Marcus & Millichap announced the sale of Alton Center Business Park, a 450,400-square-foot industrial property located in the St. Louis MSA. The property sold for $15 million. IPA Capital Markets, a division of Marcus & Millichap, arranged $12.4 million in acquisition financing.
“Alton Center Business Park presented a compelling value-add opportunity with approximately 30% vacancy, providing immediate upside potential, while benefiting from a stable income stream generated by a long-term international manufacturing tenant occupying the remainder of the property,” said Tyler Sharp, senior director of investments. Sharp and Adam Abushagur, investment specialists in Marcus & Millichap’s Chicago Downtown office, had the exclusive listing to market the property on behalf of the seller, a private family partnership, and procured the buyer, Rockford Asset Management.
Frank Montalto, managing director, and Ethan Splan, associate director, both based in the firm’s Chicago Downtown office, secured the financing with a direct bridge lender on behalf of the buyer. The loan is non-recourse and features a 3-year term with extensions at 75% loan-to-cost. Built in 1960, the property is anchored by Imperial Manufacturing Group.
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