Pinnacle Real Estate Advisors Arranges Sale of Single Tenant PPG Paints Property in St. Louis MSA
Pinnacle Real Estate Advisors, LLC is pleased to announce the Wright-Johnson National Net Lease Investment Sales Team has completed the sale of a single tenant net lease PPG Paints property located at 6717 Clayton Road in Clayton, MO for $1,450,000.
Zach Wright and Jeff Johnson of Pinnacle Real Estate Advisors represented the seller in the transaction; a local real estate investor. The purchaser was a local partnership.
The 8,025 square foot building is located within Clayton which is one of the most affluent suburbs of St. Louis and features a CBD that boasts 7 million square feet of prestigious office space. The PPG Paints property is strategically located just off of the heavily trafficked signalized intersection of Big Ben Road and Clayton Road which experiences traffic counts in excess of 42,000 vehicles per day. The property is positioned in a vibrant retail corridor that features Schnucks, Walgreens, AMC Theatre, Office Depot, Einstein’s, Qdoba, Sprint and SSM Health St. Mary’s Hospital. The surrounding area is densely concentrated with commercial and residential building providing significant barriers to entry.
There are approximately two years remaining on the PPG Paints lease. The tenant has a strong operating history at this location dating back until 1973. PPG Paints is a publicly traded company (NYSE: PPG) with a market capitalization in excess of $28 billion.
“Single tenant properties with few years of lease term remaining and below market rent are extremely rare and in high demand amongst investors. We received significant interest and activity which ultimately resulted in the property selling for the full asking price,” said Zach Wright, Associate Advisor.