Missouri

VALLEY PARK, MO. — The Boulder Group has brokered the $2.5 million sale of a restaurant property occupied by Freddy’s Frozen Custard & Steakburgers in Valley Park, a western suburb of St. Louis. The building is located at 2945 Dougherty Ferry Road. Zach Wright and Brandon Wright of Boulder represented the seller, a Midwest-based development company. The asset sold to an all-cash 1031 exchange buyer based in the western U.S. This Freddy’s location features a long-term lease with 10 percent rental increases every five years. The lease is guaranteed by M&M Custard, the third-largest Freddy’s franchisee. Freddy’s maintains approximately 500 locations nationwide.

FacebookTwitterLinkedinEmail
Arrowhead

KANSAS CITY, MO. — The NFL’s Kansas City Chiefs have announced plans for an $800 million renovation of the team’s Arrowhead Stadium.  Developed in 1972, the stadium most recently underwent large-scale renovations in 2010. Plans for the new renovation were created in collaboration with a team of experts from Populous, a locally based sports design and architecture firm.  The Kansas City Chiefs plan to pay $300 million of the $800 million total price tag, with the remainder coming from Jackson County taxpayers funded through the extension of a 3/8th-cent sales tax, according to reports by The Kansas City Star. County voters will go to the polls April 2 during a special election to decide the issue.  Plans for the project include the addition of a new turf-covered “activation zone” with tailgate areas and covered entertainment space at the current site of Kauffman Stadium, home to the MLB’s Kansas City Royals. The baseball team also recently announced plans to develop a new stadium in downtown Kansas City. The stadium’s upper concourse will receive a new connection bridge and canopy, providing weather protection for fans and additional space for food and beverage offerings. New VIP entry points and sideline clubs under the …

FacebookTwitterLinkedinEmail

By Kellen Cushing, Carmody MacDonald PC Commercial and residential construction projects are inherently complex undertakings involving numerous parties working under tight deadlines and limited budgets. Change is inevitable and unpredictable in these projects, most often due to changes in project scope, incomplete or incorrect design, and unforeseen physical conditions.   When something doesn’t go according to plan, it can impact the other parties’ abilities to perform their jobs in a timely manner and lead to litigation. Claims and litigation can be costly, time consuming and stressful for all parties, and may damage the relationship and reputation of the parties involved. Proper contractual planning among project owners and contractors can reduce the likelihood of litigation. Making preliminary management plans and incorporating them into the project’s contracts provides effective ways to address changes that can occur during a project and keep things moving forward. While preparation cannot always prevent roadblocks in construction projects, preemptive planning can make for much smoother sailing, even in the face of unpredictable circumstances.     The best ways to avoid or minimize costly and time-consuming lawsuits include the following: Know your contract. Create a clear and comprehensive contract that defines the scope, schedule, budget, quality and responsibilities of …

FacebookTwitterLinkedinEmail

ST. LOUIS — McCarthy Building Cos. Inc. has completed construction of the O’Loughlin Family Champions Center at Saint Louis University in St. Louis. The $20 million, 25,000-square-foot athletic center is connected to the 10,600-seat Chaifetz Arena. The three-story project will provide support services for the university’s 400-plus Billiken student athletes with programming related to academic advising, spiritual development, sports performance, nutrition, and wellness and sports psychology. The building recently earned LEED Silver certification by the U.S. Green Building Council. The project team included Hastings+Chivetta and Perkins+Will. Construction began in May 2022. The $20 million center was privately funded with a lead gift by the O’Loughlin Family Foundation. Bob O’Loughlin is chairman and CEO of Lodging Hospitality Management.

