CRG Wraps Up $425M in Sales With St. Louis Disposition

The Cubes at Inland 85 – Building C. Image courtesy of CRG

CRG has closed a string of industrial dispositions totaling more than 4.5 million square feet to PRP Real Estate Investment Management with the sale of the 278,670-square-foot 8850 Springdale Ave. in St. Louis. The buyer paid a combined $425.2 million for the five fully leased assets located in Birmingham, Ala.;  Houston; Greeneville-Spartanburg, S.C.; and St. Louis.

The transaction marks the largest multi-property disposition for CRG as of yet. To finance the acquisition, the buyer secured a $282.8 million loan from Bank of America, public records show.

The Net Lease Group facilitated the deal, with a team led by Managing Principal Esmael Hill and including Co-founder & Managing Principal Philip Wickstrom, Senior Directors Rick Ross and Mark Lewensohn, and Investment Analyst Ross Wood.

The Amazon-occupied Class A industrial complex in St. Louis traded for $71.2 million. The single-tenant, built-to-suit facility located on more than 42 acres at 8850 Springdale Ave. came online in 2021, according to CommercialEdge data. The deal included a second property in the St. Louis metro—a 141,360-square-foot facility in St. Peters, Mo., also leased to Amazon. PRP paid $43.1 million for that asset i.

The seller kicked off the chain of deals with the $119.5 million sale of Building C of The Cubes at Inland 85, which encompasses 1.4 million square feet in Greer, S.C., followed by the $98.9 million disposition of a 1.2-million-square-foot facility in Bessemer, Ala. PRP Real Estate Investment Management paid $92.6 million for a built-to-suit development totaling 1.5 million square feet in New Caney, Texas.

CRG’s parent company Clayco served as the builder of all five recently delivered properties, while Lamar Johnson Collaborative served as architect.

Ramping up development

Last year, CRG broke ground on Class A industrial projects valued at a combined $1 billion in several markets nationwide. CRG teamed up with Venture One Real Estate to develop a build-to-suit project totaling nearly 900,000 square feet in University Park, Ill. The industrial property within the Gateway 57 Business Park is scheduled for a 2023 delivery.

The company is also an active developer in other commercial real estate sectors. Last month, CRG announced plans for a $500 million mixed-use development in Chesterfield, Mo. The company expects to break ground on the initial phase, a speculative office building totaling 150,000 square feet, in the coming months.