Sealy Signs 1.6 MSF Renewal Near St. Louis

October 10, 2024

Brokerage Industrial Midwest News More St. Louis

A long-term tenant fully occupies two industrial buildings in this suburb.

Exterior shot of the industrial building at 3951 Lakeview Corporate Drive in Edwardsville, Ill. — Completed in 2008 and expanded in 2015, Lakeview Commerce Center III measures some 1.1 million square feet. *Image courtesy of CommercialEdge*

Sealy & Company has inked a two-building lease renewal, totaling more than 1.6 million square feet, with World Wide Technology at Lakeview Commerce Center II and III in Edwardsville, Ill. WWT has been a long-term—and the firm’s largest—tenant.

Lakeview Commerce Center II is at 3971 Lakeview Corporate Drive and spans 539,877 square feet, with a range of enhancements tailored for industrial, office and lab use. Delivered in 2006, the building features 29,900 square feet of office and lab space, as well as T5 lighting and backup generators, among others.

Lakeview Commerce Center III is a 1,109,830-square-foot distribution building at 3951 Lakeview Corporate Drive. It was completed in 2008 and expanded in 2015 to offer additional office pods, more trailer stalls and enhanced security with multiple guard stations.

The building recently was the recipient of the BOMA 360 designation for meeting high standards with regard to energy efficiency, life safety and security, and tenant relations, as well as other considerations.

Located in St. Louis’ Metro East submarket, the properties are just west of Highway 111, having direct access to Interstate 270. Downtown St. Louis is some 20 miles away.

Sealy Regional Director William Shagets led the negotiations on behalf of the owner, assisted by Cushman & Wakefield Managing Director Ed Lampitt and Executive Director Matt Eastin.

Strong leasing activity

The St. Louis industrial market witnessed a vacancy rate of 4.7 percent in the third quarter of this year, up by only 10 basis points over the quarter, according to a CBRE report. Leasing activity totaled more than 1.2 million square feet, up 24 percent quarter-over-quarter.

The Metro East submarket had the second-largest vacancy rate in the region at 9.9 percent, marking a 100-basis-point quarter-over-quarter increase. However, the submarket saw the strongest leasing activity in the metro that quarter, totaling 414,000 square feet.