Commercial Property News - March 28, 2006
Spectrum Brands, a major manufacturer of lawn and household insect-control and insect-repellent products, has signed a lease to occupy the entire Lakeview Commerce Center I, a brand-new distribution facility in Edwardsville, Ill., across the Mississippi River from St. Louis. Initially, the company will occupy 605,000 square feet, but the lease agreement calls for the building to be expanded to between 1 million to 1.2 million square feet by 2008.
The deal is the latest in this submarket of St. Louis, located at the junction of the north-south I-55 and the east-west I-70. Among other companies, Hershey's, Unilever and Proctor & Gamble have located major distribution facilities in the area, which has seen roughly 9 million square feet of industrial space developed in the last four years. Currently, about 2 million square feet are under way in the submarket.
David Zeigler, managing principal at Lee & Associates' St. Louis office, represented landlord Panattoni Development.
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Tuesday, March 28, 2006
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