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.”
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).