Construction underway on one of the largest warehouses in the Saint-Louis area

Global real estate company EQT Exeter is developing an 800,000 square foot warehouse in the Gateway Commerce Center in Edwardsville.

EDWARDSVILLE, Ill. — Construction is underway on one of the largest speculative warehouses in the St. Louis area, a building that could expand due to growing demand in the industrial market.

Global real estate firm EQT Exeter is developing an 800,000 square foot warehouse in the Gateway Commerce Center in Edwardsville, with construction slated for completion in the fall. The only larger speculative warehouse being built in the area is a 1 million square foot NorthPoint Development warehouse, also located in the Metro East Industrial Park.

The new spec warehouse, at 5710 Inner Park Drive, is the second of a pair of warehouses commissioned by EQT Exeter and built by Edwardsville-based Contegra Construction. The first warehouse, located at 5715 Inner Park Drive in the Gateway Commerce Center, was 674,000 square feet and is now fully leased.

EQT Exeter Regional Investment Manager Ben Haas said the company hopes to lease the entire new warehouse to one tenant, but it could also be split into smaller blocks of space or expanded to 1 million square feet if a user needs it.

“There’s just kind of an insatiable appetite among tenants for this type of space, and a flight to quality to try to fit into the most modern buildings with the most modern features and clearance heights, and anything that’s beneficial to a warehouse user,” says Haas.

The new warehouse is EQT Exeter’s seventh in the Gateway Commerce Centre, adding to the company’s local real estate after the acquisition of the entire industrial portfolio of Duke Realty St. Louis Last year. The other six buildings are fully leased and total 3.25 million square feet, Haas said.

The latest building completed and new warehouse under construction were part of one of the largest industrial portfolio sales in U.S. history last November, a $6.8 billion deal with over 70.5 million square feet assembled from over 100 transactions over three years. EQT Exeter has sold the portfolio on behalf of its EQT Exeter Industrial Value Fund IV to a newly formed and undisclosed global partnership.

Click here for the full article from the St. Louis Business Journal.

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