Earth City developer TriStar Properties has sold two of its logistics and warehouse buildings in Edwardsville’s Gateway Commerce Center.
L&B Realty Advisors of Dallas, Texas, purchased the two buildings, totaling 1.14 million square feet, for $64 million, TriStar said in an announcement Wednesday. Each is fully leased, one to GEODIS, a logistics subsidiary of France’s SNCF Group, and the other to German logistics company DB Schenker.
TriStar partnered with national real estate investment firm PCCP LLC to develop the buildings. The two companies recently announced a new joint venture that is currently developing a $26 million, 600,000-square-foot speculative warehouse in the Gateway Commerce Center. It is expected to be complete in January.