More Spec Buildings Underway at Gateway Commerce
Date Posted: February 17, 2016
Posted In: Projects,
From St. Louis Post-Dispatch: TriStar Properties is building again at Gateway Commerce Center, where work is underway on two distribution centers with more than 1 million square feet.
Both buildings will be built on spec, meaning that TriStar has yet to obtain tenants. Teamed with TriStar to fund the projects with a combined cost of $49 million is PCCP LLC, a Los Angeles-based real estate finance and investment management company.
One of the structures, Gateway East 618, will have 618,450 square feet on a 53-acre site. The second building, Gateway East 513, will put 513,760 square feet under roof on a 46-acre site. Each building could be expanded later to have more than 1 million square feet, TriStar said.
Michael Towerman, president of Earth City-based TriStar, said the distribution centers should produce at least 500 jobs once they’re up and running.
The 618 building will be ready for occupancy in late summer with the 513 building being ready for tenants this fall, said Ed Lampitt, managing director of the St. Louis office of Cushman & Wakefield, the leasing agent.
“Our rationale in beginning a pair of buildings simultaneously is to cut a broad swath in the marketplace,” Lampitt said in a statement. “We want to offer prospective national tenants a choice — and an excellent match — in their pursuit of highly efficient and expandable bulk space configurations.”