607 Eastport Plaza Drive, in Collinsville.

This development is the third industrial building Maune has constructed in the Eastport Plaza business park.  They have stated another building is expected to be completed in the region in the future, but no timeless was disclosed.

The 55,000-square-foot building was a milestone project for Maune, as it was their first ground-up construction project (they are historically just interior tenant finishers).  The construction company completed the project ahead of schedule and under budget.

Also involved in the building’s completion, Stock & Associations was listed as the civil engineer for the project and Gray Design is the architect.  Enterprise Bank is the lender for the project, and BARBERMurphy is working alongside Maune to handle the leasing.

An impressive 7 million square feet of industrial real estate will come online this year in St. Louis, at an estimated cost of $350 million (according to JLL research).  It only sets to the stage for an impressive 2017.

Contributing Editor: Alexandra R. Fasulo