A Wentzville printing and packaging company has signed a lease for space at a Hazelwood industrial park.
Elite Printing & Packaging is leasing 124,952 square feet at Hazelwood TradePort, 1601 TradePort Drive. The company had outgrown its space in Wentzville and chose TradePort based on its central location and amenities, according to a release from its commercial real estate brokers, Tim Convy and Brian Kelley of Avison Young in St. Louis.
Elite was located at 100 Mall Parkway, off interstates 70 and 64, in Wentzville. That property is owned by Mall Parkway Partnership LLC, according to St. Charles County records.
Brian Bush and Jon Hinds represented TradePort’s owner, Kansas City-based NorthPoint Development. Terms of the deal weren’t disclosed but Avison Young described it as a long-term lease.
Elite will take space in building III, a 493,000-square-foot building that’s now fully leased. NorthPoint, a major industrial developer in the St. Louis area, is working on building V, a 412,000-square-foot distribution building, that should be delivered in the first quarter of 2021, CBRE said.
North St. Louis County reported an average warehouse lease of $4.05 per square foot with an overall vacancy rate of 7.9%, according to the latest research from Cushman & Wakefield.