Investor Group Purchases Five-Building Industrial Portfolio in St. Louis for $10.9M
ST. LOUIS — An investor group, led by Mark Nelson of Nelson McBride Development and Nelson Grumney of Neland Investment Management, has purchased a portfolio of five industrial buildings in St. Louis County for $10.9 million. Chicago-based First Industrial Realty Trust Inc. was the seller. Totaling 474,000 square feet, the office/warehouse, distribution and light manufacturing buildings are located in the mid-county area and Hazelwood, Mo. The buildings range in size from 44,100 square feet to 145,000 square feet. The investor group is planning to invest approximately $250,000 in building and site enhancements at the properties, which were developed in the 1970s. Lead tenants in the buildings include Waters of America LLC, Demar Logistics Inc., Roha and Superior Pool Products. Nelson McBride will manage the buildings.