Lincoln Property Buys MO Industrial Portfolio
- Nov 21, 2018
Lincoln Property Co. has acquired the STL Logistics Portfolio in Hazelwood, Mo., for $49.2 million. Newmark Knight Frank completed the sale on behalf of the previous owner, Colony Realty Partners.
The portfolio comprises eight buildings within two adjacent industrial parks: Lambert Pointe Business Center and McDonnell Pointe Business Center. Lambert Pointe features six assets totaling 624,116 square feet and McDonnell Pointe includes two properties totaling 115,640 square feet. All the building are fully leased to 21 tenants, anchored by Monsanto, Aesculap, Ryder, Access and Buckeye International. The facilities are within close proximity to Interstate 270 and St. Louis Lambert International Airport.
NKF’s Capital Markets team of Co-Head of U.S. Capital Markets Robert Griffin, Vice Chairman Edward Maher, Executive Managing Director Matthew Pullen and Managing Director James Tribble, worked alongside NKF Managing Director Jay Kerley and Block Hawley President Jeffrey Hawley, to close the deal.
“Located just 20 miles northwest of St. Louis, the STL Logistics Portfolio benefits from an exceptional ‘last-mile’ distribution location,” Pullen said in a prepared statement. “The assets comprise the exact type of infill, multi-tenant distribution facilities that are highly sought after in today’s marketplace for their high quality, flexible design and modern infrastructure.”
Last week, Lincoln Property Co. Southeast and Crow Holdings Capital Real Estate broke ground on Factory Shoals Distribution Center, in Lithia Springs, Ga., a 251,466-square-foot speculative warehouse and distribution facility.
Image courtesy of Newmark Knight Frank