Missouri

MIRASON Properties Begins Renovation of 40,200 SF Shopping Center in Kansas City

by Christina Cannon August 15, 2016

KANSAS CITY, MO. — MIRASON Properties LLC has begun renovations on the 40,200-square-foot Watts Mill Shopping Center in Kansas City. Located at the corner of 103rd Street and State Line Road, the shopping center features tenants such as Jasper’s Italian Restaurant, Ugly Joe’s Bar & Grill and Goodyear Tires. Updates to the center will include a new façade, architectural elements, LED lighting, landscaping, signage and a restriped parking lot. Block & Company Inc. oversees management and leasing for the property. The project is slated for completion this October.

August 15, 2016

Midwest Missouri Multifamily

AFL-CIO Building Investment Trust, Balke Brown Transwestern Break Ground on $51M Apartment Project in St. Louis

by Christina Cannon August 8, 2016

ST. LOUIS — A joint venture between AFL-CIO Building Investment Trust and Balke Brown Transwestern has broken ground on Encore at Forest Park, a $51 million, 247-unit apartment property. The five-story building will offer studio, one-, two- and three-bedroom apartments. Community amenities will include a pool, parking garage and fitness center. The apartment building will be the final phase at The Highlands at Forest Park, a mixed-use development. Encore at Forest Park will be situated on three acres at 5700 Highlands Plaza Drive.

August 8, 2016

Midwest Missouri Office

CBRE Brokers Sale of Two Office Buildings in Kansas City in Separate Transactions

by Christina Cannon July 28, 2016

KANSAS CITY, MO. — CBRE has brokered the sale of two office buildings in Kansas City in separate transactions. In the first deal, Highwoods Properties Inc. sold an 82,365-square-foot building to Price Brothers Development Co. for an undisclosed price. Park Plaza is located at 801 W. 47th St. In the second deal, a joint venture between Highwoods Properties Inc. and an investment group led by Angelo Mariani sold a 265,000-square-foot, Class A building to Stanton Road Capital LLC. Plaza West, located at 4600 Madison Ave., is currently 91 percent leased. Gina Anderson and Gary Carr of CBRE represented the seller in both transactions. The sales price in both transactions was undisclosed.

July 28, 2016

Midwest Missouri

McCarthy to Complete $14.5M Renovation for University of Missouri-Kansas City

by Christina Cannon July 28, 2016

KANSAS CITY, MO. — McCarthy Building Companies Inc. will complete a $14.5 million renovation for the University of Missouri-Kansas City (UMKC). The project will modernize 75,000 square feet of laboratory space in the Spenser Chemistry and Biological Sciences Building, which was originally constructed in 1968. The facility was last renovated in the 1980s. Construction will begin this December, and the project is slated for completion by July 2018.

July 28, 2016

Midwest Missouri

Artisan Building Co. Completes $1.5M Expansion of St. Louis Research Facility

by Christina Cannon July 21, 2016

ST. LOUIS — Artisan Building Co. has completed a $1.5 million expansion for DYNALABS LLC, a pharmaceutical testing company. The 15,500-square-foot expansion of the existing St. Louis facility included a chemistry lab, analytical lab, area for maintaining glassware, inspection and management area for samples, distribution and storage space, offices, a lunch area and conference space. The 33,500-square-foot research building is located at 2327 Choteau Ave.

July 21, 2016

Midwest Missouri Multifamily

Aragon Holdings Acquires 480-Unit Apartment Complex in St. Louis

by Christina Cannon July 20, 2016

ST. LOUIS — Aragon Holdings LLC has acquired a 480-unit apartment property in St. Louis for an undisclosed price. A joint venture between Covenant Capital Group and Bell Partners Inc. sold the asset. Oxford Hills Apartments is situated on 26.3 acres at 10304 Oxford Hill Drive. Amenities at the complex include an outdoor swimming pool with sundeck, indoor swimming pool, fitness center, tennis courts, clubhouse with cyber café, dog park, playground and detached garages. Oxford Hills Apartments has 36 residential buildings, which feature one-, two- and three-bedroom units that average 953 square feet. Sean Fogarty, Marty O’Connell and Wick Kirby of HFF represented the seller in the transaction. According to the St. Louis Business Journal, Oxford Hills Apartments has an appraised value of $7 million and was last sold in 2007 for $34.5 million.

July 20, 2016

Midwest Missouri Retail

HDA Architects Completes $4.7M Renovation for Mungenast St. Louis Honda

by Christina Cannon July 20, 2016

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.

July 20, 2016

Industrial Kansas Market Reports Midwest Midwest Market Reports Missouri Uncategorized

Industrial Developers Shift into High Gear in Metro Kansas City

by Christina Cannon July 6, 2016

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 …

July 6, 2016

Midwest Missouri

Biomedical Systems Opens 12,000 SF Technology and Research Center in St. Louis

by Christina Cannon June 30, 2016

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.

June 30, 2016

Market Reports Midwest Midwest Market Reports Missouri Office Uncategorized

New Headquarters Construction Drives Office Growth Along Highway 40

by Christina Cannon June 30, 2016

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 …

June 30, 2016

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