Missouri

Mid-America Real Estate Brokers $10.6M Sale of Chippewa Center in St. Louis

by Haisten Willis September 21, 2016

ST. LOUIS — Mid-America Real Estate Corp. has brokered the sale of the Chippewa Center in St. Louis on behalf of the seller, an investment partnership with St. Louis-based Pace Properties Inc. Springfield, Ill.-based Jared Commercial purchased the 147,920-square-foot retail center for $10.6 million. Chippewa Center is located at the northwest corner of Chippewa Street and River Des Peres Boulevard. Tenants at the center include Shop ’n Save, Value City Furniture and Dollar Tree. Ben Wineman of Mid-America Real Estate Inc., in cooperation with Mid-America Real Estate Group-Missouri LLC and Scott Seyfried of Pace Properties Inc. were the brokers in the transaction.

September 21, 2016

Midwest Missouri Retail

Orangetheory Fitness Opens at Streets of St. Charles in Metro St. Louis

by Haisten Willis September 19, 2016

CHARLES, MO. — Orangetheory Fitness has opened at Streets of St. Charles in St. Charles. The 3,000-square-foot studio on Beale Street is owned and operated by St. Charles Studio LLC and is the fourth location in the St. Louis metropolitan area for the fitness franchise. Other tenants at Streets of St. Charles include Firebirds Wood Fired Grill, Think Pink Nail Salon, PF Chang’s and Sole & Blues.

September 19, 2016

Market Reports Midwest Midwest Market Reports Missouri Multifamily

Job Growth, Technology Sector Give a Boost to the Kansas City Apartment Market

by Jeff Shaw September 15, 2016

Look no further than Kansas City for one of the most burgeoning apartment rental hotspots in the Heartland. Ever since apartment deliveries reached a trough of 233 units in 2011, developers have ramped up construction activity year after year to meet healthy rental demand, though often still trailing robust leasing activity. This trend continued in the first half of 2016, with 2,170 newly occupied apartments exceeding 1,650 multifamily units added to the metro area inventory. What’s contributing to this demand? And will rapid market growth and expansion continue? Job growth, tech boom Employment gains are a big reason rental market demand continues to outweigh supply. For the last six years, greater Kansas City has experienced annual average employment gains of 1.5 percent to support sustained rental demand. After steady, though moderate gains in the last half of 2015, employers accelerated hiring with 10,500 additions from January to June, a 1 percent expansion over the previous six months. The six-month hires capped an annual increase of 1.5 percent since mid-2015 with 15,900 new personnel. To no surprise, the rise in employment has coincided with the rise in renters, as they’ve been attracted to new inventory around employment hubs. The Downtown/East Kansas …

September 15, 2016

Industrial Midwest Missouri

ROi Breaks Ground on 100,000 SF Surgical Pack Facility in Missouri

by Amy Works September 8, 2016

REPUBLIC, MO. — Resource Optimization & Innovation (ROi), a health care supply chain company owned by Mercy, has broken ground on its custom surgical pack manufacturing facility, located at 3000 E. Sawyer Road in Republic. Slated to open in fall 2017, the $10 million, 100,000-square-foot facility will enable the company to produce up to 1.5 million packs each year. The packs produced by ROi’s Custom Pack Solutions division contain all of the medical supplies needed to perform a range of surgical procedures. The company’s pack operation is the first and largest provider-owned, FDA-regulated custom pack manufacturing facility in the United States. The project team includes Slone Architects, Morelock-Ross and Rankin Development.

September 8, 2016

Midwest Missouri Retail

Block & Company Realtors Arranges $2.1M Sale of Shopping Center in Kansas City

by Amy Works September 7, 2016

KANSAS CITY, MO. — Block & Company Realtors has brokered the sale of Wornall Plaza, a shopping center located at 7960-7970 Wornall Road in Kansas City. Solar Success acquired the property from Wornall Plaza 91 LLC for $2.1 million The 13,320-square-foot center is fully occupied by Sherwin-Williams Paints, Papa John’s Pizza, 9Round Boxing, Cricket Wireless and 5th Avenue Cleaners. Dimitri Rodopoulous of Block & Company represented the seller in the transaction.

September 7, 2016

Midwest Missouri Office

Cushman & Wakefield Brokers Sale of Office Building in Kansas City Slated for a $43M Apartment Conversion

by Christina Cannon September 2, 2016

KANSAS CITY, MO. — Cushman & Wakefield has brokered the $5.7 million sale of a 207,421-square-foot office building in downtown Kansas City. Stencil Group sold the Executive Plaza Office Building, more commonly known as The Flashcube, to Worcester Investments. HOK designed the facility, which was built in 1974. The buyer plans to convert the building into a 181-unit residential property, a project expected to cost $43 million. The property is located at 710-720 Main St., and the sale included an adjacent surface parking lot.

