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Gateway Commerce Center

TriStar Properties & World Wide Technology Team on Gateway Commerce Center in Edwardsville, Ill.

in Companies/News

Two New Buildings to Total 2.025 Million SF in Largest Industrial Lease Transaction in St. Louis History

Developer TriStar Properties and tenant World Wide Technology (WWT) have announced plans to team on the creation of a 176-acre campus valued at more than $115 million at Gateway Commerce Center, a nationally prominent 2,300-acre logistics and bulk distribution park located outside Edwardsville, Ill.

Founded in 1990, privately held WWT is an international technology solution provider with $10.4 billion in annual revenue and more than 4,600 employees. With headquarters in St. Louis, the minority business enterprise (MBE) operates more than 70 offices worldwide.

The lease calls for TriStar to develop two equally sized buildings totaling 2.025 million square feet, supported by parking for nearly 2,000 vehicles. It is believed that the WWT lease is the largest industrial property transaction executed in the history of metro St. Louis.

The deal, inked March 9, 2018, represents the culmination of a seven-month competition involving many of the top commercial developers in the St. Louis market said Bobby Klucker, director of development for TriStar. “What tipped the scales in our favor was our ability to provide a campus environment that is expandable by 1.4 million square feet and that has direct access to an interstate highway interchange. There was also a high level of confidence in the ability of TriStar and its construction partners and vendors to complete the one-million-plus square foot buildings on an extremely aggressive construction schedule.”

Work will begin later this month on WWT’s first building, a Technology Center devoted to the production and assembly of technology equipment. It is to be completed in April 2019. A Logistics Center, for product storage and distribution, is to be completed in August 2019.

Both buildings will be formed from tilt-up concrete panels and have 36-foot clear-height ceilings plus dock doors and truck courts.

Long-time partner, PCCP, LLC, a national real estate finance and investment management concern based in Los Angeles, Calif., is teaming with TriStar on the WWT project. The buildings will be the sixth and seventh joint-ventured by the duo.

Michael Towerman, co-founder and president of TriStar, noted that “with 18 bulk buildings containing nearly 13 million square feet under roof, we continue to be pro-active in producing distribution space that anticipates the need of major consumer goods companies for efficient, expandable bulk space configurations.”

Currently offered at the development is newly completed Gateway East 594, a 593,940-square-foot cross-docked facility with 36’ clear-height ceilings, 570 feet of depth, 66 dock doors and two drive-in doors. Standing on a 54-acre site, it is expandable to roughly 1 million square feet.

In addition to WWT, Gateway tenants include AmazonDial Corp., GENCO ATC, GEODIS, The Hershey CompanyOzburn-Hessey LogisticsProctor & GambleSave-A-LotSaddle Creek Logistics Services, DB Schenker, Schneider NationalUnileverUSF Logistics,Walgreens and Yazaki of North America.

Founded in 1996, TriStar Properties is a nationally recognized real estate developer. Typically operating through affiliated joint ventures or partnerships, its activity log includes sale or development transactions involving more than 5,000 acres of commercial and residential land; apartment complexes; 1.5 million square feet of office space; 1.2 million square feet of retail space; and several million square feet of industrial/distribution space.

PCCP, LLC is a real estate finance and investment management company that focuses on commercial real estate debt and equity investments. With offices in New York, San Francisco and Los Angeles, it has approximately $6 billion in assets under management on behalf of institutional investors.

Since its inception in 1998, PCCP has successfully raised, invested and managed approximately $10 billion of institutional capital through private equity funds, separate accounts and joint ventures. Learn more about PCCP at www.pccpllc.com.

TriStar Properties Sells Two New Distribution Centers Totaling 1.14 Million Square Feet for $64 Million At Gateway Commerce Center in Edwardsville, Ill.

in Companies/News

Developer TriStar Properties has sold two mega-cube distribution centers completed earlier this year at Gateway Commerce Center to L&B Realty Advisors of Dallas, Texas. The buildings total 1.14 million square feet and occupy a combined 99 acres of land. Each is 100% leased to an international third-party logistics firm, GEODIS and DB Schenker. The sales price was $64 million.

Bobby Klucker, director of development for TriStar, said PCCP, LLC, a national real estate finance and investment management concern, teamed with TriStar to develop the buildings at Gateway, a nationally prominent 2,300-acre logistics and bulk distribution park located outside Edwardsville, Ill.

