2340 59th St Saint Louis, MO 63110-2812

Property Details for 2340 59th St

Year built

1962

Construction

CONCRETE

Lot size

3.01 lot acres

Property size

32,950 SF

Zone code

J

Property type

Warehouses

APN

404900-00300

APU

40490000300

Description

This exceptional investment opportunity presents a 65,900-square-foot industrial distribution warehouse located at 2340 59th Street, St. Louis, MO 63110. The property sits on a 3.02-acre lot and features a single, 18-foot-high ceiling building constructed in 1962. Currently 100% occupied by AT&T, a tenant with an investment-grade credit rating (BBB, S&P), this property offers a highly secured, long-term net lease with a recent 10-year extension commencing April 1, 2025, and extending through March 31, 2035. The lease includes attractive 3% annual rent increases throughout the primary term and two five-year options at fair market value with similar increases, providing a strong hedge against inflation. This "mission-critical" facility serves as an emergency repair resource center for AT&T, supporting their infrastructure across a five-state region. Its strategic location near the I-44 Hampton Avenue on/off ramp provides convenient access to major interstate highways (I-55, I-64, I-70, I-170), further enhancing its operational efficiency. The property boasts 45 parking spaces. The South County submarket, where this property is located, exhibits exceptionally low vacancy rates (3.7% as of Q3 2024) and zero square footage under construction, indicating high tenant demand and a scarcity of comparable properties. The asking price is $7,055,000, representing a significant discount below replacement cost. This is a rare opportunity to acquire a high-quality, mission-critical industrial asset with a long-term, secure lease from a financially strong tenant.