The CBRE St. Louis Industrial team recently completed two difficult assignments. A 300,000-square-foot lease at the Prescott building and a 213,000-square-foot lease for XPO Logistics filled spaces that had long sat on the market.
The nine-year-old Prescott building had never had a long-term lease with a tenant in that 300,000 square foot space, only month-to-month deals. XPO Logistics filled a vacancy at Park 370 that spent over a year on the market. The deals showcased the team’s versatility in tenant and landlord representation in the market.
The industrial broker team of Jon Hinds, Katie Haywood, and Will Mura, which was created last year, represented the tenant, XPO Logistics, in their lease at Park 370 and the landlord, Exeter Property Group, in a lease with Fairfield Processing Corporation at the Prescott Building.
At the Prescott building, once a tenant with a specific square foot requirement was identified, the team went to work proving to potential tenants that the owner was ready and willing to make an economic deal that would be compelling.
“Filling the vacancy at the Prescott building required aggressiveness and a keen understanding of the tenant’s drivers,” said Hinds. “We worked diligently to prove past the perceived challenges of this location and that it was worthwhile to explore a leasehold at this building.”
Representing a tenant, the team was tasked with finding a strategic location for XPO Logistics.
“Connecting XPO to their new space required leveraging the entire market,” said Haywood. “Location and functionality were the deciding factors in this search and Park 370 delivered on those requirements.”
According to CBRE research, logistics has been by far the largest driver of industrial demand in the Midwest, accounting for 42% of total space leased in 2016.
