ST. LOUIS—The St. Louis-area industrial economy has improved quite a bit in the past year. Owners have seen tenants’ demand for space increase, pushing down vacancy rates and even enticing several industrial developers to begin new construction projects. Investors have also taken notice. Chambers Street Properties, for example, a real estate investment trust in Princeton, NJ that acquires net leased industrial and office properties, has just purchased a 502,000-square-foot class A distribution warehouse in Sauget, on the Illinois side of the river, for $21 million. This was its first purchase in the St. Louis metro area.

The building, at 1659 Sauget Business Blvd. adjacent to the St. Louis Downtown Airport, was constructed in 2008 and is 100% net leased to two tenants, a manufacturer and distributor of medical supplies, and a contract manufacturer that also packages chemical products. The leases run through 2019 and 2020 and include annual rental increases of about 2%.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.