Developer TriStar Properties has sold two mega-cube distribution centers completed earlier this year at Gateway Commerce Center in the St. Louis market to L&B Realty Advisors of Dallas, Texas.
The buildings, located in the park in Edwardsville, Illinois, total 1.14 million square feet, and occupy a combined 99 acres of land. Each is 100-percent leased to an international third-party logistics firm, GEODIS and DB Schenker. The sales price was $64 million.
Bobby Klucker, director of development for TriStar, said PCCP, LLC, a national real estate finance and investment management concern, teamed with TriStar to develop the buildings at Gateway, a nationally prominent 2,300-acre logistics and bulk distribution park located outside Edwardsville, Ill.
The sale is the largest industrial property transaction in the metro St. Louis market in 2017 stated Ed Lampitt, SIOR, CCIM, and managing director of the St. Louis office of Cushman Wakefield, the leasing agent for Gateway.