Zeigler and Thomas Homco, with Lee and Associates' St. Louisoffice, represented Panattoni in the transaction. Ryan Keiser, withthe Dallas office of CB Richard Ellis, and Tim Convy with the St.Louis office of CB Richard Ellis, represented the tenant. The dealis one of the largest industrial transactions in the St. Louissubmarket so far this year. The transaction amount was notdisclosed but the value of the property is estimated at betweenapproximately $30 million and $31.5 million, based on other recentinvestment sales in the area, Zeigler tells GlobeSt.com.

World Wide occupies a 513,000-sf facility in an adjacentbusiness park, Zeigler says. "They really could not easily expand,"he says. The company was also able to obtain more incentives at theIII building, he says. The new 700,000-sf cross-dock distributionfacility will have a 32-foot clear height and trailer storage. Thebuilding will have about 10,000 sf of office space with the rest ofthe space used for warehousing, distribution and technologyintegration.

The building is in an enterprise zone with a 10-year taxabatement program, in addition to other state incentives, Zeiglersays. The asking lease rate was $3.35 per sf, triple net, he says.The operating expenses are between 35 cents and 40 cents per sf,compared to buildings in the St. Louis area where they are between$1.20 and $2 per sf, Zeigler tells GlobeSt.com. The facility isexpected to be complete by December. Gray Design is the architectfor the project and Regions Bank provided financing.