AT&T Industrial Warehouse 2340 S 59th St 65,900 SF Industrial Building Saint Louis, MO 63110 $10,151,933 CAD ($154.05 CAD/SF) 5.50% Cap Rate
INVESTMENT HIGHLIGHTS
- HIGHLY SECURED LONG-TERM NNN LEASE WITH AT&T, INC (INVESTMENT GRADE CREDIT TENANT)
- RECENT TEN (10) YEAR EXTENSION & THIRTY-FOUR (34) + YEARS OF HISTORICAL OCCUPANCY
- “MISSION CRITICAL” AT&T EMERGENCY REPAIR RESOURCE CENTER SERVICING FIVE (5) STATE RADIUS
- THRIVING "SOUTH COUNTY" ST. LOUIS SUBMARKET - LOW VACANCY & ZERO NEW CONSTRUCTION
EXECUTIVE SUMMARY
HIGHLY SECURED LONG-TERM NNN LEASE WITH AT&T - RECENT 10 YR. EXTENSION
* Highly Secured Long Term NNN Lease With AT&T Corporate Signature | AT&T (American Telephone and Telegraph Company) is the world’s third largest telecommunications company with 2023 annual revenues of $122.4 billion. AT&T boasts an investment grade BBB (S&P) credit rating creating a highly secured income stream.
* Recent 10 Year Extension & 34 + Years of Historical Occupancy | AT&T has exercised several renewal options throughout their occupancy and recently signed a new ten (10) year extension beginning April 2025 (4/1/25 – 3/31/35) further solidifying their long-term commitment to the site. The lease features attractive 3% annual increases throughout the primary term and two (2) five (5) year options at Fair Market Value with 3% annual increases thereafter providing an excellent hedge against inflation.
* 33% Below Replacement Cost
“MISSION CRITICAL” AT&T EMERGENCY REPAIR RESOURCE CENTER SERVICING FIVE (5) STATES
* Sticky Tenant | The property is a “mission critical” facility which supports AT&T’s infrastructure in the greater region. AT&T has invested over $1.9 billion in wireless and wireline networks in St. Louis alone over the past 5 years demonstrating their commitment to “connectivity across the state”. The subject property is categorized as a “emergency repair resource center” for AT&T.
* Solid Underlying Industrial Real Estate Fundamentals | The building’s immediate proximity to I-44 via the Hampton Ave on/ off ramp (± 0.4 miles) provides AT&T with convenient access to an extensive Interstate network (I-55, I-64, I-70, I-170, etc.) and the greater five state region that the facility supports.
* Location Within Thriving “South County” St. Louis Submarket – Low Vacancy Rate | As of Q3 2024, the South County submarket boasted one of the lowest Industrial vacancy rates of the eleven total submarkets in Greater St. Louis at a rate of only 3.7%. In addition, as of Q3 2024, there were ZERO (0) square feet under construction in the South County submarket. The low vacancy and lack of construction are a testament to the high tenant demand and scarcity of available product in the South County submarket (CBRE Research).
* Highly Secured Long Term NNN Lease With AT&T Corporate Signature | AT&T (American Telephone and Telegraph Company) is the world’s third largest telecommunications company with 2023 annual revenues of $122.4 billion. AT&T boasts an investment grade BBB (S&P) credit rating creating a highly secured income stream.
* Recent 10 Year Extension & 34 + Years of Historical Occupancy | AT&T has exercised several renewal options throughout their occupancy and recently signed a new ten (10) year extension beginning April 2025 (4/1/25 – 3/31/35) further solidifying their long-term commitment to the site. The lease features attractive 3% annual increases throughout the primary term and two (2) five (5) year options at Fair Market Value with 3% annual increases thereafter providing an excellent hedge against inflation.
* 33% Below Replacement Cost
“MISSION CRITICAL” AT&T EMERGENCY REPAIR RESOURCE CENTER SERVICING FIVE (5) STATES
* Sticky Tenant | The property is a “mission critical” facility which supports AT&T’s infrastructure in the greater region. AT&T has invested over $1.9 billion in wireless and wireline networks in St. Louis alone over the past 5 years demonstrating their commitment to “connectivity across the state”. The subject property is categorized as a “emergency repair resource center” for AT&T.
* Solid Underlying Industrial Real Estate Fundamentals | The building’s immediate proximity to I-44 via the Hampton Ave on/ off ramp (± 0.4 miles) provides AT&T with convenient access to an extensive Interstate network (I-55, I-64, I-70, I-170, etc.) and the greater five state region that the facility supports.
* Location Within Thriving “South County” St. Louis Submarket – Low Vacancy Rate | As of Q3 2024, the South County submarket boasted one of the lowest Industrial vacancy rates of the eleven total submarkets in Greater St. Louis at a rate of only 3.7%. In addition, as of Q3 2024, there were ZERO (0) square feet under construction in the South County submarket. The low vacancy and lack of construction are a testament to the high tenant demand and scarcity of available product in the South County submarket (CBRE Research).
PROPERTY FACTS
| Price | $10,151,933 CAD |
| Price Per SF | $154.05 CAD |
| Sale Type | Investment |
| Cap Rate | 5.50% |
| Property Type | Industrial |
| Property Subtype | Warehouse |
| Building Class | C |
| Lot Size | 3.00 AC |
| Rentable Building Area | 65,900 SF |
| No. Stories | 1 |
| Year Built | 1958 |
| Tenancy | Single |
| Parking Ratio | 0.68/1,000 SF |
| Clear Ceiling Height | 18’ |
| No. Dock-High Doors/Loading | 3 |
| No. Drive In / Grade-Level Doors | 6 |
AMENITIES
- Fenced Lot
MAJOR TENANTS Click Here to Access
- TENANT
- INDUSTRY
- SF OCCUPIED
- RENT/SF
- LEASE END
-
- Information
-
99,999 SF
- -
- -
The world is rapidly being transformed by the widespread and growing availability of connectivity. AT&T is leading the charge with their nationwide fast, reliable and secure 5G coupled with their growing, multi-gig fiber home internet service. As much as they depend on broadband connectivity today, they think this is only the beginning. They're strengthening their network to enable everything from smarter homes and cities to high-quality remote healthcare, augmented and virtual reality and sophisticated new workplace collaboration tools. Providing those connections is in AT&T’s DNA. Ever since Alexander Graham Bell’s telephone more than many years ago, they've been a leader in connecting people and businesses. They believe they have the resources, focus, expertise and people to be the best connectivity provider through 5G and fiber.
| TENANT | INDUSTRY | SF OCCUPIED | RENT/SF | LEASE END | ||
|
|
Information | 99,999 SF | - | - |
Walk Score®
Very Walkable (70)
PROPERTY TAXES
| Parcel Number | 4049-00-0030-0 | Improvements Assessment | $842,083 CAD |
| Land Assessment | $205,811 CAD | Total Assessment | $1,047,894 CAD |
ZONING
| Zoning Code | J |
