REBusinessOnline

JVM Realty Acquires 121-Unit Luxury Apartment Community in Suburban St. Louis

CLAYTON, MO. — JVM Realty Corp. has acquired Ceylon Apartments, a 121-unit luxury apartment community in Clayton, a suburb of St. Louis. The purchase price was undisclosed. Built in 2017, the transit-oriented property features 13,421 square feet of ground-floor retail space. This is the first acquisition for JVM in the St. Louis area. JVM Management Inc. will manage the

Belton City Council Approves NorthPoint Development’s $44M Apartment Project in Missouri

BELTON, MO. — The Belton City Council has approved NorthPoint Development’s $44 million redevelopment of a long-vacant site at 163rd St. and Turner Road in Belton, about 20 miles south of Kansas City. Plans call for a six-building, 322-unit luxury apartment property. Amenities will include a kitchen, coffee bar, fitness room, cycling studio, massage studio, conference room, outdoor patio and pool. Construction is expected to begin in 2021. Monthly rents are projected to range from $850 to …

Tarlton to Serve as General Contractor for Tower Tee Project in St. Louis

ST. LOUIS — Tarlton Corp. is serving as the general contractor for the reimagining of Tower Tee in St. Louis. Plans call for a 27-acre golf and recreation complex. Originally opened in 1963, Tower Tee was home to batting cages, an 18-hole golf course, a driving range and miniature golf. In 2018, the owners closed the business. Steve Walkenbach of Scottrade purchased the site in May 2019. The new Tower Tee Golf Complex will feature a 6,000-square-foot clubhouse, two single-level driving …

Midas Hospitality Opens First Aloft Hotel in St. Louis

ST. LOUIS — Midas Hospitality has opened the St. Louis region’s first Aloft hotel in the heart of the 200-acre Cortex Innovation Community. The Aloft by Marriott hotel is located at 4245 Duncan Ave. and offers 129 rooms. Amenities include a fitness center, indoor pool, bar and two meeting rooms. The fitness center is closed until June 15 per St. Louis guidelines for the coronavirus. The five-story hotel is the 12th hotel Midas will manage in the greater St. Louis region, bringing its total …

Grand Place Slated to Be First WELL-Certified Project in Kansas City, Missouri

KANSAS CITY, MO. — Grand Place is slated to be the first WELL-certified project in Kansas City. Similar to how the LEED building rating system measures sustainability and energy efficiency, the WELL standard measures a building’s health and wellness performance for its occupants. 3D Development, the developer of Grand Place, is also seeking LEED certification for the project, which involves the redevelopment of the former headquarters for The Kansas City Star newspaper. Building systems …

Hanley Investment Group Arranges $1.7M Sale of Property Net Leased to 7-Eleven Near St. Louis

AFFTON, MO. — Hanley Investment Group Real Estate Advisors has arranged the $1.7 million sale of a single-tenant property net leased to 7-Eleven in Affton, which is about 10 miles south from downtown St. Louis. Built in 1989, the 2,845-square-foot property is located at 703 Union Road. Jeremy McChesney of Hanley represented the seller, Hermosa Beach, Calif.-based Equitas Investments. A Los Angeles-based private investor purchased the

Superior Moving & Storage Signs 86,363 SF Industrial Lease in Kansas City

KANSAS CITY, MO. — Superior Moving & Storage has signed an 86,363-square-foot industrial lease at Copaken Brook’s Downtown Business Park in Kansas City. The property is located at 3177 Mercier St. A local moving company founded in 1914, Superior began leasing 35,000 square feet at the building in 2014 for storage purposes. The company sold a separate facility and consolidated all operations at the Mercier Street

Love Funding Provides $12.9M HUD Loan for Senior Living Facility in Arnold, Missouri

ARNOLD, MO. — Love Funding has provided a $12.9 million FHA loan for The Woodlands of Arnold, an assisted living, memory care and skilled nursing complex in Arnold, nearly 20 miles south of St. Louis. The loan will replace bridge financing on the property. The Woodlands of Arnold is part of a larger healthcare campus, offering a full continuum of care including independent living, assisted living, memory care and skilled nursing. The subject credit facility included financing for a 178-bed …

Two Tenants Expand Industrial Leases Within Kansas City’s SubTropolis

KANSAS CITY, MO. — Pharmaceutical company Nostrum Laboratories and online retailer FarmFoods have increased their footprint in Kansas City’s SubTropolis, a massive underground business complex. New Jersey-based Nostrum has expanded from 10,000 to 32,000 square feet, while FarmFoods has expanded from 6,000 to 36,000 square feet. Hunt Midwest owns SubTropolis. There is more than 6.5 million square feet of leasable space within the

Berkadia Arranges Sales of Six Multifamily Properties Totaling $72.6M

CHICAGO AND KANSAS CITY — Berkadia’s Mid-Markets Group has arranged the sales of six multifamily properties totaling 945 units for $72.6 million. The communities are located in secondary and tertiary markets across Illinois, Kansas, Missouri, Oklahoma, Arkansas and Idaho. Of the 945 units, 451 are located in the Midwest region. The properties include: Bowen Tower in Raytown, Mo.; Village Woods in Milan, Ill.; Brickstone at Woodland in Wichita, Kan.; Wilmington Apartments in North Little …

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