EJF Capital and Green Street Real Estate Ventures Partner to Develop Three Warehouse Buildings in St. Louis

The Project is expected to deliver the first building in the second quarter of 2023, and the following two later that year

EJF Capital LLC (“EJF”) and Green Street Real Estate Ventures (“Green Street”) today announced they are partnering to develop three warehouse buildings with approximately 454,000 square feet in St. Louis, MO. The Project is in an area certified as a “Qualified Opportunity Zone” under the Tax Cuts and Jobs Act of 2017 (“TCJA”). The TCJA offers investors potential attractive tax benefits to invest into Qualified Opportunity Zones to create economic growth in lower income areas.

The Project is to be developed in the River City Business Park, located within the Patch neighborhood of the southeast corner of St. Louis. It is anticipated that the Project’s first building will deliver in the second quarter of 2023, and the remaining two buildings will deliver later that same year. The buildings are designated 2, 3, and 4.

Building 2 will span 153,715 square feet; Building 3, the largest, will total 198,948 square feet; and Building 4 will total 101,035 square feet, and each will be able to accommodate a single or multi-tenant configuration. All three buildings are being designed by HAD and will be constructed by Green Street Building Group, affiliates of Green Street.

“Abundance of advantages”

“The Project offers an abundance of advantages that EJF and our partner Green Street see benefitting light industrial, manufacturing, and logistics companies, both domestically and internationally,” said EJF Co-Founder and Co-Chief Executive Officer Neal Wilson. “Ideally located in the center of the country, the Project will capitalize on its proximity to a range of multimodal transportation options, including six Class 1 railroads, multiple national interstates, two passenger and cargo airports, and various forms of river transportation.”

Robust market underpinnings

With a growing population following the effects of the pandemic, the St. Louis region boasts attractive attributes that will continue to generate economic growth within the city and greater demand for light industrial and distribution warehouse facilities.

The St. Louis metropolitan area, which includes parts of Illinois, is the fourth largest in the Midwest with about 1.36 million jobs, and is ranked the 22nd largest economy in the nation. It is also home to several large healthcare complexes, eight Fortune 500 headquarters, and 14 Fortune 1000 companies. Major regional employers include Ameren, Anheuser Busch InBev, Edward Jones, Emerson Electric, Olin, and Stifel Financial. The metropolitan area is also one of the largest educational markets in the nation, containing 30 four-year colleges and universities.

“The St. Louis metropolitan area has incredible potential and robust underpinnings, teeing it up for strong growth,” said Philip G. Hulse, Founder and CEO of Green Street Real Estate Ventures. “All of the metrics point to a market with plenty of opportunity, especially because so much of our industrial inventory is outdated. We know this market well and are excited to partner with EJF on the development of the Project.”

About EJF Capital

EJF Capital LLC is a global alternative asset management firm headquartered outside of Washington, D.C. As of December 31, 2021, EJF manages approximately $5.5 billion across a diverse group of alternative asset strategies. The firm was founded in 2005 by Manny Friedman and Neal Wilson. Since inception, EJF has focused on regulatory event-driven investment themes including its strategy to invest in Qualified Opportunity Zones.

About Green Street Real Estate Ventures

Founded in 2008, Green Street Real Estate Ventures is a full-service commercial real estate development company offering a unique, comprehensive suite of services from site selection and design/construction to project financing and incentives. Within Green Street are seven different divisions, each with its own specialty. These include Green Street Real Estate Ventures, Green Street Building Group, HDA, O’Toole Design Associates, Green Street Management Group, Green Street Housing, and Emerald Capital Strategic Capital Advisors. They identify and sustainably develop underutilized properties, transforming them into productive environments and ultimately revitalizing the surrounding community. Based in St. Louis, Green Street Real Estate Ventures has an 80-person in-house team. To date, they have completed thirty-five projects with a total development cost $605 million.

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