ST. LOUIS — A New York City-based real estate investment trust has bought an industrial facility in the North Riverfront neighborhood in the city for $12.5 million.
It's believed to be the highest selling industrial property so far this year in the St. Louis city submarket, according to data complied from Reonomy.
The 56,021-square-foot property at 420 E. Carrie Ave. is solely occupied by CSTK, a transportation and heavy equipment solutions provider. The seller, Clayton-based Green Street, built the facility for CSTK in 2015 on 17 acres with about 10 acres of paved outdoor storage and trailer parking. CSTK has about 10 years left on the lease, according to a release.
Zach Harris and Brad Pepin of Stan Johnson Co. represented Greet Street in the transaction with the buyer, a subsidiary of Global Net Lease Inc. (NYSE: GNL).
"Investor demand has been increasingly strong for these types of net lease industrial service facilities with sizable outside storage and parking components,” Harris said in a statement. “The buyer was attracted to the long-term net lease and the quality of the improvements, and they fully understood just how critical this facility is for the tenant.”
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