ING Clarion, a leading real estate investment advisory firm, announced today that it has acquired the Procter & Gamble Distribution Center in Edwardsville, Illinois for $27.4 million. The transaction, which was structured as a sale/leaseback with Procter & Gamble, was made on behalf of a separate account client advised by ING Clarion.
The Procter & Gamble Distribution Center is located in the Gateway Commerce Center in the St. Louis east submarket, one of the two largest distribution facilities in the greater metropolitan area. The facility is approximately 20 minutes from downtown and close to the intersection of Interstates I-55 and I-70. A single 806,400 square foot, state of the art warehouse, the center was built in 2001 to help meet Proctor & Gamble's expanding distribution needs. As the key distribution point for the company's fabric and home care products division, P&G will remain the sole tenant of the facility for up to 10 years.
"With easy and affordable distribution access to the Midwest and beyond, the St. Louis metropolitan east submarket has experienced unprecedented economic growth in the past few years, and is a desirable location for a facility of this type," said Ben Phillips, senior vice president at ING Clarion. "We believe that the low vacancy rates in the area, coupled with the flexibility for expansion that the building design offers, make this asset an outstanding addition to our portfolio. We are delighted to have the opportunity to acquire this property for our client."
Source: ING Real Estate