X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

ST. LOUIS-Locally based Bianco Properties has purchased the Trade Center III Distribution Center for $14.2 million from Principal Life Insurance Co. The 320,000-sf building is in the 1,200-acre Earth City business park, which has six million sf of office and industrial properties.

The company was glad to get a property close to home, says Daniel Wolk, VP and director of acquisitions for Bianco. He says the firm’s purchases have been out of town recently, including a two-building industrial warehouse buy from First Industrial Realty Trust in Indianapolis at the end of 2007. “This St. Louis property is a great buy, it’s just to the north of Interstate 70 and close to the airport, and it’s right in our backyard,” Wolk tells GlobeSt.com.

The building is 100% leased by tenants such as Best Buy and American TV and Appliance. Wolk says he can’t comment on the exact lease terms, but that market rents in the neighborhood are at about $3.75 to $4.25 per sf, triple net. Wolk says. Paul Hilton and Mike Hanrahan with Colliers Turley Martin Tucker represented the seller in the transaction.

Bianco also owns Riverline Campus, a 280,000-sf, multi-tenant industrial campus just down the road from Earth City. “It’s a six-building property, with flex and office warehouse buildings, and one larger bulk building. We’ve been there since 1990, and have continued to look for opportunities in the area,” Wolk says.

He says the company plans to hang onto the building long-term. “Industrial warehouse property in St. Louis is relatively stable, it’s not experiencing some of the extremes that some of the other markets such as Florida and Detroit are experiencing,”

His firm has acquired more than one million sf of retail, industrial and land valued at more than $65 million since 2006, including 11 shopping centers and three industrial campuses. The company also owns 1,375 apartment units in seven complexes, in areas such as Seattle, St. Louis, Indianapolis, Dallas and Tulsa, OK.

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
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

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 © 2020 ALM Media Properties, LLC. All Rights Reserved.