Stan Johnson Company, one of commercial real estate’s leading investment sales brokerage firms, has completed the sale of a single-tenant industrial service facility in St Louis, Missouri. Located at 420 East Carrie Avenue, the 56,021-square-foot property is fully occupied by CSTK (Central States Thermo King, Inc.). Zach Harris and Brad Pepin of Stan Johnson Company represented the seller, Green Street St Louis, a developer based in Clayton, Missouri. The facility was purchased by a subsidiary of Global Net Lease, Inc., a publicly traded REIT headquartered in New York City, for $12.5 million.
“Investor demand has been increasingly strong for these types of net lease industrial service facilities with sizable outside storage and parking components,” said Harris, Director in Stan Johnson Company’s Tulsa, Oklahoma office. “The buyer was attracted to the long-term net lease and the quality of the improvements, and they fully understood just how critical this facility is for the tenant – now, and into the future.”
CSTK is a solutions provider for transportation companies, fleets, owner operators, and other vehicle/heavy equipment users. The build-to-suit property serves as CSTK’s regional headquarters and was constructed in 2015 on 17 acres with approximately 10 acres of paved outdoor storage and trailer parking. At the time of sale, there were more than 10 years remaining on the original lease.