St. Louis Business Center Changes Ownership

Green Street St. Louis acquired Cassens Business Center for $2.3 million in 2016 and completely renovated the property before selling it for $14 million with the assistance of Stan Johnson Co.
Cassens Business Center. Image courtesy of Stan Johnson Co.

Green Street St. Louis has completed the $14 million disposition of Cassens Business Center, a 132,279-square-foot industrial property in Fenton, Mo. A Teaneck, N.J.-based private investor acquired the facility, while Argentic provided acquisition financing, according to St. Louis County records.

Located at 2391 Cassens Drive, on a 10.7-acre site, the multi-tenant building was fully leased to two national credit firms and a regional company at the time of sale. Following Green Street St. Louis’ acquisition of Cassens Business Center in 2016, the then-owner launched a complete overhaul of the property. Per Yardi Matrix information, the asset previously traded for $2.3 million, or $16.02 per square foot.

The one-story facility features 22-foot minimum clear heights, eight docks, one drive-in, ESFR fire sprinklers, skylights and truck court. Additionally, there are 85 parking spaces on the premises and paved outside storage and trailer storage is also available. The business center is situated in a dense industrial area and provides access to interstates 44 and 270.

The Stan Johnson Co. team of Senior Director Brad Pepin and Director Zach Harris represented the Missouri-based seller in the deal. According to Stan Johnson Co. Managing Director Jeff Hughes, warehouse and distribution space is experiencing a pivotal shift, with e-commerce and last-mile logistics continuing to be huge drivers for the asset class.