Kraft already leases a 530,937-sf facility in the industrial park, which will go on the market when St. Louis-based Clayco Construction Co. finishes work on the new building. San Antonio, TX-based USAA Real Estate will market the property, as well as making improvements to it before it goes up for sale.
Meanwhile, Prime Group acting chairman Stephen Nardi says during a conference call Wednesday, shortly after the groundbreaking here, that the 50 remaining acres are being actively marketed by the REIT's sales team. The land near Interstate 88 and the Orchard Road interchange could accommodate another 700,000 sf of industrial space, he adds.
Prime Group also is developing a 350,000-sf auto parts distribution center for Hyundai in the industrial park.
Although no cost figures were revealed, estimates based on other industrial projects in the market would place the Kraft project in the neighborhood of $30 million.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.