The buyers acquired the property as part of a 1031 exchange, Dolan says. "They liked the tenant and they were looking for a newly constructed industrial property," he says. The build-to-suit building, which was completed in April, is located in the Gateway Commerce Center and is fully leased by Turner Electric Co. The tenant, a wholly-owned subsidiary of Actuant Corp., manufactures high-voltage switch gear. The company has a 12-year lease for the building, Dolan says.
Dolan and Zane Whiteley, with the St. Louis office of Marcus & Millichap, represented Sovereign Investments in the sales transaction. Joe Linkogle, with the Long Beach office of Marcus and Millichap, represented the buyers in the transaction.
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