This article originally ran in the St. Louis Business Journal on February 11, 2022
CRG, Clayco’s development arm based in St. Louis, has sold five newly built industrial warehouses, including two in St. Louis, in a $425 million deal.
In what is CRG’s largest multiproperty sale since it was formed nine years ago, the company sold the fully leased warehouses to PRP, a Washington, D.C.-based investment management firm that focuses on credit net lease investments. The warehouses were built by CRG’s parent company, Chicago-based Clayco, with architect subsidiary Lamar Johnson Collaborative designing the projects.
Overall, CRG sold 4.5 million square feet and 410 acres for $425.15 million, the company said. CRG broke ground on $1 billion of new development starts in 2021 in markets nationwide, with vacancies 3% or lower, according to a news release. The company formed in mid-2013 when now-Chief Development Officer Chris McKee’s $50 million commercial development company Optimus merged with Clayco’s $200 million Clayco Realty Group. The resulting CRG has grown to be the St. Louis region’s largest commercial developer, with 4 million square feet completed or under construction locally in 2021, after developing 13 million square feet in 2020.Read More