ST. LOUIS — Five St. Louis buildings are part of a 10-building, 2.9 million-square-foot Midwest industrial portfolio sold by Transwestern Investment Group last week to take advantage of demand among investors for high-performing industrial sites.
The properties, which were 100% leased, were sold July 21 for an undisclosed price to Stockbridge Capital Group, a private equity firm based in San Francisco. The sites sold range from 125,000 to 706,000 square feet and were located in Missouri, Indiana and Ohio, with two buildings in Indianapolis and three in Columbus, Ohio.
The St. Louis sites were:
St. Louis, Indianapolis and Columbus are important e-commerce markets experiencing low industrial vacancy, positive net absorption and year-over-year rent growth, Transwestern said in a news release. Among the 24 tenants across the properties, the weighted average lease term is 3.23 years, and the rents in place are roughly 8% below current market rates.