NAI DESCO takes on largest commercial listing in St. Louis area
May 06, 2010 | Staff Writer | Print Article | Email this Article
The industrial market has certainly struggled during the commercial real estate slump. It’s important to understand, though, that big deals still get done. And a recent deal taken on by NAI DESCO in the St. Louis area certainly qualifies as big.
NAI Global’s St. Louis-based member firm NAI DESCO will serve as the real estate broker for the sale of Chrysler’s North and South Assembly Plants in Fenton, Mo. Old Carco, LLC, formerly Chrysler, chose NAI DESCO to serve as the broker.
With more than 5 million square feet of industrial space between the two plants, the listing represents the largest commercial property listing in the St. Louis metropolitan area, and is one of the largest industrial listings in the United States.
NAI DESCO’s vice president Floyd Sweeney and principal Dan Hayes are the listing agents for the property, also referred to as Fenton 44 Center. The two plants occupy 295 acres.
“This is the biggest asset ever listed for sale in the St. Louis metro area,” said Hayes. “Our substantial industrial experience and organizational structure made NAI DESCO the logical choice for an assignment of this size.”
Although the commercial real estate market is contending with the impact of the recession, the listing agents are optimistic that the property will sell quickly and for a strong price.
“The best case scenario would be for another manufacturer to purchase the property and use the assembly facilities. Absent that, however, we have a very large, well-situated site with tremendous exposure and access – the redevelopment possibilities are endless for Fenton 44 Center,” said Sweeney.
“The property’s location and size make it extremely attractive for the right buyer,” said Denny Coleman, St. Louis County Economic Council president and chief executive officer. “Additionally, there may be a number of local and state incentives that could be utilized, and we’re prepared to implement appropriate action for the right company looking to invest and create good-paying jobs in Fenton.”
The North Plant, which produced Dodge Ram trucks, was idled in July of 2009 following Chrysler’s bankruptcy filing. The South Plant, which produced Dodge and Chrysler minivans, was idled in November of 2008. At the time of bankruptcy, the two plants employed 1,500 people, a significant decrease from its heyday of 5,000 employees.
Tags | industrial, Missouri, NAI Desco, St. Louis
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