O’FALLON, MO. — Baceline Investments LLC has acquired a 36,455-square-foot neighborhood retail center in O’Fallon, a west suburb of St. Louis, for $3.3 million. The Four Seasons Shopping Center, located at 2421-2509 Highway K, was 100 percent leased at the time of sale. The property was built in 1996 and renovated in 2012. The seller in the transaction was undisclosed.
KANSAS CITY, MO. — Cain Brothers has arranged $51.8 million in bond financing for Kingswood Senior Living Community, a continuing care retirement community in Kansas City. The bonds will fund the repositioning of the community, which Life Care Services operates. The campus was built in 1982. LCS Development has formulated a turnaround plan that includes converting the obsolete independent living units to new assisted living and memory care units. Renovations will also be performed throughout the remaining units, common areas and amenities. In addition to the 35-year, non-rated, fixed-rate bonds, Cain Brothers arranged $2 million of mezzanine financing to execute the development plan.
ST. CHARLES, MO. — Cullinan Properties will construct a 180-room Drury Inn and Suites hotel, which will be part of the Streets of St. Charles, a 27-acre mixed-use community. In addition to the seven-story hotel, a second parking deck will be added to the development providing over 300 additional spaces. Construction of the parking deck is already underway, and work on the hotel is expected to start in April. Both projects are slated for completion by the summer of 2017. The Drury Inn and Suites at Streets of St. Charles will feature king and queen suites and deluxe two-room suites. The hotel will offer meeting space, an indoor/outdoor pool, Wi-Fi and hot breakfast. Drury Inn and Suites is the latest of several new tenants to be announced at Streets of St. Charles including Orangetheory Fitness, PF Changs, Firebirds Wood Fired Grill and Noodles & Co. which are all currently under construction and scheduled to open this summer.
FERGUSON, MO. — Love Funding has closed a $15.3 million loan for the refinancing of Christian Care Home, an assisted living and skilled nursing senior community in the St. Louis suburb of Ferguson. Christian Care Home offers 178 beds in 92 units and is one of only two nursing homes in the area that provides on-site dialysis services to its residents. Christian Woman’s Benevolent Association owns the facility. Robyn Cunningham and Adrian Hartman of Love Funding’s St. Louis office secured the financing through HUD. This is the second time in less than three years that Love Funding has refinanced the property’s debt. Love originally financed the construction of the facility under HUD’s Section 232 program in June 2009.
DES PERES, MO. — Blueprint Healthcare Real Estate Advisors has arranged a lease for The Quarters of Des Peres, a 147-bed skilled nursing facility in the St. Louis suburb of Des Peres. The landlord, a private equity fund based in Dallas, will lease the community to local operator MGM Healthcare. MGM currently operates 30 facilities in the Midwest, and its headquarters are less than 10 miles from The Quarters. Blueprint’s Jacob Gehl and Ben Firestone were the lead advisors on the transaction.
KANSAS CITY, MO. — Schottenstein Property Group Inc. has acquired a 142,600-square-foot retail center in Kansas City for $17.5 million. Retail Properties of America Inc. sold the asset, Stateline Station, which is 85 percent leased. The property, constructed in 2004, is anchored by Marshalls, Cost Plus World Market and a separately owned Super Target. Other retailers include Petco, Tuesday Morning, Mattress Firm, Pier 1 Imports and Dollar Tree. The shopping center is located at the intersection of Highway 150 and West 135th Street in an affluent area of Kansas City where the average household income in a three-mile radius of the center is $130,141. Amy Sands, Barry Brown and Clinton Mitchell of HFF represented the seller in the transaction.
CLEVELAND —Cleveland, Ohio-based KeyBank Real Estate Capital has provided a total of $11.7 million in first mortgage loans for multiple parking garages in Indiana and Missouri. MVP REIT sponsors the properties. KeyBank provided an $8.2 million loan for a portfolio consisting of City Park Garage and Surface Parking Lot, both located in the central business district of Indianapolis. KeyBank also provided an additional $3.5 million loan for three surface parking lots, two in St. Louis and one in Kansas City. Randy Martin of KeyBank arranged the CMBS, non-recourse loans.
ST. LOUIS, MO. — HFF has arranged $13.3 million in financing for a Class A office building in downtown St. Louis. The capital is being used to acquire and fund future capital improvements on the 20-story, St. Louis Place. The 337,088-square-foot building is located at 200 N. Broadway. Working on behalf of Mariner Real Estate Management, HFF placed the five-year, floating-rate loan with a division of NBH Bank, Bank Midwest. St. Louis Place is 63 percent leased to 12 tenants including Fleishman-Hillard, General Services Administration, Peckham Guyton and Albers & Viets. Matthew Schoenfeldt and Brock Cannon of HFF arranged the financing for the undisclosed borrower.
ST. LOUIS, MO. — Revive Capital Development LLC has acquired a 270,000-square-foot office building in St. Louis for an undisclosed price. The development company plans to convert the nine-story building into loft apartments. 1706 Washington LLC sold the property that was previously occupied by CPI Corp., a portrait studio. The vacant building, constructed in 1912, is located at 1706 Washington Ave. John Warren of JLL represented the seller.
RAYTOWN, MO. — The Boulder Group has arranged the $6 million sale of a single-tenant, net-leased Walgreens property located at 9300 E. Gregory Blvd. in Raytown. The 13,905-square-foot Walgreens is located within the Kansas City MSA. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a high-net-worth individual based in the Midwest, in the sale of the property to a Northeast-based real estate investor. There are 14 years remaining on the Walgreens lease, which expires in January 2030.