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IndustrialLoansMidwestMissouri

Pearlmark Provides $15.5M Mezzanine Debt Investment for Industrial Portfolio in Metro Kansas City, St. Louis

by Kristin Harlow

KANSAS CITY AND ST. LOUIS — Pearlmark has provided a $15.5 million mezzanine debt investment for the refinancing of a 10-property industrial portfolio in metro Kansas City and St. Louis. The warehouse and light industrial assets total 1.9 million square feet and are fully leased. Five properties are located in metro Kansas City and five are in metro St. Louis. The assets were constructed between 1994 and 2021. Pearlmark made the investment on behalf of Pearlmark Mezzanine Realty Partners V LP. An entity managed by Argentic Investment Management LLC provided the senior loan. SparrowHawk owns the portfolio. Brian Walsh of JLL arranged the financing on behalf of SparrowHawk. Mark Witt led the transaction on an internal basis for Pearlmark.

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DevelopmentHospitalityMidwestMissouri

Midas Construction Underway on 128-Room Hampton Inn Hotel Near St. Louis Airport

by Kristin Harlow

ST. LOUIS — Midas Construction is underway on a 128-room Hampton Inn hotel near the St. Louis Lambert International Airport. Lodging Hospitality Management is the developer for the project, which is connected to the existing Hilton St. Louis Airport Hotel. Completion is slated for December. Located at 10300 Natural Bridge Road, the property will rise six stories. Joining St. Louis-based Midas on the project team are American Electric and Data, CE Jarrell Contracting, Finch Plumbing Co. Inc. and United Fire Protection.

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AcquisitionsMidwestMissouriRetail

Marcus & Millichap Negotiates $4.2M Sale of Walgreens-Occupied Property in Jefferson City, Missouri

by Kristin Harlow

JEFFERSON CITY, MO. — Marcus & Millichap has negotiated the $4.2 million sale of a 14,820-square-foot retail property occupied by Walgreens in Jefferson City. The net-leased building, constructed in 2010, is located at 900 Eastland Drive. Nicholas Kanich and Mitch Grant of Marcus & Millichap represented the seller, an investor from Kansas City. A local broker procured the buyer, a local group completing a 1031 exchange. Walgreens has operated at the property for more than 14 years and has over 10 years remaining on its lease. Neighboring retailers include Gerbes Supermarket, Dollar General, McDonald’s and Taco Bell.

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DevelopmentHealthcareMidwestMissouri

McCarthy Tops Out Construction of 16-Story Tower at Barnes-Jewish Hospital in St. Louis

by Kristin Harlow

ST. LOUIS — McCarthy Building Cos. Inc. has topped out construction of a new 16-story patient care tower at Barnes-Jewish Hospital in St. Louis. The work is part of BJC HealthCare’s Campus Renewal Project, a long-term initiative to replace and renovate outdated patient care facilities on the Washington University Medical Campus. The new building, known as the Plaza West Tower, will open to patients in fall 2025. The 660,000-square-foot facility will include seven floors of private acute inpatient rooms for heart and vascular patients (224 beds), two floors of intensive care units (56 beds), more than two floors of modern surgical prep and recovery, more than two floors of state-of-the-art medical imaging and interventional radiology, as well as two rooftop gardens, a family lounge with business center, kitchenette, quiet rooms and laundry facility. The project will also feature a kitchen and dietary center for patient meals and a public cafeteria with outdoor dining. The project team includes architect CannonDesign, consulting engineer BR+A, structural engineer Thornton Tomasetti, civil engineer Castle Contracting and landscape designer DTLS.

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DevelopmentMidwestMissouriMixed-Use

Good Developments Group to Redevelop Industrial Site in St. Louis into 500,000 SF Mixed-Use Asset

by Kristin Harlow

ST. LOUIS — Locally based Good Developments Group is redeveloping a former industrial manufacturing site in St. Louis into Crunden Martin, a 500,000-square-foot mixed-use project. The property will serve as the initial phase of the 100-acre, $1.2 billion Gateway South Advanced Building Collaboration District, which is scheduled to break ground in the third quarter. Tom Ray of CBRE will market the space for lease. Phase I redevelopment plans include revitalizing the site’s seven conjoined buildings into a mixed-use workspace featuring prototyping spaces, offices, food-and-beverage retail, production facilities and other amenities designed for construction-focused tenants. Gateway South will feature more than 1.5 million square feet of light manufacturing facilities across a mixed-use neighborhood south of the Gateway Arch. Crunden Martin is slated for completion in the second quarter of 2026.

