COVID-19 Continues to Put Tenant-Landlord Relationships Under Microscope, Say Kansas City Retail Webinar Panelists

KANSAS CITY, MO. — The COVID-19 pandemic has continued to highlight the importance of strong tenant-landlord relationships, particularly in the retail sector. Tyler Enders, co-owner of local Kansas City shop Made in KC, works with roughly 10 different landlords and has experienced a variety of different approaches to the COVID-19 conversation.“Some local landlords have been very communicative and have come to us with a creative solution. Others have been responding late and are bogged …

Midas Hospitality to Debut $40M Element by Westin Hotel in St. Louis

ST. LOUIS — Midas Hospitality is set to open the first Element by Westin hotel in St. Louis on Friday, Oct. 30. The $40 million hotel rises seven stories with 153 extended-stay rooms. Located at 3763 Forest Park Ave., the property will feature a rooftop bar known as Upbar. Signature cocktails were created in partnership with Luxco, a St. Louis-based beverage company. Hotworx, a 24-hour fitness studio, is the first tenant for the hotel’s 10,000-square-foot retail space. Hotworx will occupy …

Zovest Capital Acquires 56-Unit Apartment Community in Kansas City

KANSAS CITY, MO. — Zovest Capital has acquired Chapel Hill Apartments in Kansas City for an undisclosed price. The 56-unit apartment community features floor plans that average 1,067 square feet. The value-add property was 96 percent occupied at the time of sale. Max Helgeson, Michael Spero and Jeff Stingley of CBRE represented the private seller. Ben Weddington of CBRE arranged acquisition financing on behalf of the buyer through Freddie

Hanley Investment Group Arranges $3.3M Sale of Two Retail Buildings in Lee’s Summit, Missouri

LEE’S SUMMIT, MO. — Hanley Investment Group Real Estate Advisors has arranged the $3.3 million sale of two retail buildings in Lee’s Summit within metro Kansas City. Taco Bell and Scooter’s Coffee occupy the newly constructed properties. Taco Bell occupies 2,160 square feet while Scooter’s leases 600 square feet. Both buildings feature drive-thrus. Jeff Lefko, Bill Asher and Beau Velten of Hanley, along with Jeff Christian of First Street Brokerage, represented the seller, a San …

NorthMarq Arranges $50.6M Acquisition Loan for The Barton Apartments in Clayton, Missouri

CLAYTON, MO. — NorthMarq has arranged a $50.6 million loan for the acquisition of The Barton Apartments in the St. Louis suburb of Clayton. The 228-unit apartment community, built in 2018, is located on Maryland Avenue. It features a clubroom, business center, fitness center, pet spa and personal wine storage. David Garfinkel of NorthMarq arranged the 10-year loan with Fannie Mae. The borrower was

Montecito Medical Acquires 76,000 SF Medical Office Building in Metro Kansas City

HARRISONVILLE, MO. — Montecito Medical Real Estate has acquired Rock Haven Medical Mall in Harrisonville, about 35 miles south of Kansas City. The purchase price was undisclosed. The two-story, 76,000-square-foot medical office building is attached to Cass Regional Medical Center and was built in 2011. In addition to Cass, other tenants include Harrisonville Family Medicine, Carondelet Health Cardiology, Cass Regional Orthopedics, Gillen Pharmacy and Fresenius Medical

US Carriers Buys 16 Acres Along Mississippi River in North St. Louis

ST. LOUIS — US Carriers has purchased 16 acres along the Mississippi River in north St. Louis City for an undisclosed price. The land is located at 9320 and 9350 Riverview Drive within an opportunity zone. Steve Stradal, Brian Kelley and George Convy of Avison Young represented the seller, the estate of the late artist and sculptor Bob Cassily. The land was intended to be a part of Cassily’s public art exhibit, Cementland. Avison Young is currently marketing for sale the other 40 acres of …

Hunt Midwest Expands Brand of Self-Storage Facilities in Metro Kansas City

KANSAS CITY, MO. — Hunt Midwest continues to expand StorTropolis, its brand of climate-controlled self-storage facilities, throughout metro Kansas City. The developer has opened a 138,000-square-foot facility at 3140 NW Jefferson St. in Blue Springs, Mo., and begun construction on a 111,000-square-foot facility in Lenexa, Kan. Hunt Midwest began developing self-storage properties in 2018 and, in partnership with Strickland Construction, has built and opened three other StorTropolis facilities …

Civic Board Approves Financing for Expansion of America’s Center Convention Complex in Downtown St. Louis

ST. LOUIS — The St. Louis Municipal Finance Corp. has approved the financing package for the expansion of America’s Center Convention Complex. The 502,000-square-foot events facility is located at 701 Convention Plaza in downtown St. Louis.The City of St. Louis and St. Louis County have each committed $105 million in bond financing to complete the expansion, which is branded the AC Next Gen Project. The city and county approved the project in April 2019.The expansion will add 92,000 …

Alignment Realty Capital Acquires Four Sonic Drive-in Restaurants in Metro St. Louis

ST. LOUIS — Phoenix-based Alignment Realty Capital has purchased four Sonic Drive-In restaurants located in metro St. Louis. The acquisition price for the sale-leaseback transaction was not released.The company acquired the four drive-in restaurants in a double-escrow transaction where a Sonic franchisee purchased the operations and real estate of a like-sized franchisee and simultaneously spun-off the real estate at closing.Banker’s Trust provided Alignment Realty Capital with a …

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