Westway III is in the 10-year-old, 2,300-acre Gateway CommerceCenter business park, which is spread across the city ofEdwardsville and the Village of Pontoon Beach, across the borderfrom St. Louis. The Trammell/Kennedy venture bought 400 acres inthe park in 2005, with an option to purchase up to 800 more acres,says Trammell principal Jim Didion. "The first tenant to locate inthe park was Dial Corp. in 1998, they came in with an 802,000-sfdistribution center, and that broke down the psychological barriersto major companies to lease here, now we have tenants such asUnilever, Hershey and OHL.

The venture had planned on building three facilities, fromWestway I to Westway III, Didion says. However, the plans changedto building Westway I as a spec building at 479,220 sf, andconstructing Westway III to be 578,967 sf, expandable to doublethat size. "We knew we were going to expand it, and when Proctor& Gamble needed to consolidate space it leases around the park,it was easy for us to pull the trigger. We anticipate having thebuilding ready for them by Dec. 1."

Didion says when Westway III is expanded, it will be worth about$30 million. Average lease rates for the park are between $3.35 to$3.50, triple net, "and most of those have a tax abatement programthat is 100% for the first seven years, then graduated out to 12years," he tells GlobeSt.com.