Friday, January 24, 2025
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AcquisitionsMidwestMissouriRetail

Marcus & Millichap Negotiates $6.6M Sale of Convenience Store Asset in Springfield, Missouri

by Kristin Harlow

SPRINGFIELD, MO. — Marcus & Millichap has negotiated the $6.6 million sale of a gas station property net leased to Kum & Go in Springfield. There are 15 years remaining on the lease, and Kum & Go has operated at the location since 1991. In 2019, the original building was demolished and rebuilt with an expanded design. Timothy Nichols, Sean Sharko and Austin Weisenbeck of Marcus & Millichap represented the seller, an Arkansas-based limited liability company, and procured the buyer, an Iowa-based limited liability company. The transaction closed in less than 45 days.

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Leasing ActivityMidwestMissouriRetail

Tierra Encantada Signs 14,440 SF Retail Lease in Kansas City

by Kristin Harlow

KANSAS CITY, MO. — Tierra Encantada, a Spanish immersion early education company, has signed a 14,440-square-foot retail lease at 114 W. Gregory Blvd. in Kansas City. The former home of Reece Nichols, the Brookside location offers a newly remodeled roof, mechanical equipment and interior. Tierra Encantada currently has 17 locations in the U.S., and the new lease marks its second in the greater Kansas City area. Marshal Blount of Block & Co. Inc. Realtors represented the undisclosed landlord, while CBRE represented the tenant.

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DevelopmentIndustrialMidwestMissouri

Procter & Gamble, MilliporeSigma Invest $256M to Expand Manufacturing Operations in St. Louis

by Kristin Harlow

ST. LOUIS — Procter & Gamble (P&G) has expanded operations in St. Louis, investing $180 million and creating 100 new jobs. P&G’s St. Louis facility has been in operation for nearly a century and produces brands including Cascade, Mr. Clean and Febreze. The company’s expansion includes the addition of new equipment and a new warehouse at its existing St. Louis riverfront location, the conversion of an existing warehouse to a manufacturing facility and the construction of a new office building. MilliporeSigma has unveiled plans to invest $76 million and create 170 new jobs in St. Louis. This investment will triple the company’s manufacturing capacity for antibody drug conjugates for cancer treatment at the Bioconjugation Center of Excellence.

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DevelopmentMidwestMissouriOffice

Revitalization Unlimited Invests $3.2M for Historic Garment House Office Building in Kansas City

by Kristin Harlow

KANSAS CITY, MO. — Revitalization Unlimited, a fund dedicated to preserving historically significant U.S. real estate and legacy industrial businesses, has unveiled plans to invest $3.2 million in the renovation of The Garment House, an historic office building in downtown Kansas City. Revitalization Unlimited is collaborating with property owner 10 Broadway LLC and Haith & Co. Inc. Revitalization Unlimited has committed $3.2 million to the restoration, with an additional $3 to $4 million allocated for renovations. Plans include modern upgrades and the creation of a diverse tenant mix featuring restaurants, bars, catering spaces and entertainment venues. Targeted rents are projected at $20 per square foot, with $1 million in tenant improvement allowances available for qualifying tenants.

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AcquisitionsMidwestMissouriRetail

Marcus & Millichap Arranges $5.2M Sale of Two O2B Kids-Occupied Retail Properties in Missouri

by Kristin Harlow

ST. CHARLES AND LAKE ST. LOUIS, MO. — Marcus & Millichap has arranged the $5.2 million sale of two retail properties net leased to O2B Kids in Missouri. The early childhood education facilities are located at 157 Hughes Lane in St. Charles and 1000 Wyngate Ridge Drive in Lake St. Louis. The 5,733-square-foot Hughes Lane property was built in 1997, and the 7,634-square-foot Wyngate Ridge building was constructed in 2006. Both assets operate under new 20-year triple-net leases. Dominic Sulo of Marcus & Millichap procured the undisclosed buyer.

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DevelopmentLoansMidwestMissouri

PACE Loan Group Provides $35M C-PACE Loan for Production Studio in Chesterfield, Missouri

by Kristin Harlow

CHESTERFIELD, MO. — PACE Loan Group (PLG) has provided a $35 million C-PACE loan for a new 300,000-square-foot studio complex in Chesterfield near St. Louis. The project is authorized by the St. Louis County Clean Energy Development Board through the Missouri Energy Savings Program (MO-ESP). The facility, comprised of five sound stages, will be geared toward the live events industry and will support rehearsal and production services for stadium and arena tours. Construction of the project, built on vacant land at 900 Spirit of St. Louis Blvd., began in August 2022 and will be completed in stages. Studio 80 is expected to accept bookings in spring 2025. The 32-acre, $111 million Gateway Studios & Production Services development will employ more than 100 music and film manufacturing and production professionals. The property will also include a three-story office wing for Gateway Studios executives and staff. Robbie Pinkas of PLG originated the loan. The 20-year assessment will be used to finance energy conservation measures, including the building envelope, LED lighting, efficient HVAC, low-flow plumbing and high-efficiency water heating. The energy conservation measures are expected to save more than $50,000 annually over the course of the loan. MO-ESP, St. Louis County’s PACE program, …

