CRG Completes Sale of NorthPark Logistics Facility in St. Louis to Founders Properties LLCApril 2, 2021
CRG, the real estate development and investment arm of Chicago-based Clayco, formally announced the sale of NorthPark Distribution Center I, a 537,753-square-foot distribution facility located in the NorthPark business park in St. Louis.
The sale to Minneapolis-based Founders Properties LLC was brokered by CBRE Capital Markets. The facility, a speculative warehouse developed in a joint venture between CRG and American Realty Advisors, is now fully leased to CIRX 360 Logistics and a Fortune 100 consumer food products company.
“This was the first purely speculative industrial property we developed after we launched our national expansion four years ago,” said Chris McKee, chief development officer for CRG. “Our firm took root in St. Louis, so this project has significance for us, and we are proud to have quickly grown our integrated platform into an enterprise that serves clients all across the United States. St. Louis is a thriving gateway industrial market and this state-of-the-art facility offers both tenants all the specifications required for today’s major logistics users.”
NorthPark is a 550-acre premier business park located just east of St. Louis Lambert International Airport and surrounded by three major interstates serving the Greater St. Louis area and region. The business park is currently home to Express Scripts Headquarters, SKF, Schnuck’s Markets’ Distribution Center and Hilton Garden Inn Hotel.
“This is a premium location and a best-in-class asset for Founders Properties,” said Jake McDonald, director of asset management for CRG. “Projects here benefit from access to each of the interstates, foreign trade zone status, real estate tax abatement and other assistance through the Missouri Super TIF program. This was a victory for all parties involved.”
The warehouse features 32-foot clear heights; 50-foot by 57-foot column spacing; 94 dock doors; five drive-in doors; LED lighting; early suppression fast response (ESFR) fire sprinkler system; above standard auto and trailer parking, including facilities for electric vehicle charging; and extensive bioretention basins for environmentally safe and sustainable storm water treatment.
The sale is the fourth recent industrial asset disposition for CRG, which sold The Cubes at DuPont in Seattle on Dec. 28, 2020 to Duke Realty; a 1,002,150-square-foot e-commerce warehouse at The Cubes at Bridgeport in Coweta County, Georgia on Sept. 25, 2020 to KKR; and The Cubes at Troutdale, a 350,000 speculative warehouse in Portland, Ore. on July 17, 2020 to KKR.
This project was a product of CRG’s integrated platform with Clayco, who served as general contractor, while subsidiary Lamar Johnson Collaborative operated as architect for the project. Clayco company Concrete Strategies executed flatwork and tilt-up concrete for the development.
The CBRE Capital Markets team that brokered the sale of the transaction on behalf of CRG and ARA was led by Mike Caprile and Zach Graham.
“CRG has the most vertically integrated development platform in the country, and this project is the perfect example of that process,” said Shawn Clark, president of CRG. “Our individual companies work hand-in-hand to develop, design and build our projects, so we understand every aspect of what it takes to create state-of-the-art buildings that meet the needs of modern industrial users.”
CRG develops next generation logistics warehouses across the United States through its brand, The Cubes, which represents best-in-class logistics facilities created for today’s leading e-commerce and industrial users. The firm currently has an active pipeline of more than 25 industrial projects valued at more than $2 billion in high-barrier-to-entry logistics markets throughout the country.
CRG is a privately held real estate development firm that has developed more than 9,000 acres of land and delivered over 200 million square feet of commercial, industrial, institutional and multifamily assets exceeding $12 billion in value. CRG leverages a powerful North American platform with local market expertise and offices in Atlanta, Chicago, Columbus, Southern California, St. Louis and Philadelphia. CRG’s philosophy of developing for the future and anticipating the enhanced needs of next generation users led to the creation of its industrial brand, The Cubes, and its multifamily brand, Chapter. For more information, visit CRG’s website at realcrg.com.
About The Cubes:
The Cubes is a North American industrial brand owned and developed by CRG. The Cubes represents CRG’s philosophy of developing for the future and anticipating the enhanced needs of tomorrow’s modern industrial user. The Cubes are designed with an emphasis on sustainability, and implement state-of-the-art specifications, including maximum clear heights, dock doors and trailer storage to keep pace with the shift to consumer-centric logistic strategies. The Cubes are located on strategic sites that take into consideration both logistics and labor supply, always with the end user in mind.
About American Realty Advisors:
American Realty Advisors (“ARA”), headquartered in Los Angeles, CA, is a private equity real estate investment manager working on behalf of institutional capital and has over $10.0 billion in assets under management. Through a series of offerings of core, core-plus, and value-add strategies which include equity, debt, preferred equity, mezzanine and hybrid debt, ARA invests in a wide range of opportunities in high-quality office, retail, industrial, multi-family, and other property types throughout the United States.
More information regarding ARA can be found at aracapital.com.