An investor group led by Nelson Grumney, principal of Neland Investment Management, and Mark Nelson, principal of Nelson McBride Development, has purchased a portfolio of seven industrial buildings in St. Louis County for about $13 million from Prologis, an international industrial real estate firm based in San Francisco.
Ranging in size from 41,000 to 126,000 square feet and totaling 541,000 square feet, the office/warehouse, distribution and light-manufacturing buildings are located in the Earth City, Westport and Brown Campus industrial sub-markets of St. Louis County.
The acquisition is the fifth in which Grumney and Nelson have partnered since 2006. Their group of entrepreneurial investors is now initiating a deferred-maintenance upgrade program at the structures, which were built in the 1970s. The group intends to retain the portfolio as a long-term investment.
