Commercial real estate investment services firm Marcus & Millichap has announced the sale of ICL North America Inc., a 26,894-square-foot industrial property located at 373 Marshall Ave. in Webster Groves.

Adam Abushagur, first vice president of investments with Marcus & Millichap, and Tyler Sharp, an associate, listed the property to market on behalf of the seller, a private investor, officials said. The two secured the buyer, also a private investor.

“We designed a marketing campaign and executed using the Marcus & Millichap platform,” Sharp said in a statement. “As a result, we were able to secure a South Carolina buyer and closed two weeks prior to the original closing date.”

The property is situated on 3.93 acres of land and was built in 2005. The property was expanded in 2016, officials said.

“The asset sold at a high price per foot and a long lease with a publicly traded tenant in place, which helped the buyer’s basis risks, given the strong tenant,” Abushagur said in a statement.

Crevo Capital, an Edwardsville-based private real estate firm, acquired the building for $9 million in 2016, according to previous Business Journal reports.

Crevo bought the building, which serves as a technical center for Israeli Chemicals Limited (ICL) Performance Products, from OP Partners, a business entity with an organizer listed as David Spewak, a Clayton attorney with Wittner Spewak Maylack. ICL is a global manufacturer of products based on specialty minerals in agriculture, food and engineered materials markets.

In December 2017, Israel Chemicals Ltd. sold its St. Louis-based fire safety and oil additives business units to the SK Capital private equity firm for about $1 billion, according to previous Business Journal reports.

 

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2019-12-27T17:58:30+00:00