September 2, 2016

Midwest Missouri Retail Top Stories

BIG Shopping Centers, RED Development Acquire 516,268 SF Shopping Center Near Kansas City

by Christina Cannon September 2, 2016

LEE’S SUMMIT, MO. — A joint venture between BIG Shopping Centers USA and RED Development has acquired Summit Fair, a 516,268-square-foot shopping center, for an undisclosed price. Located 25 miles southeast of Kansas City in Lee’s Summit, Summit Fair is anchored by Macy’s and JCPenney. Other tenants in the open-air lifestyle center include Victoria’s Secret, Chico’s, Francesca’s and LOFT. Summit Fair boasts approximately 50 tenants. Along with the news of the acquisition, the joint venture also announced a 50,000-square-foot DICK’S Sporting Goods and a 20,000-square-foot H&M will open at Summit Fair in spring 2017. DICK’S Sporting Goods will relocate to Summit Fair from its existing store currently open at RED’s sister property, SummitWoods Crossing. An additional 5,000 square feet of space is available in the H&M building. “Summit Fair is already a dynamic, high-performing retail property serving a vibrant market, and the addition of DICK’S Sporting Goods, H&M and other top-drawing retail concepts sets the stage for continued success,” says Mike Ebert, managing partner at RED Development. The joint venture, known as BIG RED Portfolio LLC, has a portfolio consisting of 10 retail assets totaling over 3.5 million square feet in four states. Within the joint venture, BIG USA, acts primarily as a co-investment …

September 2, 2016

Midwest Missouri Multifamily Seniors Housing

Senior Lifestyle Corp. Breaks Ground on Seniors Housing Community Near St. Louis

by Christina Cannon September 1, 2016

SUNSET HILLS, MO. — Senior Lifestyle Corp. has broken ground on The Sheridan at Laumeier Park, a 69,000-square-foot seniors housing community in Sunset Hills, approximately 15 miles southwest of St. Louis. The project, expected to be complete in early 2017, will feature 43 assisted-living apartments plus 41 memory care residences. The Sheridan at Laumeier Park will be situated on 3.9 acres at 12470 Rott Road. Residents will have access to nearly 38,000 square feet of amenity space, which will include living rooms, a dining room, entertainment room, fitness center and art studio.

September 1, 2016

Midwest Missouri Mixed-Use Top Stories

Lawrence Group Breaks Ground on $340M City Foundry Saint Louis Development

by Christina Cannon August 26, 2016

ST. LOUIS — Lawrence Group has started construction of City Foundry Saint Louis at Cortex, a $340 million mixed-use redevelopment. The building was the former site of the Federal Mogul Foundry in St. Louis, and environmental remediation work on the property is underway. The first phase of the project will include 48,000 square feet of restaurant and food hall space with approximately 20 food stalls and up to four full-service restaurants; 124,000 square feet of creative office space; 133,000 square feet of retail space accommodating up to 45 retailers; a 511-car parking garage in addition to surface spaces; a connector trail to the Great Rivers Greenway Trail System; and amenities such as public plaza spaces, bike sharing, electric recharging stations and a dedicated ride sharing drop-off. The Cortex District is a 200-acre section of Midtown St. Louis centered around several research and technology buildings. A nonprofit joint venture between Washington University in St. Louis, BJC Healthcare, University of Missouri – St. Louis, St. Louis University, and the Missouri Botanical Garden operates the district. “The City Foundry Saint Louis redevelopment represents another example of the continued investment and expansion of the Cortex brand. This will be a tremendous amenity to the …

August 26, 2016

Midwest Missouri Multifamily Seniors Housing

SLIB Arranges $2M Sale of Skilled Nursing Facility in Missouri

by Christina Cannon August 19, 2016

LIBERTY, MO. — Senior Living Investment Brokerage has arranged the $2 million sale of an undisclosed skilled nursing facility in the Kansas City suburb of Liberty. The facility is currently vacant, having been closed by the Centers for Medicare & Medicaid Services in 2015. It was built in 1992 and features 143 beds. The buyer is a private equity group that partnered with a regional operator. Matthew Alley, Patrick Byrne and Toby Seifert of Senior Living Investment Brokerage arranged the transaction.

August 19, 2016

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