{"id":1004567085,"date":"2022-02-11T04:40:23","date_gmt":"2022-02-11T12:40:23","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004567085"},"modified":"2022-12-08T18:58:57","modified_gmt":"2022-12-09T02:58:57","slug":"crg-wraps-up-425m-in-sales-with-st-louis-disposition","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/crg-wraps-up-425m-in-sales-with-st-louis-disposition\/","title":{"rendered":"CRG Wraps Up $425M in Sales With St. Louis Disposition"},"content":{"rendered":"
\"The<\/a>

The Cubes at Inland 85 – Building C. Image courtesy of CRG<\/p><\/div>\n

CRG<\/strong> has closed a string of industrial dispositions totaling more than 4.5 million square feet to PRP Real Estate Investment Management <\/strong>with the sale of the 278,670-square-foot 8850 Springdale Ave. in St. Louis. The buyer paid a combined $425.2 million for the five fully leased assets located in Birmingham, Ala.;  Houston; Greeneville-Spartanburg, S.C.; and St. Louis.<\/p>\n

The transaction marks the largest multi-property disposition for CRG as of yet. To finance the acquisition, the buyer secured a $282.8 million loan from Bank of America,<\/strong> public records show.<\/p>\n

The<\/strong> Net Lease Group <\/strong>facilitated the deal, with a team led by Managing Principal Esmael Hill and including Co-founder & Managing Principal Philip Wickstrom, Senior Directors Rick Ross and Mark Lewensohn, and Investment Analyst Ross Wood.<\/p>\n

The Amazon<\/strong>-occupied Class A industrial complex in St. Louis traded for $71.2 million. The single-tenant, built-to-suit facility located on more than 42 acres at 8850 Springdale Ave. came online in 2021, according to CommercialEdge data. The deal included a second property in the St. Louis metro\u2014a 141,360-square-foot facility in St. Peters, Mo., also leased to Amazon. PRP paid $43.1 million for that asset i.<\/p>\n

The seller kicked off the chain of deals with the $119.5 million sale of Building C of The Cubes at Inland 85, which encompasses 1.4 million square feet in Greer, S.C., followed by the $98.9 million disposition of a 1.2-million-square-foot facility in Bessemer, Ala. PRP Real Estate Investment Management paid $92.6 million for a built-to-suit development totaling 1.5 million square feet in New Caney, Texas.<\/p>\n

CRG\u2019s parent company Clayco served as the builder of all five recently delivered properties, while Lamar Johnson Collaborative served as architect.<\/p>\n

Ramping up development<\/h2>\n

Last year, CRG broke ground on Class A industrial projects valued at a combined $1 billion in several markets nationwide. CRG teamed up with Venture One Real Estate to develop a build-to-suit project<\/a> totaling nearly 900,000 square feet in University Park, Ill. The industrial property within the Gateway 57 Business Park is scheduled for a 2023 delivery.<\/p>\n

The company is also an active developer in other commercial real estate sectors. Last month, CRG announced plans for a $500 million mixed-use development<\/a> in Chesterfield, Mo. The company expects to break ground on the initial phase, a speculative office building totaling 150,000 square feet, in the coming months.<\/p>\n","protected":false},"excerpt":{"rendered":"

Amazon is among the tenants at the five fully leased facilities. <\/p>\n","protected":false},"author":1763,"featured_media":1004567087,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[22251,21748,21783,13,21742],"tags":[37482,38680],"class_list":["post-1004567085","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-in-focus","category-industrial","category-investment","category-midwest","category-latest","tag-amazon","tag-crg-real-estate-solutions"],"acf":[],"yoast_head":"\nCRG Finalizes $425M Portfolio Sale With Amazon-Leased Asset - CPE<\/title>\n<meta name=\"description\" content=\"CRG sold the 4.5 million-square-foot industrial portfolio including two Amazon-occupied facilities to PRP Real Estate Investment Management.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/crg-wraps-up-425m-in-sales-with-st-louis-disposition\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"CRG Wraps Up $425M in Sales With St. Louis Disposition\" \/>\n<meta property=\"og:description\" content=\"CRG sold the 4.5 million-square-foot industrial portfolio including two Amazon-occupied facilities to PRP Real Estate Investment Management.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/crg-wraps-up-425m-in-sales-with-st-louis-disposition\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2022-02-11T12:40:23+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T02:58:57+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/02\/The-Cubes-at-Inland-85-Building-C-in-Greer-SC.-e1644579984699.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1331\" \/>\n\t<meta property=\"og:image:height\" content=\"997\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Agota Felhazi\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/crg-wraps-up-425m-in-sales-with-st-louis-disposition\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/crg-wraps-up-425m-in-sales-with-st-louis-disposition\/\",\"name\":\"CRG Finalizes $425M Portfolio Sale With Amazon-Leased Asset - CPE\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/crg-wraps-up-425m-in-sales-with-st-louis-disposition\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/crg-wraps-up-425m-in-sales-with-st-louis-disposition\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/02\/The-Cubes-at-Inland-85-Building-C-in-Greer-SC.-e1644579984699.jpg\",\"datePublished\":\"2022-02-11T12:40:23+00:00\",\"dateModified\":\"2022-12-09T02:58:57+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/bd1ef74130b86a7c6013eaa04b08b28d\"},\"description\":\"CRG sold the 4.5 million-square-foot industrial portfolio including two Amazon-occupied facilities to PRP Real Estate Investment Management.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/crg-wraps-up-425m-in-sales-with-st-louis-disposition\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/crg-wraps-up-425m-in-sales-with-st-louis-disposition\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/crg-wraps-up-425m-in-sales-with-st-louis-disposition\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/02\/The-Cubes-at-Inland-85-Building-C-in-Greer-SC.-e1644579984699.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/02\/The-Cubes-at-Inland-85-Building-C-in-Greer-SC.-e1644579984699.jpg\",\"width\":1331,\"height\":997,\"caption\":\"The Cubes at Inland 85 - Building C. 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