Dave Spence sells pharma HQ for $12.2M

The North County headquarters of Legacy Pharmaceutical Packaging has been sold for $12.2 million.

The buyer was New York-based Royal Oaks Realty Trust, which owns more than 3.6 million square feet of property across 13 states.

The sale, which closed Aug. 14, includes a 15-year leaseback agreement with Legacy, which services the branded, generic, wholesale and major retail pharmaceutical markets. Lease rates in North County average $4.30 per square foot, according to the most recent data from CBRE.

Hal C. BallBig Sky Properties Principal Dave Spence, a one-time Republican gubernatorial candidate who also serves as CEO of Legacy, was represented by Hal Ball of Hilliker Corp. in collaboration with Vince Vatterott and Jason Simon of Westwood Net Lease Advisors. Hilliker had represented Big Sky when it acquired the property in 2013 for $6.5 million.

The sale follows a multimillion-dollar investment from Legacy, which said it spent:

  • $6 million over the past two years adhering to new track and trace rules from U.S. Food and Drug Administration
  • Over $20 million on equipment and clean rooms since 2014
  • $1.5 million in property improvements since 2013
  • and $350,000 on a locker, bathroom and cafe remodel that wrapped in April.
  • Legacy, founded in 2004, produces over 800,000 units a day, company officials said.

Legacy Pharmaceutical operates in the 189,555-square-foot distribution facility at 13333 Lakefront Drive in unincorporated north St. Louis County. Similar properties nearby have sold for roughly the same price as Legacy’s over the past two years, according to real estate data firm Reonomy.

St. Louis Business Journal

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