Northmarq Negotiates $42.5M Sale of Multifamily Portfolio in Kansas City

KANSAS CITY, MO. — Northmarq has negotiated the sale of a 280-unit multifamily portfolio in Kansas City for $42.5 million. Built in 1985, Fountainhead consists of three-story apartment buildings. Three Fountains consists of a mix of one- and two-story townhomes. Both communities offer fitness centers and pools. Kyle Tucker and John Duvall of Northmarq secured acquisition financing through Freddie Mac. JB Partners sold the portfolio to Revitate Cherry Tree, a California-based investment …

January 14, 2022Acquisitions, Midwest, Missouri, Multifamily

Available Land, Developer Talent Boost Kansas City’s Industrial Scene

2021 was a historic year for Kansas City industrial real estate. The local market size eclipsed 300 million square feet of space, representing the 16th-largest industrial market in the U.S. Class A building inventory is nearly 44 million square feet, ranking 15th in the nation. Of the industrial building inventory, 14.4 percent is Class A, ranking ninth-highest in the country, suggesting the inventory that we have is quality compared with other U.S. markets. Capital markets are firm …

January 13, 2022Industrial, Market Reports, Midwest, Midwest Market Reports, Missouri

Cushman & Wakefield Arranges $92M Sale of Life Sciences Building in St. Louis

ST. LOUIS — Cushman & Wakefield has arranged the sale of EDGE[email protected] in St. Louis for $92 million. The 151,829-square-foot life sciences building is fully leased and serves as the headquarters of Benson Hill Biosystems, a food technology company. Completed in 2020, the property features office and lab space as well as a test kitchen, sterilization station and walk-in refrigeration units. The building is located at 1001 N. Warson Road within 39 North, a 600-acre district anchored by the …

January 11, 2022Acquisitions, Life Sciences, Midwest, Missouri

Newmark Zimmer Negotiates Sale of 700,000 SF Distribution Center in Kansas City

KANSAS CITY, MO. — Newmark Zimmer has negotiated the sale of 4001 N. Norfleet Road in Kansas City for an undisclosed price. The 700,000-square-foot distribution center was built in 2007 as a build-to-suit for Musician’s Friend, which continues to occupy the property today. The facility sits on 68 acres near I-435. Mark Long, John Hassler, Jim Linn and Bret Hardy of Newmark Zimmer brokered the transaction. Buyer and seller information was not

January 11, 2022Acquisitions, Industrial, Midwest, Missouri

CRG Sells Portion of $500M, 80-Acre Mixed-Use Community in West Suburban St. Louis

CHESTERFIELD, MO. — CRG has sold 4.9 acres within Wildhorse Village, an 80-acre, $500 million mixed-use community in Chesterfield, about 22 miles west of St. Louis.CRG sold the land to St. Louis-based developer Pier Property Group to build The Flats at Wildhorse Village, a four-story, 266-unit apartment building. Arcturis and LJC are the architects, while St. Louis-based Holland Construction Services will be the builder for the multifamily project. Construction will begin in the first …

January 7, 2022Acquisitions, Development, Missouri, Multifamily, Top Stories

Newmark Zimmer Negotiates Sale of Five-Building Industrial Park in Kansas City

KANSAS CITY, MO. — Newmark Zimmer has negotiated the sale of Stadium Business Park in Kansas City for an undisclosed price. The Class A industrial park spans five buildings and 276,000 square feet. Tenants include Amazon, UPS, JB Hunt and Aramark. Mark Long and John Hassler of Newmark Zimmer represented the buyer, Sealy & Co. Mark Fountain of True North Industrial Realty represented the undisclosed

January 6, 2022Acquisitions, Industrial, Midwest, Missouri

Kansas City Retail Market Continues to Evolve During COVID-19

To the surprise of many in the Kansas City retail sector, the end of 2021 looked much different than most anticipated when 2021 began. As uncertainty buzzed through the retail world, the flurry of 2021’s real estate activity was a welcome surprise. Retailers who embraced technology and adapted to the changing circumstances of today’s world were able to reap the benefits 2021 offered. As consumers took advantage of post-lockdown freedoms, brick-and-mortar retailers experienced a surge in …

January 6, 2022Market Reports, Midwest, Midwest Market Reports, Missouri, Retail

Midas Construction, HDA Architects Complete 192-Room AC Hotel in St. Louis

ST. LOUIS — Midas Construction and HDA Architects have completed a new 192-room AC Hotel in the Central West End of St. Louis. The seven-story building, which spans 94,300 square feet, is the first AC Hotel within the St. Louis market. Amenities include a fitness center, meeting and event spaces and a curated food and beverage

January 4, 2022Development, Hospitality, Midwest, Missouri

NewLake Purchases 70,000 SF Cannabis Facility in Chaffee, Missouri

CHAFFEE, MO. — NewLake Capital Partners Inc. has purchased a 70,000-square-foot cannabis cultivation and processing facility in the southeastern Missouri town of Chaffee. NewLake’s total investment in the property will be $21.1 million, which includes $16 million at closing and a $5.1 million commitment to fund tenant improvement allowances and building renovations. Organic Remedies is the

January 4, 2022Acquisitions, Industrial, Midwest, Missouri

Montecito Medical Acquires 40,500 SF Medical Office Building in Metro Kansas City

LEE’S SUMMIT, MO. — Montecito Medical has acquired a 40,500-square-foot medical office building in Lee’s Summit near Kansas City. The fully leased property opened in 2020. Beacon Surgery Center, a joint venture between local physician partners and Partners Surgical, is the building’s primary tenant. Other tenants include Sano Orthopedics and Advanced Surgical Associates. The seller and sales price were not

January 4, 2022Acquisitions, Healthcare, Midwest, Missouri