Lakeside 370

// September 15, 2006

Category: Land and industrial development

Where: St. Peters

Acreage: 1,300 acres

How much: $49.6 million

Gundaker Commercial Group closed in April on 1,300 acres in St. Peters for nearly $50 million. It was the biggest real estate deal in the modern history of St. Charles County, according to St. Peters city officials.

Gundaker Commercial Group is partnering with Duke Realty, led by Jerry Crylen, on developing 800 acres of the property -- which will be protected from Mississippi River flooding by a 4.5-mile levee -- and leave several hundred acres for green space. The new development will soon be rebranded as the Premier 370 Business Park and will accommodate a wide range of buildings including large-box industrial facilities and office/warehouse centers.

The city of St. Peters has designated 300 acres of land in the development -- which was not included in the sale -- as a public area on which it intends to build picnic areas, a recreation vehicle park and camping areas. The municipality also will develop a 3-acre beach on a 140-acre lake to be built at the Premier 370 Business Park.

Acting as brokers on the land acquisition were: Gordon Gundaker Jr., chairman, Gundaker Commercial; Mike Hejna, president and chief executive, Gundaker Commercial; Dean Burns, senior vice president of development, Gundaker Commercial; and Mark Eckhardt, vice president, Grubb & Ellis/Gundaker Commercial.

"This industrial park will be hitting the market at a time when the demand for industrial facilities is on a significant upswing," Hejna said. "Recent vacancy reports show record low vacancies in the industrial marketplace, leading to a strong opportunity for development, especially given the high density of rooftops to provide a work force for employers."