Transwestern Investment Group Sells 500K-SF Warehouse in St. Louis
Disposition of last asset in 2.5 million square-foot Midwest industrial portfolio
Transwestern Investment Group sold 28 Gateway Commerce Center, a 500,000-square-foot, Class A cross-dock warehouse in Edwardsville, Illinois on behalf of its discretionary investment fund, Transwestern Strategic Partners Fund II. The property was fully leased to Walgreens.com, Inc. at the time of sale.
TIG acquired the property in 2017 as a part of a 2.5-million-square-foot industrial portfolio, marking the first investment by TSP Fund II. With the completion of this transaction, the portfolio is now fully liquidated.
The company sees St. Louis as an increasingly important e-commerce market. In the third quarter of 2022, the industrial real estate sector experienced annual rent growth of more than 13 percent and posted an overall vacancy of just 3.5 percent, according to Transwestern research.
Caitlin Clinton and Josh McArtor from Eastdil Secured represented TIG in the transaction.