TRiSTAR Properties has begun the development of two speculative distribution centers initially totaling 1.13 million square feet at Gateway Commerce Center, a 2,300-acre logistics and bulk distribution park outside Edwardsville, Illinois.
PCCP, LLC, a national real estate finance and investment management company, is teaming with TRiSTAR to fund the $49 million venture.
When leased, the buildings are projected to produce a minimum of 500 new jobs, according to TRiSTAR President, Michael Towerman. All told, an estimated 5,500 people currently work at Gateway.
One new structure, Gateway East 618, is being built on a 53-acre site and will span 618,450 square feet with 36′ clear-height ceilings. The cross-docked facility will be 570 feet deep with 68 dock doors and two drive-in doors. The other tilt-up concrete building, Gateway East 513, will host 513,760 square feet on a 46-acre site and be topped by a 32′ clear height ceiling. Also cross-docked, the building will be 520 feet deep with 58 dock doors and two drive-in doors. Each building is sited to be expandable to more than 1,000,000 square feet.
According to Ed Lampitt, SIOR, CCIM and managing director of the St. Louis office of Cushman Wakefield, the exclusive leasing agent for the Gateway venture, the 618 building is scheduled to be available for occupancy in late summer, 2016 with the 513 building tenant-ready later in the fall.
TRiSTAR’s St. Louis-based project team for the buildings include Contegra Construction, general contractor; Gray Design Group, architect; and Stock & Associates Consulting Engineers, Inc.; civil engineer.
