NorthPoint to break ground at new industrial park in Hazelwood

NorthPoint Development will break ground on an industrial spec building June 7 at its new Hazelwood TradePort development.
The 252,272-square-foot facility is expected to be completed this fall at Hazelwood TradePort, a new 325-acre industrial park near St. Louis Outlet Mall that could house up to 4 million square feet of new construction.
The Class-A park in north St. Louis County has an 18-year real estate tax abatement that’s not subject to reassessment. All buildings and roads will be elevated above the 500-year floodplain. CBRE’s Brian Bush and Jon Hinds are marketing the building. CBRE marketing materials show an asking rate of $4.95 per square foot. The average lease rate in the North County submarket is $4.49 per square foot, according to a recent Gershman Commercial Real Estate report.
NorthPoint did not immediately respond to a request for more information, but the city of Hazelwood said on its website that the Kansas City-based developer is planning to invest $219 million in the park that would create 2,163 jobs and feature nine industrial facilities. It’s unclear who the general contractor is for the project. A 493,000-square-foot facility at TradePort also is slated to be completed this fall and has a lease rate of $4.50 per square, the marketing materials show.
NorthPoint was the developer behind the $109 million Hazelwood Logistics Center that has Amazon and TAGG Logistics as tenants.
“We’re eager once again to work with NorthPoint on another massive industrial business park that will drive economic growth for the entire region,” Hazelwood Mayor Matthew Robinson said in a statement.
The NorthPoint facility will follow a new spec building currently under construction at Duke Realty’s Premier 370. Marketing materials on Duke Realty’s website show the building can be divisible to 125,000 square feet and will have space for more than 40 trailers and 234 cars on the nearly 25-acre property.
A first-quarter report from CBRE stated North County led all St. Louis industrial submarkets with 396,576 square feet of positive absorption. The Industrial vacancy rate in the St. Louis market in the first quarter was 4.7 percent, with an average lease rate of $4.68 per square foot, according to Gershman research.
“With the addition of Hazelwood TradePort along Interstate-70 near to north St. Louis County, this allows us to show speculative buildings to prospective clients. It’s a clear indication of the continuing economic growth and development of the St. Louis region and we couldn’t be happier,” Jamey Edgerton, St. Louis Economic Development Partnership senior vice president of business development and finance, said in a statement.