One of the largest construction projects in the St. Louis area is emerging from the ground with word that developer TriStar Properties has begun building a 176-acre build-to-suit campus for tenant World Wide Technology (WWT) at Gateway Commerce Center, a 2,300-acre logistics and bulk distribution park near Edwardsville, Ill. The completion value of the project, which is to yield two equally sized buildings totaling 2.025 million square feet plus parking for nearly 2,000 vehicles, is $115 million.
Privately held and St. Louis-based WWT is an international technology provider with $10.4 billion in annual revenue and 4,600-plus employees in more than 70 offices worldwide. Its lease at Gateway is believed to be the largest industrial property transaction ever executed in the metro St. Louis market.
WWT will devote one building to the production and assembly of technology equipment; the other to product storage and distribution. They are to be completed in April 2019 and August 2019 respectively.
General contractor Contegra Construction of Edwardsville, Ill. is building both structures and will erect the first tilt-up concrete panels in August 2018.
Both buildings will feature a thermoplastic polyolefin (TPO) roof and 36-foot clear height ceilings. The warehouse/distribution center will feature 90 dock doors, with cross docking capabilities. The tech center will feature 30 dock doors.
PCCP, LLC, a real estate finance and investment management firm based in Los Angeles, Calif., is partnering with TriStar on equity financing.
In addition to WWT, Gateway tenants include Amazon, Dial Corp., GENCO ATC, GEODIS, The Hershey Company, Ozburn-Hessey Logistics, Proctor & Gamble, Save-A-Lot, Saddle Creek Logistics Services, DB Schenker, Schneider National, Unilever, USF 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.