Tulsa, Oklahoma, July 10, 2019 – Stan Johnson Company, one of the nation’s premier net lease brokerage firms, has completed the sale of Cassens Business Center, a multi-tenant industrial property in Fenton, Missouri – a suburb of St. Louis. The 132,279-square-foot warehouse, located at 2391 Cassens Drive, was fully leased at the time of sale to two large national credit tenants and a regional company.
The property was sold by Green Street St. Louis on June 11, 2019. The Missouri-based developer was represented by Stan Johnson Company’s Zach Harris and Brad Pepin.
“Strong credit anchor tenancy, coupled with the net lease expense structure, strategic industrial location, and the high quality of the extensive recent building renovations were all factors that combined to make this property an attractive investment target for the out-of-state buyer,” said Harris, Director in Stan Johnson Company’s Tulsa office.
The property was purchased for $14.0 million by RCRL LLC, an individual investor based in Teaneck, New Jersey. The transaction’s cap rate was not disclosed.
“The property is located in a dense industrial submarket in Fenton, near the intersection of Interstates 44 and 270, making it an ideal location in the St. Louis market,” added Harris. “The developer purchased this property in 2016 and the property underwent an extensive redevelopment and renovation. All three tenants signed new leases to relocate to this facility from other locations.”