O’FALLON, MO. — Northmarq has secured more than $18 million in HUD financing for Southernside Apartments, a 220-unit affordable housing community in the St. Louis suburb of O’Fallon. The property features one-, two- and three-bedroom floor plans. Amenities include a pool, fitness center, game room, business center, great room, covered parking and walking trails. Eugene Harris of Northmarq arranged the 35-year loan on behalf of Hennessey Construction Co.
ST. LOUIS — Marcus & Millichap has arranged the sale of a 62,856-square-foot medical office property located at 5500 S. Broadway St. in St. Louis for $6.3 million. The building was constructed in 2001 and previously operated as the Riverview Nursing Facility. Dan Yozwiak and Darpan Patel of Marcus & Millichap represented the undisclosed buyer, which plans to renovate and repurpose the building as a behavioral health center. The seller was a local husband-and-wife ownership group.
NEW YORK CITY AND ST. LOUIS — New York City-based investment manager BlackRock Inc. (NYSE: BLK) has announced plans to acquire net-lease real estate investment firm ElmTree Funds. BlackRock has entered into a definitive agreement with ElmTree, which has $7.3 billion in total assets under management as of March 31. The transaction is expected to close in the third quarter of 2025, subject to regulatory approvals and customary closing conditions. Established in 2011 and based in St. Louis, ElmTree owns and operates real estate properties, with a focus on single-tenant, build-to-suit industrial assets. ElmTree’s portfolio includes investments in 122 properties across 31 states. Additionally, ElmTree’s portfolio includes six office locations. BlackRock’s upfront consideration will be paid primarily in stock, with the potential for additional consideration subject to ElmTree Funds’ performance over the next five years. Additional financial details were not disclosed. Upon closing of the deal, ElmTree will be integrated into Private Financing Solutions (PFS), a new platform created through BlackRock’s combination with HPS Investment Partners. (BlackRock completed its acquisition of investment firm HPS earlier this month.) “The net lease market is estimated at $1 trillion, and our continued belief in the industrial build-to-suit model is rooted in the mission-critical …
VALLEY PARK, MO. — Mia Rose Holdings LLC will build 44 East, a $60 million luxury apartment development in the western St. Louis suburb of Valley Park. The project is situated on the site of the former Wet Willy’s, a hotspot from the 1980s and 1990s. Mia Rose closed on the land acquisition from Mercy Hospital in June. The community will feature 216 apartment units. As the sister project to 44 West Luxury Living, the development reflects community feedback by offering a greater mix of two- and three-bedroom units alongside one-bedroom options. Residents will enjoy coworking lounges and resort-style amenities. The project team includes equity partner Argos Capital Partner; debt partners Commerce Bank and First Bank; design partners Rosemann & Associates, Engenuity, The Sterling Co. and SCI Engineering; and building partners Karrenbrock Construction for sitework and Midas Building Group for vertical construction.
FENTON, MO. — JLL has negotiated five new office leases totaling more than 120,000 square feet at 1400 S. Highway Drive in Fenton near St. Louis. The building is now 95 percent leased. The tenants come from a wide range of industries, with Delta Dental being the largest lease at 69,000 square feet. The Maritz family, a local owner, is the landlord. The family’s company, Maritz, also operates on the campus.
DARDENNE PRAIRIE, MO. — Mia Rose Holdings is underway on the development of Prairie Encore, a 190-unit luxury apartment complex in the St. Louis suburb of Dardenne Prairie. General contractor MBG is building the project, which is slated for Phase I completion this fall. The development, which will also feature Sugarfire, Macadoodles and Starbucks, comes on the heels of the debut of The Prairie Luxury Apartments in 2023. Mia Rose and MBG also built that property. Between the two projects, Mia Rose is investing $150 million in the Dardenne Prairie community. Prairie Encore features a figure-eight building design with two separate courtyards. A 3,310-square-foot lobby connects to a leasing office, coffee bar, kitchen bar, fitness center and other common spaces. Units will come in studio, one-, two- and three-bedroom floor plans. A 669-square-foot coworking suite will be housed on the second floor. Additional amenities will include a dog park, gathering spaces, a pool and turf areas with barbecue grills. Community gathering spaces as well as sand volleyball and pickleball will be within walking distance at Sugarfire. Prairie Encore marks the sixth luxury community for MBG in St. Charles County since 2023, encompassing 1,068 units.
ROLLA, MO. — Phelps Health has opened its new Emergency Medical Services (EMS) base in Rolla, a city in central Missouri in the heart of the Ozarks. McCarthy Building Cos. Inc. constructed the 17,500-square-foot building, which replaces an aging EMS station. Located on the main Phelps Health campus, the new base was partially funded by a $4 million American Rescue Plan Act grant from the State of Missouri. The site brings EMS teams closer to the emergency department while maintaining easy access to I-44. The building includes eight ambulance bays, a second helicopter landing pad, 16 bunk rooms for staff and crew, dedicated training rooms, amenities to support continuing education and extended shifts, and a tornado storm shelter.
BRENTWOOD, MO. — CBRE has brokered the sale of The Promenade at Brentwood, a 337,800-square-foot power center in the western St. Louis suburb of Brentwood. The sales price was $71.6 million, according to Crain’s Cleveland Business. CBRE’s NRP Midwest team represented the seller, Beachwood, Ohio-based SITE Centers. Haverford Retail Partners was the buyer. Tenants at the property include Target, Trader Joe’s, Burlington, Five Below, PetSmart, Ulta, World Market and Chase Bank.
ST. LOUIS — Northmarq has arranged the sale and financing of the ChenMed primary care medical office building in St. Louis. Northmarq’s Isaiah Harf and David Annett represented both the seller, Atwater Group, and the buyer, Maple Street Management, in the $4.4 million deal. Jada Purchase of Northmarq arranged $2.8 million in permanent fixed-rate financing on behalf of the buyer through a credit union. The 10-year loan features a 30-year amortization schedule. The ChenMed facility was built in 1992 and features a 15,735-square-foot, single-tenant building on 1.3 acres. ChenMed is a primary care medical provider for seniors.
KANSAS CITY, MO. — Culinary and entertainment concept Palm Tree Club will open an 11,000-square-foot restaurant and rooftop lounge in Kansas City’s Power & Light District. Designed by Beth Bloom Designs, the two-level space will include a full restaurant, private dining room and an open-air rooftop. The first story will comprise the custom main bar and ample seating for guests, while an elevated DJ booth will be situated just off the main floor with VIP seating and a dance floor. Additionally, the upstairs rooftop lounge will include an illuminated tree and a 100-inch TV. Palm Tree Club Kansas City is slated to open this fall.
