CRG, the real estate development and investment arm of Chicago-based Clayco, negotiated the sale of NorthPark Distribution Center I, a 537,753-square-foot distribution facility in the NorthPark business park in St. Louis.
The sale to Minneapolis-based Founders Properties LLC was brokered by CBRE Capital Markets. The facility, a speculative warehouse developed in a joint venture between CRG and American Realty Advisors, is now fully leased to CIRX 360 Logistics and a Fortune 100 consumer food products company.
NorthPark is a 550-acre business park located just east of St. Louis Lambert International Airport and surrounded by three major interstates serving the Greater St. Louis area and region. The business park is currently home to Express Scripts Headquarters, SKF, Schnuck’s Markets’ Distribution Center and Hilton Garden Inn Hotel.
The warehouse features 32-foot clear heights; 50-foot by 57-foot column spacing; 94 dock doors; five drive-in doors; LED lighting; early suppression fast response (ESFR) fire sprinkler system; above standard auto and trailer parking, including facilities for electric vehicle charging; and extensive bioretention basins for environmentally safe and sustainable storm water treatment.
The sale is the fourth recent industrial asset disposition for CRG, which sold The Cubes at DuPont in Seattle on Dec. 28, 2020, to Duke Realty; a 1,002,150-square-foot e-commerce warehouse at The Cubes at Bridgeport in Coweta County, Georgia on Sept. 25, 2020, to KKR; and The Cubes at Troutdale, a 350,000-square-foot speculative warehouse in Portland, Oregon, on July 17, 2020, to KKR.
This project was a product of CRG’s integrated platform with Clayco, which served as general contractor, while subsidiary Lamar Johnson Collaborative operated as architect for the project. Clayco company Concrete Strategies executed flatwork and tilt-up concrete for the development.
The CBRE Capital Markets team that brokered the sale of the transaction on behalf of CRG and ARA was led by MikeCaprile and Zach Graham.