Commercial real estate investment and operating company Sealy & Company has acquired a 1,109,830 square-foot, cross-docked distribution warehouse from Panattoni Development Company in the St. Louis market for an undisclosed amount.
The transaction brings the company’s acquisition volume for 2020 to over $400 million.
”St. Louis’s industrial sector has and is expected to continue to be the highest performing property type in the market.”
Located at 3951 Lakeview Corporate Drive in the Metro East submarket, this Class A distribution warehouse facility lies within a 48-hour reach by truck to 70 percent of the U.S population and is only 500 miles from 33 percent of the U.S. population, thus allowing logistics companies to easily reach key destinations. The business park in which the property is positioned, Lakeview Commerce Center, is located adjacent to the I-255/I-270 interchange and benefits from close proximity to the Lambert-St. Louis International Airport, which provides uncongested interstate and air travel.
”In fact, in the midst of the ongoing COVID-19 crisis, St. Louis’s industrial sector has and is expected to continue to be the highest performing property type in the market,” said the company in a statement.
Currently, the St. Louis metro area contains approximately 200 million square feet of logistics product, accounting for roughly two-thirds of its overall industrial inventory. Neighboring industrial tenants include Amazon, Proctor & Gamble, Hershey, and Dial Corporation
The state-of-the-art building features 32’ clear height, 96 dock doors with knockouts for 40 future dock doors, 90 trailer stalls, ESFR sprinklers, 60’ x 50’ speed bays and 50’ x 50’ column spacing. The current tenant has expanded its presence in recent years within the Lakeview Commerce Center, and occupies three additional properties, one of which Sealy acquired in January of this year.
“The strong market dynamics of St. Louis are appealing to us and evidenced in the strength of this logistics hub throughout the pandemic. This tenant has demonstrated a long-term commitment to their significant presence in this submarket, and we are pleased to include this asset in our portfolio and achieve this milestone,” says Sealy & Company’s Chief Investment Officer, Scott Sealy, Jr.
The deal was brokered by Michael Caprile and Zach Graham of CBRE and Sealy’s Investment Services team, led by Scott Sealy, Jr., Jason Gandy, and Davis Gibbs.