(To read more on the industrial market, click here.)
ST. LOUIS-Locally based Bakers Footwear Group Inc. has signed an expansion on its 10-year lease with Clark Properties for an aggregate 196,200 sf at Union Seventy Center Business Park, 3901 Union Blvd. The facility serves as the company's base of warehouse and distribution operations.
With immediate consumer response to a new footwear catalogue, coupled with seasonal sales increases, Bakers execs say the company needed more space. In February, the retailer relocated from 107,000 sf to a 145,200-sf suite within the same building, however, the company still required additional room. The solution was to add another 51,000 sf to the existing space.
Wayne Weidemann, vice president of Clark Properties, tells GlobeSt.com that the space adjacent to Bakers' suite was available, allowing for the expansion. Although the space Bakers left vacant earlier in the year is still available, Weidemann says Clark Properties is "in the process of marketing, and we've had a couple of good showings." The facility is between 85% and 90% leased.
With rates continuing to rise with the compression of industrial inventory, Weidemann says square footage at Union Seventy Center is 5% to 10% higher than other parks. Union Seventy Center is located along Interstate 70, approximately six miles east of Lambert-St. Louis International Airport and seven miles northwest of Downtown St. Louis. The park comprises 1.6 million sf of warehouse and office space, with a tenant roster that includes Pepsi-Cola, Smurfit-Stone and Save-A-Lot.
Bakers Footwear Group currently operates 238 stores in 36 states. In addition to the Bakers brand, Bakers stores also offer Steve Madden, bebe, Diesel, Restricted, Rocket Dog and Skechers brands.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