FacebookTwitterLinkedinEmail

ST. LOUIS — BWE has arranged $18.5 million in permanent financing for One Loop Apartments, Broadway Park Apartments and Park Vue Flats in St. Louis. The three workforce housing communities total 247 units across 23 buildings. Dan Baker of BWE secured three loans on behalf of the borrowers, Affinity Capital LLC and a St. Louis-based housing developer. The loans for Broadway Park and One Loop were originated through Fannie Mae’s Sponsor Dedicated Workforce Housing program, which enabled the borrowers to receive a lower interest rate, according to BWE. All three loans feature fixed interest rates with five-year terms and full-term interest-only payments. Having been financed through the Sponsor Dedicated Workforce Housing program, 50 percent of the units in Broadway Park and One Loop will be restricted to residents earning up to 80 percent of the area median income (AMI), with 20 percent of the units having a 60 percent AMI requirement. The borrowers will use the financing to pay off existing rehabilitation loans, which were used to substantially upgrade the communities.

FacebookTwitterLinkedinEmail

KANSAS CITY, MO. — Kennedy Funding has provided a $2.7 million land loan for a 420-unit multifamily development in Kansas City. The borrower, LOF GP LLC, acquired the 31.5-acre property, called Kimpton Falls, in April 2023 for $4.5 million and secured the loan from Kennedy Funding for working capital and cash-out. Steven Wilson of Barefoot Mortgage arranged the loan.

FacebookTwitterLinkedinEmail

WILDWOOD, TOWN AND COUNTRY, AND KANSAS CITY, MO. — JLL Capital Markets has negotiated the sale of three seniors housing communities in Wildwood, Town and Country, and the Burlington Creek area of Kansas City. The sales price was undisclosed. The portfolio comprises 252 units of private pay assisted living and memory care with comprehensive amenities. The properties were built between 2016 and 2018. Jay Wagner, Rick Swartz and Jim Dooley of JLL represented the undisclosed seller and procured the buyer, a joint venture between Artemis Real Estate Partners, Scarp Ridge Capital Partners and Arrow Senior Living. Scarp Ridge spearheaded the acquisition, which was capitalized by Artemis. Arrow is taking over operations of the three communities. The acquisition is the first for the joint venture.

FacebookTwitterLinkedinEmail

RAYTOWN, MO. — Marcus & Millichap has arranged the sale of a two-tenant retail property totaling 6,360 square feet in Raytown, a southern suburb of Kansas City. The sales price was undisclosed. The fully leased building is home to Domino’s Pizza and SmileShack. Domino’s has occupied its space since 2015 and extended early through 2030. Austin Weisenbeck and Sean Sharko of Marcus & Millichap represented the seller, a limited liability company, and the buyer, a California-based limited liability company. A new loan was originated on the deal by the existing lender.

FacebookTwitterLinkedinEmail

ST. LOUIS — St. Louis-based HDA Architects is refocusing on its core business in a move that returns sole ownership of the company to HDA President Jack Holleran under a new name, HDA Design. In 2020, Green Street Real Estate Ventures acquired HDA. As part of the transition, HDA’s leadership team will work alongside Holleran. In August 2023, HDA promoted four key employees as part of its strategic plan. Patrick Holleran and Brice Zickuhr were named senior principals, and Josh Goodman and Kent Wagster were named principals. The firm currently has active projects in 12 states across the beverage wholesaler, industrial/distribution, adaptive reuse, office/commercial, automotive, multifamily, mixed-use and hospitality sectors. HDA is currently reviewing opportunities to relocate its headquarters within the St. Louis area. The new office will be designed by the firm.

FacebookTwitterLinkedinEmail

KIRKWOOD, MO. — Brinkmann Constructors has completed The James, a 152-unit apartment complex in the western St. Louis suburb of Kirkwood. High Street Residential, a subsidiary of Trammell Crow Co., was the developer. The five-story development includes 285 parking spaces and 7,000 square feet of retail space. Amenities include a pool, courtyard, entertainment lounge, fitness center, pet spa, work-from-home space and coffee bar. ESG Architecture & Design served as the project architect. Monthly rents start at $1,603, according to the property’s website.

FacebookTwitterLinkedinEmail
Newer Posts