Boston — Newmark Knight Frank (NKF) has completed the sale of the STL Logistics Portfolio in Hazelwood, Missouri to Lincoln Property Company for $49.2 million.
On behalf of the Boston-based Colony Realty Partners team, Vice Chairman Edward Maher, Executive Managing Director Matthew Pullen and Managing Director James Tribble of NKF’s Capital Markets team, which is led by Co-Head of U.S. Capital Markets Robert Griffin, oversaw the transaction of the eight-building industrial portfolio in conjunction with NKF Managing Director Jay Kerley and Block Hawley President Jeffrey Hawley.
The STL Logistics Portfolio comprises two adjacent industrial parks: Lambert Pointe Business Center, which includes six buildings totaling 624,116 square feet, and McDonnell Pointe Business Center, which includes two buildings totaling 115,640 square feet. The assets are presently 100 percent leased to a diverse 21-tenant roster anchored by Monsanto, Access, Aesculap, Buckeye International and Ryder.
“Located just 20 miles northwest of St. Louis, the STL Logistics Portfolio benefits from an exceptional ‘last-mile’ distribution location,” said Pullen. “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.”
The properties within the STL Logistics Portfolio are strategically situated immediately off Interstate 270 and adjacent to the St. Louis Lambert International Airport with convenient proximity to St. Louis’ extensive rail and port infrastructure. This established industrial location is home to more than 1,000 businesses, including bioMérieux, Boeing, GKN Aerospace, IBM, TAGG Logistics and the United States Postal Service.