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| Jim Galovan |
San Francisco, CA, July 16, 2014 – PCCP, LLC
announced today it has formed a joint venture with TriStar Properties to
acquire 45 acres of land for the development of a 673,000-square-foot
industrial building in Pontoon Beach, IL, a Metro East submarket of
greater St. Louis, MO.
Development of the Class A industrial
warehouse building will commence immediately.
The building will include a 32’ clear height, cross-docks, 172 trailer
spaces, up to 264 car parking spaces, and an ESFR system. Anticipated
completion is slated for February 2015.
The site is within Gateway Commerce Center,
a fully leased, 2,000-acre industrial park that includes major tenants such as
P&G, Hershey’s and Unilever.
“PCCP sees this as a solid development
opportunity with TriStar Properties, who is the master-developer of Gateway
Commerce Center,” said Jim Galovan, managing director with PCCP, LLC.
“The demand for large space requirements outweighs the availability in this
market, and we believe this quality project will lease up quickly either to a
single tenant or several users.”
Gateway Commerce Center is the submarket’s
prime industrial park as it offers ease of access to road, rail, and water
transportation.
It is situated on the loop of 270/255, which provides access to
the entire St. Louis metro area and connects easily with four major
interstates, which include I-70, I-55, I-44 and I-64.
Over the past four years, the St. Louis
industrial market fundamentals have been improving.
The market includes approximately
234 million square feet and less than 10 availabilities larger than 100,000
square feet. The industrial market has proved to be a viable alternative to
Chicago as St. Louis is less congested, has lower taxes, and offers favorable
logistical access.
For a complete copy of the company’s
news release, please contact:
Darcie Giacchetto
Spaulding Thompson & Associates
949.278.6224
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