Project marks first Class A industrial development in the area in 30 years
TriStar Properties announced construction has begun on the first two buildings in Westport Commerce Center, a new 1.3 million-sq.-ft. master planned industrial park in West St. Louis County. The two 194,480-sq.-ft. buildings — the first of six buildings planned for the park — are located at 15737 River Valley Drive in Maryland Heights, Missouri, just two minutes from Highways 141 and 364 and seven minutes from Interstates 270 and 70.
Westport Commerce Center is the first major Class A development in the Westport area in more than 30 years, according to David Branding, managing director for commercial real estate firm JLL and leasing agent for the property. The project is located within minutes of the Metro’s two largest populations — in St. Louis and St. Charles counties. Nearly 60 percent of the combined populations of those counties live within 12 miles of the development. The location is strategic — it is well-positioned geographically to serve as a central distribution point for the entire St. Louis Metro area.
“The location of this development is significant,” said Branding. “It sits at the nexus of St. Louis and St. Charles counties, which have a combined total population of 2+ million people. With the growing popularity of online sales and the demand for final mile delivery services, it’s exactly where industrial tenants want to be.”
Michael Towerman, principal of TriStar Properties, said, Westport Commerce Center is the result of more than four years of effort to find the right land for this type of construction. “We recognized a void for last mile distribution in the St. Louis metropolitan area, specifically in close proximity to the Page and 141 interchange, so we went in search of the ideal location. Westport is the epicenter of the market, and this development is as close as you can get to center for a project of this magnitude.”
The Westport project will add to an estimated 3 million square feet of industrial space currently under construction in the region. Industrial vacancy is at a historic low in the region, and the reopening of the post-COVID economy is resulting in increased demand for warehouse space, according to JLL research (link to Q2 industrial report).
The development offers the first 10-year real estate tax abatement in this submarket. Average taxes are estimated at $0.06/sq. ft.— a possible savings of more than $1 million over a 10-year occupancy, compared to other Westport properties (based on a 70,000-sq.-ft. lease).
TriStar Properties, founded in 1996, has developed numerous large business parks and multifamily communities, including Gateway Commerce Center in suburban St. Louis. Gateway Commerce Center has become a submarket of its own, now containing over 16 million sf of modern warehouses. Recently, TriStar completed a two million square foot build-to-suit global technology center for World Wide Technologies. TriStar’s current projects span virtually all real estate asset classes. More information can be found at www.tristarproperties.com.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 91,000 as of March 31, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.