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DevelopmentMidwestMissouriMultifamily

Brinkmann Constructors Tops Out 255-Unit Luxury Apartment Complex in Maryland Heights, Missouri

by Kristin Harlow

MARYLAND HEIGHTS, MO. — Brinkmann Constructors has topped out The Porter Apartments, a 255-unit luxury apartment complex in the western St. Louis suburb of Maryland Heights. The five-story project is located at Westport Plaza, a 42-acre entertainment district. Amenities will include a clubroom, fitness and yoga center, private courtyard, pool and spa. The development team includes Lodging Hospitality Management, Balke Brown Transwestern, 2B Residential and Humphreys and Partners Architects. Completion is slated for the first quarter of 2025.

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AcquisitionsHealthcareMidwestMissouri

SVN Chicago Commercial Arranges $3.8M Sale of Medical Office Building in St. Peters, Missouri

by Kristin Harlow

ST. PETERS, MO. — SVN Chicago Commercial has arranged the $3.8 million sale of the Mercy Health medical office building in St. Peters, a northwest suburb of St. Louis. The 17,296-square-foot property is located at 107 Piper Hill Drive. Mercy Health occupies the building on a net-lease basis and recently executed a lease extension with substantial improvements to the site. Tim Franz of SVN represented the undisclosed seller. The asset sold to a West Coast-based REIT.

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DevelopmentHospitalityMidwestMissouri

Midas Hospitality Opens 96-Room TownePlace Suites Hotel in Wentzville, Missouri

by Kristin Harlow

WENTZVILLE, MO. — Midas Hospitality has opened a TownePlace Suites by Marriott extended-stay hotel in Wentzville, a far west suburb of St. Louis. The 96-room property is located at 20 Cliff View Drive along I-70. The four-story hotel features a fitness center, guest laundry facilities, complimentary breakfast buffet, complimentary high-speed internet, a 10-person meeting room and outdoor patio area. CMC Construction was the general contractor, and Royal Banks of Missouri provided project financing.

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DevelopmentMidwestMissouriMultifamily

Thompson Thrift Opens 300-Unit Luxury Apartment Community in Suburban Kansas City

by Kristin Harlow

RAYMORE, MO. — Thompson Thrift has opened The Depot, a 300-unit luxury apartment community in the Kansas City suburb of Raymore. The property is nearly 30 percent leased. Located at 101 S. Dean Ave., The Depot offers nine three-story buildings with one-, two- and three-bedroom units. Amenities include a 24-hour fitness center, resort-style pool, dog park and speakeasy-inspired clubhouse. The Depot sits adjacent to the Raymore Galleria, a 400,000-square-foot shopping center. Monthly rents start at $1,295. Residents can earn six weeks of free rent if they move in prior to June 30, according to the property’s website.

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DevelopmentMidwestMissouri

Tarlton Completes $28M Renovation of Fuhr Science Center, Administration Building at Logan University in Missouri

by Kristin Harlow

CHESTERFIELD, MO. — Tarlton has completed a $28 million renovation of the Fuhr Science Center and Logan Administration Building at Logan University in Chesterfield, a western suburb of St. Louis. The Fuhr Science Center features a new two-story, 8,000-square-foot addition to the existing 33,310-square-foot science and research building originally constructed in 1986. The center offers two state-of-the-art anatomy laboratories and associated lecture amphitheaters; a simulated imaging center; six chiropractic technique classrooms; two clinical methods classrooms; faculty offices; and student collaboration and study areas. The building is named for Logan University alumnus Arlan W. Fuhr and his wife Judi Fuhr, who bestowed a $1 million gift toward the project’s capital campaign. The $5.5 million renovation of the Logan Administration Building included the main lobby and library; a relocation of the campus bookstore; and the new construction of a testing center. Ittner Cordogan-Clark Group served as the project architect. Logan University specializes in chiropractic education.

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