Cushman & Wakefield represented L&B Realty Advisors in the $75.1 million sale of two buildings totaling 1.1 million square feet of industrial space at Gateway Commerce Center in St. Louis’s Metro East submarket.
Cushman & Wakefield Executive Managing Director James Carpenter, Executive Directors Mike Hanrahan and Ed Lampitt and Senior Director Elizabeth Given represented Dallas-based L&B in its sale with Plymouth REIT.
The fully leased portfolio is comprised of Gateway East 520 and Gateway East 624, both of which were developed in 2016 and offer tax abatements and other incentives. The properties are cross-dock configured and feature 32-foot and 36-foot clear heights, 185-foot truck court depths, two full concrete truck courts and ample loading. Additionally, both properties feature ESFR sprinkler systems, LED lighting and TPO roof with 15-year warranties.
Metro East is one of the leading submarkets in the Midwest for distribution and e-commerce. Over the past five years, the submarket has accounted for 24% of the St. Louis market’s net absorption, and vacancy has declined 50 basis points from year-end 2020 to 6.9%.