The three-story building is fully occupied by a manager ofpharmacy benefit plans. The build-to-suit facility was constructedfor $50 million by a venture of Clayco and Paric on the Universityof Missouri-St. Louis, on property adjacent to the 550-acrecorporate NorthPark development, another joint venture betweenClayco and McEagle Properties. The new building is on a 16-acreannex site to the $400-million NorthPark, a redevelopment of aformer residential community near Lambert InternationalAirport.

The property was specifically built for the company, which isexpected to employ 1,100 people at the facility. The company has a10-year lease on the building. Danny Prosky, managing director ofhealthcare properties, says Triple Net has been pursuing theproperty since August. "It's a great credit tenant, we couldn'tthink of anything we didn't like about it," Prosky "We also like the fact that it's on a universitycampus, those always tend to grow."

Prosky says he can't comment on if the purchase price was morethan the construction cost. However, he says the lease rate isclose to the area's market average of about $14 to $15 per sf. Thebuilding is a great purchase for the company, Prosky says."Healthcare is the single largest component of our national grossdomestic product, and it is expected to continue to grow as theAmerican population continues to expand, grow older and spend moreon medical care."

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