CRG, the real estate development arm of Clayco, is building on spec a $30 million warehouse at the NorthPark business park in St. Louis County.
The company said Monday that NorthPark Distribution Center 1 will be completed in December. JLL is marketing the 537,753-square-foot building to potential tenants. American Realty Advisors is investing in the ownership with CRG, Clayco said.
NorthPark Distribution Center 1 will have 32-foot ceilings, 105 dock doors and LED warehouse lighting.
“We are encouraged by the continued strong market in North County,” Chris McKee, CRG's president, said in a statement. “The addition of this warehouse adds to NorthPark’s appeal as a blend of urban accessibility and suburban amenities for the occupants.”
Express Scripts, Schnuck’s and SKF are among the business park's tenants.
The St. Louis industrial market is in an upward cycle. Available industrial real estate in the region has fallen by nearly half from its post-recession peak of 16 percent, according to a recent report from real estate firm CBRE.
As a result, spec building is on the rise. CRG's NorthPark project is among several large speculative warehouse and industrial buildings under construction.
The business news you need
With a weekly newsletter looking back at local history.