University Offers Tech-Flex Land for $27M

ST. CHARLES COUNTY, MO-The University of Missouri is divesting seven parcels of land at a $27.2 million price tag, in the 700-acre Missouri Research Park. The school owns the park through its Office of Economic Development and Research Parks, whose mission is to support economic growth in the state. The university supports 10 of the parks throughout the state.

About 96 vacant acres are offered for sale for $6.50 per square foot, from 1.7 acres to a 50-acre site, and can be bought together or separately. The sites can also be leased, says John Langa with Jones Lang LaSalle. Langa and Kurt Little with the company’s Chicago branch are representing the university. About half of the parcels are ready to go, Langa says.

He tells GlobeSt.com that the park, with 1.5 million square feet occupied in 16 buildings along Interstate 64, is mostly filled with owner-occupied office, flex and industrial users. “It’s not a typical multifamily park,” Langa says. About 17 tenants occupy 180 acres of the park, including Bank of America, the Federal Aviation Administration, Westar Aerospace and Wachovia Securities.

Langa says the St. Charles market is one of the fastest growing in the state in the past two decades, and has also seen added amenities and a new I-64 interchange, but “like anywhere else, the St. Charles market is slower than two years ago.”