Transwestern Investment sells industrial property in St. Louis market
Transwestern Investment Group (TIG®) has sold 22 Gateway Commerce Center Drive, a 155,700-square-foot industrial building in Edwardsville, Ill., on behalf of its discretionary investment fund, TSP Value and Income Fund II. The property was 57 percent leased at the time of sale to New York/New Jersey–based Moxie Equities.
“The disposition of this well-located asset allowed TIG to maximize pricing by appealing to buyers interested in industrial value-add opportunities,” said Ryan Grable, vice president at TIG. “Moxie Equities was able to acquire one of the few shallow-bay warehouses of its kind in St. Louis’ Metro East submarket below replacement cost.”
Built in 2007, the property is located within Gateway Commerce Center, a premier institutional distribution park that offers convenient access to four modes of transportation: road, rail, water and air. Among its four existing tenants, the weighted average lease term is 4.4 years, and the weighted