Wainwright Industries Signs 433,612 SF Lease at Hitzert Court in Fenton, MO JLL Represents Ownership, Brings Building to Full Occupancy
Monday, March 31st 2014
ST. LOUIS, MO – JLL announced today that PanCal Hitzert LLC has signed Wainwright Industries to a 433,612 square foot industrial lease at Hitzert Court in Fenton, Missouri.
Hitzert Court, a 534,600 square foot industrial building acquired by PanCal Hitzert in the third quarter of 2012, is now 100 percent leased and fully occupied.
Terry Stieve, Managing Director at JLL, and Katie Haywood, Senior Associate, represented PanCal Hitzert LLC in the lease transaction. Wainwright Industries was represented by (brokerage firm).
With the new lease, Hitzert becomes the first building of all the Class A distressed sales in Fenton to reach full occupancy, but the activity in the region has been significant.
“Fenton is enjoying a renaissance of sorts,” said Stieve. “Ten consecutive quarters of positive absorption has pushed the St. Louis industrial market vacancy rate below 7 percent, and several firms have reported plans to add workers, expand operations, or open new facilities in the area. Fenton’s location at the I-44 and I-270 arteries makes it a desirable spot for many of those firms.”
Originally developed as a material supply building by Chrysler in 2000, Hitzert Court was the largest vacancy remaining after bankruptcy forced Chrysler to close its local plant in 2009. PanCal invested more than $5 million to modernize the property, which had suffered from deferred maintenance.
Hitzert Court features 28’ clear ceiling heights, ESFR sprinklers, heavy power, 275 drop lot spaces, heavy car parking, 3 drive in doors and 90 dock high loading doors. The building is rail served by Burlington Junction’s 11 acre rail yard, which sits across the street from Hitzert Court.
JLL (NYSE:JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. With annual revenue of $4 billion, JLL operates in 75 countries worldwide. On behalf of its clients, the firm provides management and real estate outsourcing services for a property portfolio of 3 billion square feet and completed $99 billion in sales, acquisitions and finance transactions in 2013. Its investment management business, LaSalle Investment Management, has $47.6 billion of real estate assets under management. For further information, visit www.jll.com.
Panattoni Development Company is a privately held, full-service development company founded in 1986. The firm has completed in excess of 175 million square feet of commercial projects worldwide. Panattoni has developed industrial, office and flex facilities in 278 cities located in 29 states and nine countries. The firm is headquartered in California and maintains offices throughout the United States, Canada and Europe.