A nationwide sale of industrial properties for nearly $1 billion included four in St. Louis County totaling 1 million square feet of space, real estate sources told the Business Journal.
Dallas-based Sealy Strategic Equity Partners sold 106 industrial buildings to DRA Advisors of New York for $908.5 million late last year. Sealy first disclosed the sale in December, though the company never identifed which buildings it sold. Sealy Strategic is the investment arm of Sealy & Co., a commercial real estate investment company that focuses mostly in industrial properties.
The local properties part of the deal are:
- 4301 Rider Trail N., Earth City (200,000 square feet)
- 4285 Rider Trail N., Earth City (170,000 square feet)
- 65 Corporate Woods Drive, Bridgeton (556,287 square feet)
- 2355 Ball Drive, Maryland Heights (130,131 square feet)
CBRE National Partners, including St. Louis-based Brian Bush, Katie Haywood and Jon Hinds, represented Sealy in the transaction. A spokesman for CBRE declined to comment.
Those four properties were sold for approximately $59 million, making it among the biggest transactions in the local industrial market in 2019, Colliers data showed.
2019 was a bounce back year for sales in the industrial market. St. Louis ended the year with about $166.7 million in industrial sales, up 72% year over year. However, the 2019 total was down significantly from previous years. In 2017 and 2016, sales reached $350 million and $341 million, respectively.
“We’ve had banner years leading up to ‘18 and ‘19. (But) by any stretch of the imagination, the fundamentals are still solid,” said Vince Bajardi, executive director of industrial services for Sansone Group. “We have great vacancy, absorption is healthy and development is still stellar.”
