Nash Road industrial property sold

One of the larger buildings in the Cape Girardeau area has been sold.

Tom Kelsey, commercial broker with Lorimont Place Ltd., said Thursday the 278,000-square-foot facility at 4680-4780 Nash Road, west of Interstate 55, near the Cape Girardeau Regional Airport, has been sold to Moriah Logistics LLC. The company is owned by the Kermit Meystedt family, which also operates Genesis Transportation Inc., a Cape Girardeau-based trucking company.

Moriah owner Kermit "Moose" Meystedt has been searching for an opportunity like this and said it is a perfect fit.

The building, a combination of manufacturing and warehouse areas, has nearly 6.5 acres under roof and has 12.2 acres of land. It is occupied by two corporate tenants, Silgan Plastics, which leases about 124,000 square feet of space, and Procter & Gamble, which recently leased 154,167 square feet in the warehouse portion. Silgan, based in Chesterfield, Mo., primarily manufactures plastic containers for the Golden Cat division of Nestle Purina at Bloomfield, Mo. Procter & Gamble's paper products division uses 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 Procter & Gamble for transportation and storage. Its Genesis division will provide for product transportation between P&G's plant north of Jackson to the Nash Road warehouse.

"It's exciting for a small truck line like us to partner with these corporate giants and be able to provide a service for them," Meystedt said. His transportation service has been around for 25 years.

Kelsey said the building, originally built in 1965, was previously 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 Web site listed a price of $2.9 million.

tkrakowiak@semissourian.com

335-6611, extension 137