VanTrust Real Estate LLC closed on its property purchase today at Imeson International Industrial Park Inc.
Through JI Imeson Industrial LLC, VanTrust paid $18.44 million for the property from Imeson International Industrial Park Inc.
VanTrust Real Estate LLC said previously it intended to buy 156 acres and start construction of a 500,000-square-foot speculative building in September for completion in fall 2019.
That building can be expanded, said VanTrust Executive Vice President John Carey.
Carey said there are prospective tenants in the market, but the structure will be built speculatively.
VanTrust intends to develop up to 3 million square feet of space at the property, which will be called Imeson Park.