MISSOURI VALLEY GLASS SALE LEASEBACK (SAINT CHARLES, MO)
By downloading the Marketing Package (“Offering Memorandum”) you hereby agree to the CONFIDENTIALITY AND BUYER REGISTRATION AGREEMENT.
• 30,240-Square-Foot Industrial Office Warehouse Situated on 3.04 Acres
• Features 18’ Clear Heights, Four Dock-High Doors, and Three Grade-Level Doors
• Property Features Over 5k Square Feet of Fenced in Outside Storage
• Newly Paved Parking Lot Finished in the Summer of 2020
• New 10-Year Lease With Missouri Valley Glass, Commercial Glass and Glazing Contractor Since 1986
• Ease of Access With Close Proximity to Hwy 370 and I-70 to the South
• 3.3% Vacancy Rate for Flex Properties in the St. Charles Industrial Submarket
• St. Charles has Seen an Increase in Large Industrial Developments Including an Amazon Fulfillment Center
Marcus & Millichap is pleased to present the opportunity to acquire the property located at 3080-3088 Elm Point Industrial Drive in Saint Charles, Missouri leased to Missouri Valley Glass. The subject property consists of approximately 30,240 square feet of space and is situated on 3.04 acres of land. The asset features 18’ clear heights, four dock-high doors, three grade-level doors, and over 5,000 square feet of fenced-in outside storage. The property’s newly paved parking lot was finished in the Summer of 2020. Missouri Valley Glass, a commercial glass and glazing contractor in business since 1986, is committed to a new, 10-year lease. There is ease of access to the subject property, with close proximity to Highway 370 and I-70 to the south. Saint Charles has seen an increase in large industrial developments including an Amazon fulfillment center, while still maintaining a 3.3 percent vacancy rate for flex properties.
St. Charles County is one of the fastest-growing industrial inventories in the metro and features well-positioned industrial fundamentals. Vacancies are below their historical average, and are forecast to increase slightly by year end 2020. Absorption has outpaced new supply mid-way through the year, as impacts from the coronavirus have not been overly detrimental to most industrial types. However, absorption should be more muted for the remainder of the year, as the reduction in the leasing in the first half of the year leads to fewer move-ins during the latter half. New supply is expected to be lighter in the remainder of 2020. Over 200,000 square feet has delivered thus far in 2020, and just over one million square feet is under construction. Rents continue to grow, and year-to-date growth through June was over 2 percent. This puts rent growth in 2020 well ahead of last year’s pace, although the forecast calls for rent growth to slow considerably by year-end. Investment volume has remained on par with last year’s totals, and the average price per square foot is above $60.
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.