The sale is the largest industrial property transaction in the metro St. Louis market in 2017 stated Ed Lampitt, SIOR, CCIM, and managing director of the St. Louis office of Cushman Wakefield, the leasing agent for Gateway.

New Spec Distribution Center Coming January 2018

Klucker added that his company and PCCP are currently targeting January, 2018 for the completion of a new $26 million speculative distribution center at Gateway. Called Gateway East 594, the 593,940-square-foot cross-docked facility has 36’ clear-height ceilings, 570 feet of depth, 66 dock doors and two drive-in doors.  Expandable to roughly 1,000,000 square feet, it is being built on a 54-acre site and represents the fifth distribution facility jointly developed by TriStar and PCCP at Gateway.

“With 18 bulk buildings containing nearly 13 million square feet under roof, Gateway’s development team continues to adhere to a proactive philosophy that anticipates the need of major consumer goods companies for efficient, expandable bulk space configurations,” said Lampitt.

In addition to GEODIS and DB Schenker, Gateway tenants include Amazon, Dial Corp., GENCO ATC, The Hershey Company, Ozburn-Hessey Logistics, Proctor & Gamble, Save-A-Lot, Saddle Creek Logistics Services, Schneider National, Unilever, USF Logistics, Walgreens and Yazaki of North America.

Founded in 1996, TriStar Properties is a nationally recognized real estate developer. 

PCCP, LLC is a real estate finance and investment management company that focuses on commercial real estate debt and equity investments.

 

TriStar Begins $26 Million, 593,940SF Spec Warehouse at Gateway Commerce Center, Edwardsville, Ill.

in Companies/News

Project Emerging on 54-Acre Site

TriStar Properties has begun speculative development of a new 593,940-square-foot mega-cube distribution center at Gateway Commerce Center, a 2,300-acre logistics and bulk distribution park outside Edwardsville, Ill. Teaming with TriStar to fund the $26 million venture is PCCP, LLC a national real estate finance and investment management company.

The new building, Gateway East 594, is a tilt-up concrete cross-docked facility with 36’ clear-height ceilings, 570 feet of depth and 66 dock doors plus two drive-in doors. Taking shape on a 54-acre site, the building is expandable to approximately 1,000,000 square feet.

The 594 building will be available for occupancy in January, 2018 according to Ed Lampitt, SIOR, CCIM and managing director of the St. Louis office of Cushman Wakefield, the exclusive leasing agent for Gateway.

“Gateway Commerce Center is widely acknowledged as one of the leading distribution parks in the Midwest. With 18 bulk buildings containing nearly 13 million square feet under roof, Gateway’s development team is demonstrating its proactive approach in anticipating the needs of expansion-minded companies for efficient, expandable bulk space configurations,” noted Lampitt.

TRiSTAR-PCCP Joint Venture

Gateway East 594 will be the fifth distribution facility jointly developed by TriStar and PCCP at Gateway.  The partners recently completed two previously launched buildings totaling 1,144,000 square feet, all of which has been leased. Another recent endeavor, a $36 million, 717,060-square-foot distribution center on a 56-acre site, is now occupied by retail giant Amazon.

In addition to Amazon, Gateway tenants include Dial Corp., GENCO ATC, GEODIS, The Hershey Company, Ozburn-Hessey Logistics, Proctor & Gamble, Save-A-Lot, Saddle Creek Logistics Services, D.B. Schenker Logistics, DB Schenker, Schneider National, Unilever, USF Logistics, Walgreens and Yazaki of North America.

Joining TriStar on the 594 project are Contegra Construction, general contractor; Gray Design Group, architect; and Stock & Associates Consulting Engineers, Inc.; civil engineer.

Founded in 1996, TriStar Properties is a nationally recognized real estate developer. Typically operating through affiliated joint ventures or partnerships, its activity log includes sale or development transactions involving more than 5,000 acres of commercial and residential land; apartment complexes; 1.5 million square feet of office space; 1.2 million square feet of retail space; and several million square feet of industrial/distribution space.

PCCP, LLC is a real estate finance and investment management company that focuses on commercial real estate debt and equity investments. With offices in New York, San Francisco and Los Angeles, it has approximately $6 billion in assets under management on behalf of institutional investors.

Since its inception in 1998, PCCP has successfully raised, invested and managed approximately $10 billion of institutional capital through private equity funds, separate accounts and joint ventures. Learn more about PCCP at www.pccpllc.com (http://www.pccpllc.com) .

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