Missouri

The Boulder Group Arranges $6M Sale of Net-Leased Walgreens in Missouri

by Christina Cannon February 2, 2016

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.

February 2, 2016

Midwest Missouri Multifamily

GFI Capital Resources Acquires 137-Unit Luxury Apartment Building in Kansas City

by Christina Cannon January 28, 2016

KANSAS CITY, MO. — An affiliate of GFI Capital Resources Group has acquired a luxury 137-unit apartment complex in Kansas City for an undisclosed price. RMwest, which is located less than two blocks from the Kansas City Streetcar line, consists of one- and two-bedroom units. Each residence features granite countertops, stainless steel appliances, vinyl plank flooring, a washer and dryer and a patio or deck. Monthly rents at RMwest, range from $1,300 to $1,900. Community amenities include a covered parking garage, saltwater pool and sundeck, indoor lounge, game room and workspace areas. The entire building, which is located at 228 W. 4th St., is also wired for Google Fiber. CBRE represented the buyer in the transaction. The seller is undisclosed.

January 28, 2016

Market Reports Midwest Midwest Market Reports Missouri Multifamily

St. Louis Apartment Builders Play Catch-Up

by Christina Cannon January 21, 2016

Strong renter demand in the metro St. Louis apartment market helped boost annual effective rent growth by 3.6 percent in 2015, 200 basis points above the market’s long-term average, according to Axiometrics. An estimated 1,012 apartment units were delivered to the St. Louis market for all of 2015 compared with 2,378 units of absorption during the same period, reports Axiometrics. But with numerous projects in the pipeline, that ratio is likely to change over the next few years, say real estate experts. “We expect supply levels to increase in 2017 and for absorption to begin to struggle to keep up due to slowing job growth,” says Sophie Zatterstrom Gore, analyst with Axiometrics. But 2016 is a different story, she points out. Robust job growth will help absorption outpace new supply by about 600 units in 2016: 1,587 units of absorption versus 990 units of new supply. Such strong demand is giving a strong lift to real estate fundamentals in the local apartment sector. The average effective rent in the third quarter of 2015 was $914, which Axiometrics projects will rise to $948 by the end of 2016. The average vacancy rate is projected to fall from 6.3 percent at the …

January 21, 2016

Midwest Missouri Multifamily Seniors Housing

Blueprint Brokers $54M Sale of 206-Unit Seniors Housing Community Near St. Louis

by Christina Cannon January 13, 2016

O’FALLON, MO. — Blueprint Healthcare Real Estate Advisors has arranged the $54 million sale of Park Place Senior Living at WingHaven, a 206-unit independent living and assisted living community in the St. Louis suburb of O’Fallon. Blueprint represented the seller, AEW Capital Management, which sold the property on behalf of AEW Senior Housing Investors to CNL Healthcare Properties. Originally built in 2006, a joint venture of AEW and First Capitol Group acquired Park Place in 2011. The venture expanded the community with the addition of assisted living units and by converting units to memory care. Blueprint’s Ben Firestone was lead advisor on the transaction.

January 13, 2016

Midwest Missouri Multifamily Student Housing

ACC to Develop Student Housing Community Near the University of Missouri

by Christina Cannon January 11, 2016

COLUMBIA, MO. — American Campus Communities (ACC) will develop a 718-bed student housing community adjacent to the University of Missouri campus in Columbia. U Centre on Turner will consist of 182 units located at the intersection of 5th Street and Turner Avenue. The development, expected to come on line in the fall of 2017, will include 177 four-bedroom, four-bathroom units and five two-bedroom, two-bathroom units in two buildings, surrounding a controlled-access parking garage. U Centre on Turner will include a 12,000-square-foot community center with a fitness center, game room, offices and academic success center. The project will also include a courtyard with a pool, spa and outdoor cooking stations. The site is a 3.8-acre assemblage that was purchased last year. Kurt Hollenberg of United Country-Commercial represented the seller, Ginger C LLC. Thomas Horvath of CR Commercial Realty represented American Campus Communities in the transaction.

