Founders Properties, L.L.C. announced the purchase of an industrial facility located in St. Louis, MO. The acquisition marks Founders Properties' first venture into Missouri, further boosting the geographic diversification of its joint venture fund.
“This recent acquisition amplifies our existing portfolio of investments located within key markets," said Chris Courneya, vice president of investments and acquisitions. “We are confident in the longevity and capability of this facility as it is located in a growing community with high standards of first-class, quality developments. We're pleased that this acquisition will help to set our investors and tenants up for success."
Totaling 537,753 square feet, the new construction Class A property leverages the current favorable industrial segment of the commercial real estate investment market. The speculative distribution facility is fully leased with multiple tenants and staggered lease expirations. The facility resides in NorthPark, a 550-acre diverse business park with office, retail and industrial space.
Founders was eager to acquire this property, late last year, both for the convenient, logistics-friendly location – offering easy access to Lambert-St. Louis International Airport and major highways I-70 and I-170 – and for its close proximity to the area's skilled labor pool.