Developer TriStar Properties and tenant World Wide Technology (WWT) have announced plans to team on the creation of a campus valued at more than $115 million at Gateway Commerce Center, a 2,300-acre logistics and bulk distribution park located outside Edwardsville, Ill., 30 miles outside St. Louis.
The lease calls for TriStar to develop two equally sized buildings totaling 2.025 million square feet, supported by parking for nearly 2,000 vehicles. According to the company, the WWT lease is the largest industrial property transaction executed in the history of metro St. Louis.
Work began in late March on WWT's first building, a Technology Center devoted to the production and assembly of technology equipment. It is to be completed in April 2019. A Logistics Center, for product storage and distribution, is to be completed in August 2019. Both buildings will be formed from tilt-up concrete panels and have 36-foot clear-height ceilings plus dock doors and truck courts.
Long-time partner, PCCP LLC, a national real estate finance and investment management company based in Los Angeles, Calif., is teaming with TriStar on the WWT project. The buildings will be the sixth and seventh joint-ventured by the duo.