REBusinessOnline

MCR Sells 195-Room Hilton Hotel in Downtown St. Louis

ST. LOUIS — MCR has sold the 195-room Hilton St. Louis Downtown at the Arch. The hotel is located at 400 Olive St. Amenities include a business center, bar area, fitness room and meeting rooms. The buyer was not disclosed. MCR, which purchased the property in December 2016, generated a 44 percent internal rate of return on its initial investment. The sales price was not disclosed, but the property has an appraised value of nearly $7 million, according to the St. Louis Post-Dispatch. MCR’s …

Pine Tree to Operate 552,000 SF Shopping Center in Blue Springs, Missouri

BLUE SPRINGS, MO. — Pine Tree LLC has assumed operational responsibility for Adams Dairy Landing, a 552,000-square-foot regional shopping center in Blue Springs, 19 miles east of downtown Kansas City. Pine Tree will manage and lease the property. Developed by RED Development in 2007, the center is located at the southeast corner of I-70 and Adams Dairy Parkway. Target, TJ Maxx, HomeGoods, Ross Dress for Less, Petco, Michaels and Ulta anchor the

JVM Acquires 432-Unit Apartment Community in Lee’s Summit, Missouri

LEE’S SUMMIT, MO. — JVM Realty Corp. (JVM) has acquired Summit Ridge Apartments in Lee’s Summit, a suburb of Kansas City, for an undisclosed price. The 432-unit apartment community features a pool, fitness center, dog park and resident lounge with a coffee bar, business center and conference room. JVM plans to renovate the property, built in 2001, by upgrading units, installing a package delivery facility and expanding the fitness center. The seller was not disclosed. JVM Management will …

Pinnacle Arranges $1.8M Sale of Qdoba-Occupied Property in Suburban St. Louis

CLAYTON, MO. — Pinnacle Real Estate Advisors LLC has arranged the sale of a 3,600-square-foot property occupied by Qdoba, a fast-casual Mexican restaurant, in Clayton for $1.8 million. The single-tenant building is located at 6701 Clayton Road across the street from a Schnuck’s grocery store. Qdoba has operated at the location since 2016. Zach Wright, Rob Edwards and Tom Ethington of Pinnacle represented the buyer, a Texas-based investor. A local real estate company was the

Economic Incentives Fuel Industrial Development in St. Louis Market

It has been a banner year thus far for the St. Louis industrial market with yet another milestone achieved. Mid-year absorption totaled 2.5 million square feet of space, a number more closely suited for the entire year versus the halfway point. Fueled by continued absorption, the market has more than 5 million square feet of space under construction with vacancy of approximately 4.9 percent. The continued success is no surprise. But economic incentives, often overlooked and underappreciated, …

Midas Hospitality Opens $11M Hampton Inn Hotel in Sikeston, Missouri

SIKESTON, MO. — Midas Hospitality has opened a new Hampton Inn hotel in Sikeston in southeastern Missouri. The $11 million project spans 57,000 square feet and four stories. The 92-room hotel features an indoor swimming pool, fitness center, business center and meeting rooms. The hotel is located within the 100-acre Cotton Ridge development, which will include restaurants, a movie theater and other retail tenants. Midas Hospitality will own and manage the hotel. Sister company MC Hotel …

HDA Architects Designs New Headquarters for ADB Cos. in Pacific, Missouri

PACIFIC, MO. — HDA Architects has designed a new corporate headquarters for ADB Cos. in Pacific, about 35 miles west of St. Louis. ADB is part of the Keeley family of companies, which also includes a construction arm and development group. The project consists of a 36,852-square-foot office building and a 24,137-square-foot maintenance building. Plans call for a two-story lobby entrance and a lounge space. Completion of construction is slated for

Tarlton Completes $28M Apartment Conversion Project in St. Louis

ST. LOUIS — Tarlton Corp. has completed a $28 million renovation of two historic buildings that formerly housed Shriners Hospital for Children and Central Institute for the Deaf in St. Louis. The general contractor converted the adjacent buildings into a 160-unit apartment property known as The Core Apartment Residences. Amenities include common kitchens, a community room, game room, media lounge, fitness center and music practice space. The scope of work included restoring the existing …

Soldiers Memorial Military Museum in St. Louis Undergoes $30M Renovation

ST. LOUIS — The Missouri Historical Society is nearing completion of a $30 million renovation of the Soldiers Memorial Military Museum in downtown St. Louis. Wiegmann Associates has completed work on the HVAC system and provided design services to KAI, the mechanical engineer of record, to reduce equipment costs and develop an energy-efficient system that protects historical exhibits. BSI Constructors is the general contractor for the project. The museum’s lower level was refurbished to …

Tarlton to Renovate The Muny Outdoor Musical Theater in St. Louis

ST. LOUIS — Tarlton Corp. is serving as construction manager for renovations to The Muny, an outdoor musical theater in St. Louis. Public fundraising efforts have raised $100 million for capital improvements and ongoing maintenance of the 11.5-acre property. The scope of the work, which is currently underway, includes rebuilding and revamping the century-old stage. A new revolving platform will help move sets and actors more efficiently. A new climate-controlled orchestra pit will accommodate …

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