ST. PETERS, MO-Duke Realty Corp. wants to sell land and attract leases to its portion of the 835-acre, $750-million Premier370 business park. The company has hired Gateway Commercial to market 505 acres of the park south of Highway 370, where it expects to invest more than $450 million in creating six million sf of industrial/distribution space. The company already is building a 200,000-sf spec building to handle new demand.
Duke and Gundaker Commercial Group partnered to buy the farmland from the city in April 2006. Gundaker's portion of the land is north of Highway 370. The city is developing a 300-acre recreational park next to the land, called Lakeside 370.
The land is in the natural path of industrial park growth emanating west from St. Louis County, says Patrick Reilly, senior director of Gateway. "Demand has been good so far," Reilly tells GlobeSt.com. "Our market is the national and global big business park users, it's designed to compete with larger distribution parks all over the country. We've had initial interest through site selection consultants. It takes a while for that stuff to gestate."
Reilly says his company is more looking for a buyer for various pieces of property within the park, but that Gateway will also help find tenants for the spec building. The current Duke portfolio in greater St. Louis includes more than 7.7 million sf of office, industrial and retail commercial real estate either owned, managed and under development, such as the 138,000-sf Safety National Casualty Corp. office headquarters in Maryland Heights.
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