
CRG Divests Spec Industrial in St. Louis
CRG, the real estate development and investment arm of Chicago-based Clayco, finalized the sale of NorthPark Distribution Center I, a 537,753-square-foot distribution facility in the NorthPark business park in St. Louis. Deal terms weren’t disclosed.
The sale to Minneapolis-based Founders Properties LLC was brokered by CBRE Capital Markets’ Mike Caprile and Zach Graham. The facility, a speculative warehouse developed in a joint venture between CRG and American Realty Advisors, is now fully leased to CIRX 360 Logistics and a Fortune 100 consumer food products company.
“This was the first purely speculative industrial property we developed after we launched our national expansion four years ago,” said Chris McKee, chief development officer for CRG. “Our firm took root in St. Louis, so this project has significance for us, and we are proud to have quickly grown our integrated platform into an enterprise that serves clients all across the United States.”
- ◦Sale