278,000 SF NASH ROAD INDUSTRIAL PROPERTY SOLD

Tom Kelsey, commercial broker with Lorimont Place, Ltd. has announced the recent sale of one of the larger buildings in the Cape Girardeau area.  The Lorimont broker said the  278,000 square foot facility located at 4680-4780 Nash Road, west of I-55 and located near the Cape Girardeau airport has been sold to Moriah Logistics, LLC.  The company is owned by the Kermit Meystedt family who also operate Genesis Transportation, Inc., a Cape Girardeau based trucking company. 

The building, a combination of manufacturing and warehouse areas is nearly 6.5 acres under roof and included 12.2 acres of land. It is occupied by two corporate tenants, Silgan Plastics who leases approximately 124,200 square feet of space and Proctor & Gamble, who recently leased 154,167 square feet in the warehouse portion.  Silgan, a plastic container company based in Chesterfield, Missouri primarily manufactures containers for the Golden Cat division of Nestle Purina at Bloomfield.  Proctor & Gamble’s paper products division utilizes the balance of the building for product storage. 

Moriah will become the new landlord for Silgan and in the process of purchasing the property negotiated the lease arrangement with Proctor & Gamble for transportation and storage.  Their Genesis Transportation division will provide for the product transfer between P & G’s plant north of Jackson to the Nash Road warehouse facility. 

Kelsey said the building, originally built in 1965 has previously been used by Superior Electric as a small appliance manufacturing plant and for many years was leased by Nestle Purina as a distribution warehouse.  The property has been owned by Chris Penzel and the Penzel family for several years. Kelsey did not disclose a sales price, but the Lorimont website listed a $2.9 million dollar price.

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