Panattoni Development Company, Inc. has started construction on a 769,500-square-foot speculative industrial building in the Lakeview Commerce Center in the St. Louis market. JLL is the leasing agent for the building.
The construction is a sign of continued health in the St. Louis market and a demand for new distribution space. The building is expandable to 1.3 million square feet and includes 36-foot clear ceiling heights. The building will also include a 10-year tax abatement, which ultimately results in lower operating costs.
JLL’s Terry Stieve, managing director of industrial services, and Katie Haywood, vice president, are representing ownership in the development. Kadean Construction will be the general contractor, and the design team will include HDA Architects, Alper Audi and Clayton Engineering.
There currently are three buildings in the park, totalling 2.6 million square feet. Tenants in the park include Spectrum Brands, World Wide Technology, OHL and JF Electric.
“Lakeview Commerce Center has been a strong performer and continues to showcase the dominant position Panattoni has in this market,” Stieve said, in a statement. “In this newest spec building they’ll be leveraging the strength of the market—with no vacancy and an absence of competitive properties—and developing a state-of-the-art facility that is in great demand by today’s warehouse and distribution users.”
Building completion is expected by year-end.
