S.P. Richards Leases Half of New Spec Center

(Read more on the industrial market.)

ST. LOUIS-The S.P. Richards Co. has leased 124,000 sf of industrial space at a new, distribution center here in the Earth City business park, along I-70. Duke Realty Corp., the owner of the 248,000-sf Corporate Trail Distribution facility, is still seeking another tenant for the remaining 124,000 sf.

Office supply distributor S. P. Richards, a subsidiary of the Genuine Parts Co., is relocating and expanding from an existing facility in Maryland Heights, MO. Rick Spiller with Wilson, Hutt & Neal in Atlanta represented the company, while Jon Hinds, VP of industrial leasing for Duke represented the landlord in the deal at 3655 Corporate Trail. Duke also leases space to S.P. Richards in Indianapolis and Dallas.

Hinds tells GlobeSt.com that the lease is for nine years, and the building has an asking rate of $4.15 per sf, triple net. The building has features that include 32-foot ceilings, 39 docks, two drive-in doors and 38 trailer parking spaces. “Some other people are looking, we’ve got two or three groups who have toured the space and seem interested,” Hinds says. “This is a great location right on I-70.”

Duke has a large stake in Earth City, the largest industrial park in St. Louis. However, the park is about 90% full, he says, and there’s still demand coming. “This park is pretty full, with only one or two buildings left. We also have a five-acre site we’re trying to sell,” Hinds says.