ST. LOUIS — HDA Architects has completed a 27,000-square-foot renovation forMungenast St. Louis Honda. The $4.7 million project includes a new open concept floor plan, additional customer waiting area, a training room and a corporate conference room. Josh Goodman served as the project manager, Kim Murray was the interior designer, and David George and Leah McClendon were the architects of record. Holland Construction Services was the general contractor.
Kansas City’s industrial market is experiencing an incredible construction boom that is both market-driven and not limited to just one area or particular deal. In the past two years, multiple, diverse industries and tenant categories have shown interest in a variety of options around the area. The buildings going up and the tenants filling them cannot be pigeonholed into any single, narrow category. It’s encouraging that the entire market is doing well, not just one particular segment or submarket. The success of the market is widespread across the region. New buildings have gone up in Johnson County, Jackson County and Wyandotte County in the past few years. Projects also are moving forward in Platte County, up by Kansas City International Airport, and also in Executive and Northland Park. Additionally, Kansas City is providing options to companies of all sizes, from giant, bulk users to smaller users seeking the features associated with new development. New buildings such as Westlink Industrial Park in Johnson County and Kaw Point in Wyandotte County have offered tenants looking for 50,000 to 100,000 square feet the opportunity to access the amenities and features of modern construction that are associated with new bulk development. Both of those …
ST. LOUIS — Biomedical Systems has opened a new technology and research center in St. Louis near its global headquarters. Biomedical Systems is a 40-year-old clinical trial provider to pharmaceutical, medical device, biotech and contract research organizations. The 12,000-square-foot facility houses over 70 software developers, data technicians and business analysts. The center was designed to foster innovation and integration of new technology to improve efficiencies.
The office market in Chesterfield, a suburb of St. Louis, has undergone tremendous growth in the past two years. In particular, the I-64/Highway 40 corridor within the West St. Louis County submarket has experienced a flurry of activity highlighted by the construction of several corporate headquarters as well as expansions. The corridor, which stretches from Clayton to Chesterfield, boasts a highly visible central location, proximity to high-end housing that appeals to corporate executives, newer buildings that bode well for future resale or leasing, and convenient interstate access. With a Class A vacancy rate of only 7.6 percent, the West St. Louis County submarket is experiencing a shortage of available blocks of office space of 50,000 square feet or more. Corporations desiring to locate along the prestigious corridor are relocating from older Class B space to existing or build-to-suit Class A properties. In fact, new construction during the last two years added 774,000 square feet of office space to this submarket, of which all but 50,000 square feet was already committed upon delivery. Less than 50,000 square feet was considered speculative. Magnet for headquarters RaboAgrifinance will relocate its corporate headquarters from Creve Coeur Pointe to the new Delmar Gardens III at …
SPRINGFIELD, MO. — John Q. Hammons Hotels & Resorts (JQH) has filed for Chapter 11 bankruptcy. Springfield-based JQH is an owner and manager of hotels throughout the United States featuring brands such as Marriot, Hilton, Embassy Suites, IHG and more. The company is financially sound, but is filing for bankruptcy to restructure the organization and “navigate a litigious environment,” says Jacquie Dowdy, CEO of JQH. According to the Wall Street Journal, the legal battle is a result of a 2005 buyout in which John Hammons sold a portfolio of 43 hotels of hotels to Jonathan Eilian. Under terms of the contract, Hammons received equity interest in the acquiring company, and Eilian received right of first refusal for the sale of the JQH’s remaining 35 hotels. Eilian later sued JQH, claiming the company has made no move to sell those remaining properties. JQH’s Gregg Groves is providing in-house legal counsel in connection with the Chapter 11 filing, and Stinson Leonard Street LLP is providing outside counsel for the restructuring. JQH currently maintains a portfolio of 35 hotels that include 8,500 rooms scattered throughout 16 states.
COLUMBIA, MO. — California-based investment firm TwinRock Partners has acquired Log Hill Run Apartments, a 328-bed student housing community located less than four miles from the University of Missouri campus in Columbia, for $14.7 million. The community, developed in 2005, offers amenities including attached garages, a resort-style swimming pool and a sand volleyball court. Units include private patios and balconies and full-size washers and dryers. Scott Harris and Patrick Stang of Marcus & Millichap represented the seller, an undisclosed local owner and developer, in the sale of the property.
BELTON, MO. — Tutera Senior Living & Health Care is set to break ground on the $9.5 million Carnegie Village Rehabilitation and Health Care in Belton, located in the Kansas City metro area. The skilled nursing facility is an expansion of Carnegie Village Senior Living Community, an independent living, assisted living and memory care community that was built in 2002. With the addition, the community will now feature the entire continuum of care. Tutera expects to complete construction in April 2017. The facility will feature 60 private suites, along with a rehabilitation gym, wellness center, spa services and other amenities. Interior design firm studioSIX5, architecture firm Prelogar & Jones Architects and engineering firm CFS Engineering will all participate in the expansion’s design.
WARRENSBURG, MO. — Annex Student Living has broken ground on Annex 56, a 324-bed student housing community located adjacent to the University of Central Missouri campus in Warrensburg. The community will offer 87 two- and four-bedroom, fully furnished units with bed-to-bath parity. The project will be ready for student occupancy in August 2017.
ST. LOUIS — Mid-America Real Estate Corp. has brokered the $15.2 million sale of Southtown Centre, an 88,364-square-foot retail property in St. Louis. Newport Capital Partners acquired the property on behalf of Newport Capital Partners Fund II. Southtown Centre is comprised of five buildings located at the northwest corner of Chippewa Street and Kingshighway Boulevard in the Tower Grove South neighborhood. Tenants at the center include Walgreens, PetSmart, OfficeMax, Athletico and Starbucks. Ben Wineman of Mid-America was the sole broker in the transaction and represented the seller, a publicly traded REIT.
ST. LOUIS AND HARVARD, ILL. — Ten-X has brokered the sale of two office/industrial properties for a total of $17.3 million. In the first deal, an undisclosed seller disposed of a Class A, 347,399-square-foot office tower in St. Louis for $8 million. AKNO 1010 Market Street St Louis Missouri LLC was the buyer. The 20-story property, built in 1981, is located at 1010 Market St. Amenities include ground-floor retail, a gym, conference room, lounge, covered parking, courtyard, 24-hour security, concierge services and on-site management. In the second deal, Optima Ventures LLC sold a 1.5 million-square-foot office and industrial property in Harvard, Ill. for $9.3 million. The 325-acre Midwest Corporate Campus is located at 2001 North Division St. The property is comprised of five manufacturing, distribution and office buildings and was formerly the regional headquarters for Motorola. The building, constructed in 1997, has been vacant since 2003. Amenities at Midwest Corporate Campus include two on-site daycare facilities, a cafeteria, rooftop and ground-level heliports, fitness center, auditorium, ponds and running and biking trails. Both properties were sold on the Ten-X Commercial online platform.
