1950-1968 CRAIG ROAD (SAINT LOUIS, MO)
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• 1950-1968 Craig Road is Positioned on a Corner Lot Allowing for Ease of Access
• Located Less than One Mile East of Interstate 270
• Within a Short 10-Minute Drive to Saint Louis Lambert International Airport
• Lower Vacancy Rates Led to 3.6% Rent Growth YTD
• 10% Vacancy Allows for Upside in Leasing Vacant Space
• Current Ownership Leased Two Vacant Suites in Under Five Months
Marcus & Millichap is pleased to present the opportunity to acquire the property located at 1950-1968 Craig Road in Saint Louis, Missouri. The subject property consists of approximately 40,970 square feet of space (39,065 rentable square feet) and is situated on 3 acres of land. The asset features masonry construction, 150 free parking spaces, and is zoned M1. Positioned on a corner lot allowing for ease of access, the subject property is located less than a mile to the east of Interstate 270. and is a short 10-minute drive to Saint Louis Lambert International Airport.
Lower vacancy rates in the Westport Industrial Submarket led to 3.6 percent rent growth YTD. The 10 percent vacancy of the subject property allows for upside in leasing the vacant space. Current ownership of the subject property leased two vacant suites in under five months. The Westport Industrial Submarket has experienced growing/stable market rents with a vacancy rate of 4.5 percent at end of year 2019, lower than the 5.2 percent vacancy for St. Louis as a whole. The subject asset is well maintained and has had good historical occupancy, despite an older build.
The St. Louis metro is near the geographic center of the United States, within 500 miles of one-third of the U.S. population, and has more than 2.9 million residents. The metro encompasses the city of St. Louis; the Missouri counties of St. Charles, Jefferson, Franklin, St. Louis, Lincoln, Warren and Washington; and the Illinois counties of Madison, St. Clair, Macoupin, Clinton, Monroe, Jersey, Bond and Calhoun. St. Louis is the most populous county with 1 million people. The city of St. Louis, which is located at the confluence of the Mississippi and Missouri rivers, is the only city in the metro with a population of more than 300,000 citizens. As Saint Louis continues to be a desirable industrial market for investors, a recent report ranked Saint Louis as the tenth industrial market to watch in 2019.