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.
KANSAS CITY, MO. — LANE4 Property Group Inc. is remodeling and renovating the Red Bridge Shopping Center, a 150,000-square-foot retail property in Kansas City. The center is anchored by Lipari’s Sun Fresh Grocery Market and will see the return of tenant Euston Hardware. Since purchasing the center six months ago, LANE4 has secured leases and commitments for over one-third of the existing vacant space. Others tenants at the center include Blue Bicycle Fitness Center and Sofi Cucina Italiana Restaurant. The renovation is expected to be complete by this October and includes an extensive overhaul of the façade, new roofs and parking lots, two large tower elements that will open and bring natural light into restaurant spaces and new landscaping. Centric Projects is the general contractor. Generator Studio is the architect of record.
NORTH KANSAS CITY, MO. — Tutera Senior Living & Health Care will break ground this week on the $65 million Tiffany Springs Senior Community, a continuing care retirement community (CCRC) in North Kansas City, located just across the Missouri River from Kansas City proper. The 14-acre luxury community will feature more than 300 units of independent living, assisted living, memory care and rehabilitation in 300,000 square feet of buildings. Design company studioSIX5 is providing interior design services. Builders for the community include Nearing Staats Prelogar & Jones Architects of Prairie Village, Kan.; Lutjen Inc. of North Kansas City; and Luke Draily Construction Co. of Riverside, Mo. Based in Kansas City, Tutera Senior Living & Healthcare is a developer and operator of 47 seniors housing communities in 13 states throughout the Midwest, Southeast, Oklahoma and Texas.
LIBERTY, MO. — Developers have broken ground on Norterre, a master-planned seniors housing community in the Kansas City suburb of Liberty. Development costs are estimated at $66 million for the first phase, which will include a health center, café, single-family homes for seniors and short-stay rehabilitation. Norterre will be built on a 17-acre site adjacent to Liberty Hospital. A 50,000-square-foot healthy living center will act as the center of the community. The seniors housing portions of the community will be based on the household model where up to 20 seniors share a set of amenities. When complete, the community will feature 60 assisted living units, 20 assisted living units and 60 skilled nursing beds. The first phase is expected to open in spring or summer 2017.
ST. PETERS, MO. — GBT Realty Corp. has unveiled plans to develop a $54 million retail center, the largest project of its kind in the St. Louis metro area since 2008. The Shoppes at Mid Rivers, which will be located on 28 acres in St. Peters, a northwestern suburb of St. Louis, is slated to open in late 2017. Current plans for the 300,000-square foot regional center include three anchor tenants, five to seven junior anchors, small shop space and four, one-acre outparcels. Demolition of existing buildings will start immediately upon acquisition of the site later this year.