January 11, 2016

Market Reports Midwest Midwest Market Reports Missouri Retail

IKEA Leads Retail Development in St. Louis

by Christina Cannon January 7, 2016

Without question 2015 was a “great year” for the St. Louis retail market, says Adam Glosier, senior vice president with Colliers International. “New users entered the market and few vacated. The St. Louis retail landscape benefitted from the continued expansion of organic grocers, sporting goods operators, quick service restaurants and soft goods retailers.” At the end of the third quarter, the vacancy rate stood at 7.1 percent, unchanged from the prior quarter but down from 8.2 percent a year earlier, according to CoStar Group. Net absorption totaled 579,206 square feet during the third quarter, bringing the year-to-date total to just under 900,000 square feet. Six new retail buildings were delivered in the third quarter, which collectively brought 612,595 square feet to the market. The gross leasable area (GLA) of the 29 buildings under construction at the end of the third quarter totaled 915,751 square feet. “There was a lot of activity in 2015 in the freestanding and small retailer market, as well as activity from junior anchors,” says Christopher Zoellner, senior vice president of retail with Balke Brown Transwestern. “This has created strong activity and a good pipeline going into 2016.” IKEA Makes ‘Big Splash’ A few retailers opening new …

January 7, 2016

Loans Midwest Missouri Multifamily

U.S. Bank Provides $8.3M Equity Investment for Phase II of Veterans Housing Center in Kansas City

by Christina Cannon December 14, 2015

KANSAS CITY, MO. — U.S. Bank has provided an $8.3 million investment for the construction of the second phase of St. Michael’s Veterans Center in Kansas City. The $11.4 million project will receive $8.3 million in equity raised from federal state and federal low-income housing tax credits. The second phase of the center will include 59 one- and two-bedroom apartment units and space for substance abuse counseling, job training and other support services. Yarco Company Inc. and its affiliates are serving as the developer, property manager and general contractor for the project. The facility will be located at the intersection of East 39th Street and Emanuel Cleaver Boulevard. Apartment rents at the center will range from $657 to $750 per month. Phase I of St. Michael’s Veterans Center opened in 2014 and was fully occupied within a month. There is currently a waiting list of 95 applicants. The construction on Phase II is slated for completion in the third quarter of 2016.

December 14, 2015

Missouri Multifamily Seniors Housing

Gardner Begins Construction on 48-Unit Seniors Housing Community Near Kansas City

by Christina Cannon December 14, 2015

KEARNEY, MO. — Gardner Development has broken ground on Centerville Cottages Senior Living Community, a 48-unit independent living community in the Kansas City suburb of Kearney. The developer received low-income housing tax credits to help build the community. Demand for seniors housing is high in Kearney, where every community currently has a waiting list, according to Gardner. Centerville Cottages is a partnership between the City of Kearney, Missouri Housing Development Commission, Alden Torch Financial Century Real Estate Services, Baron Design and Associates LLC, Double Diamond LLC and Gardner Capital Inc. Gardner expects to complete the project in late 2016.

December 14, 2015

Loans Midwest Missouri Multifamily Seniors Housing

Leumi Provides $13.6M Acquisition Loan for Seniors Housing Community in St. Charles, Mo.

by Christina Cannon December 4, 2015

ST. CHARLES, MO. — Bank Leumi USA has provided a $13.6 million loan to Chicago-based Innovative Management Associates Inc. for the acquisition of Windsor Estates of St. Charles, a continuing care retirement community (CCRC) in metro St. Louis. Windsor Estates is a 235-unit community operated by the borrower, In addition to the five-year, fixed-rate conventional mortgage, Leumi provided a $500,000 working capital line of credit and treasury management services. The line of credit is secured by the facility’s accounts receivables.

December 4, 2015

Midwest Missouri Retail

Bamboo Equity Partners Acquires 19,000 SF Retail Center in Festus, Missouri

by Christina Cannon December 4, 2015

FESTUS, MO. — Bamboo Equity Partners has acquired a 19,000-square-foot shopping center in Festus, approximately 35 miles south of St. Louis for an undisclosed amount. The retail center, located at 332-356 Festus Drive, is comprised of two buildings that include tenants such as Edward Jones, Vantage Credit Union and Berkshire Hathaway. Intelica CRE brokered the transaction between Bamboo Equity Partners and the undisclosed seller. Intelica will also manage the property.

December 4, 2015

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