News, Notes and Comments on New Projects, Trends and Construction In the Commercial Real Estate Development and Planning Pipeline Around the U.S.
Developer Makes Deal to Acquire Former Chrysler Assembly Site Near StL
Clayton, MO-based KP Development reportedly has reached an agreement to buy and redevelop the site of the former Chrysler assembly complex in Fenton and will redevelop a master-planned auto and industrial plant at the nearly 300-acre property.
Terms of the acquisition were not disclosed, but KP Development told local media that the transaction for the rail-served property along I-44 and Interstate 270 is slated for completion in mid-2014.
In 2008 and 2009, Chrysler shut down at the site where the automaker employed about 6,400 people making minivans and pickup trucks as it entered bankruptcy. St. Louis County has sought a buyer and redeveloper since then, with a proposal to make the land home to a new stadium for the St. Louis Rams generating inertia among pro football fans.
Capstone Advisory Group took over the property and sold off assembly buildings for metal scrap. The city of Fenton, the county and the state of Missouri will play a part in redevelopment and remediation efforts. The developer hopes to unveil plans for the site this fall.
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KP Development, a build-to-suit developer and project manager for investment grade single-tenant properties specializing in office, industrial and retail projects, has reportedly been interested in the site for more than three years.
Warehouse and Logistics Project Started Near Kansas City
Block Real Estate Services has started construction on Lenexa Logistics Centre, a master planned logistics park slated for 10 buildings totaling 1.6 million square feet.
The developer will target prospects that need light warehousing and mid-bulk or bulk distribution space in the Kansas City metropolitan market.
Ground work for the first structure at the 117.5-acre site has already been under way for several days. The first building to be constructed, Building 4, will be a 260,000-square-foot speculative building.
The building will include 32-foot-clear heights and cross-dock loading and is scheduled for completion by June 2014.
Supermicro Expands San Jose Headquarters
Super Micro Computer has signed an agreement with the San Jose Mercury News to buy computing company's San Jose campus.
The 36-acre campus at 750 Ridder Park Drive is home to the Mercury News and Bay Area News Group and includes 324,000 square feet of space. The property is within a mile of Supermicro's existing headquarters and will serve as an extension to Supermicro's U.S. research and development and operations center. The sale is expected to close by Oct. 30.
The new addition provides space for immediate R&D and operations expansion to meet strong needs for high-energy efficient server and storage solutions, said Charles Liang, president and CEO of Supermicro.
The announcement "is a strong indicator of Silicon Valley's position as the world's center of innovation," said San Jose Mayor Chuck Reed.
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