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%.

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