Secondary Metros Bringing in Big Investments

Now occupied by GEODIS, a global 3PL, this is just one of five buildings developed by Tri-Star and PCCP at Gateway Commerce Center in Edwardsville, IL.

ST. LOUIS—The US industrial sector has entered a golden age, and investors have become eager to buy up class A properties in both core and secondary markets. Developer TriStar Properties has sold two mega-cube distribution centers it completed earlier this year at Gateway Commerce Center in Edwardsville, IL, to Dallas-based L&B Realty Advisors. The buildings total 1.14 million square feet and occupy a combined 99 acres of land. GEODIS and DB Schenker, both international 3PLs, each recently agreed to lease one of the new structures. The sales price was $64 million.

PCCP, LLC, a national real estate finance and investment management concern, teamed up with TriStar to develop the buildings at Gateway, a 2,300-acre logistics and bulk distribution park located across the Mississippi River from St. Louis in the Metro East submarket. Gateway now has around 13 million square feet, and has become one of the most coveted industrial sites in the Midwest.