The project brings three new warehouses to the industrial space in South St. Louis, with support from Opportunity Zone funding.
St. Louis (April 27, 2022) — CLA (CliftonLarsonAllen LLP), one of the leading professional services firms in the United States, has secured $14 million in equity Opportunity Zone funding for a project bringing additional industrial space to the River City Business Park, located in the Patch neighborhood of South St. Louis.
A national leader in the Opportunity Zone space, CLA combines deep experience in the real estate industry with tax and investment management services to offer stakeholders broad insight into the full benefits of the Opportunity Zone program. Since 2019, the firm has raised $500 million for Opportunity Zone projects.
The project, located at 220 Carondelet Commons Boulevard in St. Louis, brings approximately 454,000 square feet of light industrial, cold storage, and last-mile distribution warehouse space. Construction on the three warehouses began in March 2022. The warehouses will be the final three buildings in the park, bringing the total building count to four.
Spearheading the project is Green Street Real Estate Ventures, a full-service commercial real estate development company. Green Street founder and CEO Phil Hulse worked closely with CLA Wealth Advisors to secure funding.
“The St. Louis metropolitan area has incredible potential and robust underpinnings, teeing it up for strong growth,” said Phil Hulse, founder and CEO, Green Street. “All the metrics point to a market with plenty of opportunity, especially because so much of our industrial inventory is outdated.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 collaborate with EJF on the development of the project.”
EJF Capital LLC (EJF), a global alternative asset management firm, was a key player in helping to quickly raise the money.
“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,” said Neal Wilson, co-CEO and co-CIO at EJF.
CLA played an instrumental role in the capital raise, acting as the sole capital markets advisor to Green Street in their collaboration with EJF. CLA also provided tax advisory and compliance services, financial model development support, consultations on structure, and guidance on Opportunity Zones, deploying its full suite of services.
“We’re grateful for the opportunity to collaborate with Green Street and EJF Capital,” said Tony Hallada, managing principal with CLA Wealth Advisors, who oversaw the capital raise. “CLA’s ability to bring seamless services to our real estate development clients, from capital sourcing to consulting and advisory to outsourced accounting to tax, is an uncommon approach and opportunity for us to help in our clients’ success.”
Securities products, merger and acquisition services, and wealth advisory services are provided by CliftonLarsonAllen Wealth Advisors LLC, a federally registered investment advisor and member FINRA, SIPC.
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 CLA
CLA exists to create opportunities for our clients, our people, and our communities through industry-focused wealth advisory, digital, audit, tax, consulting, and outsourcing services. With nearly 9,000 people, more than 130 locations, and a global vision, we promise to know you and help you. CLA (CliftonLarsonAllen LLP) is an independent network member of CLA Global. See CLAglobal.com/disclaimer. Investment advisory services are offered through CliftonLarsonAllen Wealth Advisors, LLC, an SEC-registered investment advisor.