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Leasing ActivityMidwestMissouriOffice

Anthem Blue Cross and Blue Shield to Relocate to Deloitte Building in Downtown St. Louis

by Kristin Harlow

ST. LOUIS — Anthem Blue Cross and Blue Shield has signed a lease to relocate to the Deloitte Building at 100 S. Fourth St. in downtown St. Louis. Anthem will occupy approximately 50,000 square feet in the 12-story, 260,000-square-foot building. The owner, Stanton Road Capital (SRC), is constructing its tenant amenity package, The Outpost, which will feature a fully modernized fitness center, 100-person conference room, Wi-Fi-enabled tenant lounge and grab-and-go food and beverage options. Anthem expects to relocate from its longtime office at 1831 Chestnut St. by fall 2025. Brandon Wappelhorst, Nick Fiquette and Tom Bajardi of Sansone Group represented SRC in the lease.

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CivicDevelopmentMidwestMissouri

ICS Construction Completes 78,000 SF Clark Family Branch Library in Suburban St. Louis

by Kristin Harlow

LADUE, MO. — ICS Construction Services Ltd. has completed the Clark Family Branch Library for the St. Louis County Library (SLCL) district. Lamar Johnson Collaborative (LJC) was the project architect. Located at 1640 S. Lindbergh Blvd. in the inner-ring suburb of Ladue, the two-story building totals more than 78,000 square feet and stands as the largest branch in the SLCL system. The design emphasizes open, flexible spaces with high ceilings and natural light. The Clark Family Branch is the final branch to be designed as part of SLCL’s system-wide “Your Library Renewed” program. In addition to providing traditional reading, private study spaces and quick access to collections, the library features various meeting and event spaces, age-specific areas for creative and hands-on learning experiences and diverse community-based services. The Stephany and Richard Kniep Children’s Space features a playhouse, built-in reading nooks, a magnetic gear wall and educational touch-screen games. The Unity Foundation Teen Space provides tech-focused amenities such as the Object Computing creative lab with a 3-D printer, audio recording studio, video recording studio and video game room. The 800-seat multipurpose Post Event Space & Plaza offers multiple room configurations to support author events and programs. The Emerson History & Genealogy …

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IndustrialLeasing ActivityMidwestMissouri

OpenStore Selects Kansas City Market for First Fulfillment Center

by Kristin Harlow

KANSAS CITY, MO. — OpenStore has selected the Kansas City market for its first-ever fulfillment center. The 113,000-square-foot facility is expected to create 46 new jobs and bring $2 million in new annual payroll to the region in the next five years. OpenStore is the largest operator of businesses on Shopify, distributing goods across a range of beauty, home goods, apparel and electronics. The Kansas City distribution center, located at Executive Park Logistics Center, represents a $5 million capital investment and positions OpenStore to provide faster and more efficient service to its growing portfolio of 40 e-commerce brands. The Miami-based e-commerce company says it selected Kansas City due to its central U.S. access point and its robust labor pool with distribution industry experience. The Kansas City region offers access to 90 percent of the contiguous U.S. in two days or less by truck. The Kansas City Area Development Council promotes the region’s business and lifestyle assets to companies and talent around the world.

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AcquisitionsMidwestMissouriMultifamilyStudent Housing

CBRE Arranges Sale of 552-Bed Student Housing Community Near University of Missouri

by Kristin Harlow

COLUMBIA, MO.— CBRE has arranged the sale of The Den, a 552-bed student housing community located near the University of Missouri campus in Columbia. A joint venture between The Michaels Organization and Capital Solutions Inc. purchased the property from Hamilton Point Investments for an undisclosed price. Jaclyn Fitts, William Vonderfecht and Casey Schaefer with CBRE National Student Housing represented the seller in partnership with Matt Bukhshtaber of CBRE’s St. Louis office. The Den offers two- and four-bedroom units with bed-to-bath parity. Shared amenities include a swimming pool and sundeck, fitness center, clubhouse, community lounge, game room, tanning booth, dog park, conference rooms, basketball courts, fire pits and an outdoor kitchen and grilling station. 

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