Industrial X Missouri

Investor group buys portfolio of seven industrial properties in St. Louis County

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An investor group led by Nelson Grumney, principal of Neland Investment Management, and Mark Nelson, principal of Nelson McBride Development, has purchased a portfolio of seven industrial buildings in St. Louis County for about $13 million from Prologis, an international industrial real estate firm based in San Francisco.

An investor group led by Nelson Grumney, principal of Neland Investment Management, and Mark Nelson, principal of Nelson McBride Development, has purchased a portfolio of seven industrial buildings in St. Louis County for about $13 million from Prologis, an international industrial real estate firm based in San Francisco.

Ranging in size from 41,000 to 126,000 square feet and totaling 541,000 square feet, the office/warehouse, distribution and light-manufacturing buildings are located in the Earth City, Westport and Brown Campus industrial sub-markets of St. Louis County.

The acquisition is the fifth in which Grumney and Nelson have partnered since 2006. Their group of entrepreneurial investors is now initiating a deferred-maintenance upgrade program at the structures, which were built in the 1970s. The group intends to retain the portfolio as a long-term investment.