Summit Real Estate Group is pleased to announce that it has closed on a 14.35 acre industrial site, just west of St. Louis. The ground-up development project will be known as Crosstown Logistics Park and include a single multi-tenant warehouse building representing 244,000 square feet. A video introducing the project can be found here.
Crosstown Logistics Park will be located in Vinita Park, Missouri, in St. Louis’ Central County submarket. With a population of 733,343 within a 20-mile radius and a 5-minute drive time to St. Louis Lambert International Airport, the development offers ideal access and a far-reaching distribution network. The suburban infill location has immediate access to I-170 and is within 8 miles of I-64, 6.4 miles of I-270, and 2.8 miles of I-70. Accessibility is further enhanced by multiple points of car and truck access off Walton Road to the west and Chapin Industrial Drive to the east allowing optimal circulation.
The 32’ clear Class ‘A’ warehouse building will have a depth of 276’ and a 180’ truck court. Able to be demised into a four-tenant building, the project is designed to provide leasing flexibility and attract a broad spectrum of modern industrial users smaller than 100,000 square feet with needs for trailer parking, laydown yards, and/or outside storage. The building will be constructed with 26 docks with 35,000 lbs. mechanical levelers and knock out panels able to increase the dock count should a tenant require. The column spacing will be 52’ x 54’ with a 52’ x 60’ loading bay.
Summit anticipates starting construction Q1 2022 and delivering the building Q4 2022.
The project will be the beneficiary of tax abatement under the Chapter 353 program. Taxes will be frozen at the current tax basis for the next ten years, followed by a 50% abatement for years 11-25.