ST. LOUIS — Five St. Louis buildings are part of a 10-building, 2.9 million-square-foot Midwest industrial portfolio sold by Transwestern Investment Group last week to take advantage of demand among investors for high-performing industrial sites.
The properties, which were 100% leased, were sold July 21 for an undisclosed price to Stockbridge Capital Group, a private equity firm based in San Francisco. The sites sold range from 125,000 to 706,000 square feet and were located in Missouri, Indiana and Ohio, with two buildings in Indianapolis and three in Columbus, Ohio.
The St. Louis sites were:
- 1602-1620 Park 370 in Hazelwood
- 1010 Turner Blvd., St. Peters
- 1600 and 4774 Park 370, Hazelwood
- 1430 S. Third St., St. Louis
- 4702 Park 370, Hazelwood
Transwestern purchased four of the St. Louis properties that sold last week from Blackstone Group in 2017 for a combined purchase price of about $61 million. The properties at that time had an appraised value of more than $36 million. Of the properties, 1600 Park 370 is currently appraised for $6.63 million while 1602 Park 370 is appraised at $11.97 million and sold for $10.8 million in 2017, according to St. Louis County records. The industrial site at 4774 Park 370 also sold in 2017, for $16.64 million.
St. Louis, Indianapolis and Columbus are important e-commerce markets experiencing low industrial vacancy, positive net absorption and year-over-year rent growth, Transwestern said in a news release. Among the 24 tenants across the properties, the weighted average lease term is 3.23 years, and the rents in place are roughly 8% below current market rates.
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