As reported in the North County Journal
Developer Clark Properties has acquired the shuttered Unilever plant, 1400 North Pennsylvania Ave., in Pagedale.
The 27-acre site currently has 355,260-square-feet of manufacturing and distribution space for single or multiple tenants. Clark is evaluating various adaptive re-use options for the strategically located site and building, which closed in February 2001. Terms of the sale were not disclosed.
Michael H. Clark, president of Clark Properties, noted the site was served by a rail line and is located “in the heart of the St. Louis trade area and within minutes of Interstate 170, Interstate 70, Interstate 64 and Lambert St. Louis Airport.”
He added he judged the building could be made market-ready with relatively minor improvements and that it could serve either a single user or several tenants.
Clark plans to develop the project in phases. Initial activity will focus on a five-acre site bordering Ferguson Avenue to be marketed to prospective build-to-suit users. The remaining 22 acres, which contain the existing 355,260-square-foot structure, will be offered for short-term lease.
Clark projects space in the existing building will be quoted at approximately $2 a square foot, triple net.
“Even in today’s aggressively priced market, that’s extremely competitive,” noted Clark. “One would be hard-pressed to find a large ready-to-use building near Lambert Field, with excellent access to major interstates, for that price.”
Phase II is a build-to-suit opportunity for the 22-acre tract that will be marketed while the existing building is leased on a short-term basis. Clark projects that the value of a totally new development would exceed $15 million.
“We’re delighted that Clark Properties is committed to restoring this prime industrial site to productive use,” said St. Louis County Executive George “Buzz” Westfall. “When Unilever closed, Normandy School District and the city of Pagedale lost about $86,000 in tax revenues, not to mention the economic benefits associated with the 235 jobs.”
The site is located within a State Enterprise Zone, offering potential state tax credits and real estate property tax abatement.
The Pagedale plant was one of 100-plus manufacturing facilities closed by Unilever when the European consumer products giant streamlined worldwide operations two years ago.
The plant had been in operation for 47 years. When it closed, it was the second largest employer in Pagedale, employing 235 workers. Representing Unilever in the transaction was Marc Cacciarelli of Grubb & Ellis/Krombach Partners.
The Unilever site becomes Clark’s second planned redevelopment of a dormant industrial site in St. Louis County this year. In May, Clark announced it would transform the former site of the old Wagner Electric Co. in Wellston into Page Avenue Business Park. The 15-acre site will be redeveloped to host office, commercial or light industrial users.
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