ST. LOUIS — Tim Balk of Gershman Commercial represented CUNA Mutual Investment Corp. in the sale of two St. Louis area properties. The multi-tenant retail strip center located at 98 The Legends Parkway in Eureka was purchased by The Legends Plaza LLC, represented by Roger Zigler and Steve Symsack, also with Gershman Commercial. The retail center features 15,859 rentable square feet and is located on 1.57 acres. The property is 92 percent leased. Gamma Enterprises LLC, represented by Lee & Associates, purchased 2055 Craigshire Road. The four-story, 35,701-square-foot office building is located on 2.39 acres in the Westport area of Maryland Heights. The property is 97 percent occupied.
ST. LOUIS — The St. Louis Regional Convention and Sports Complex Authority (RSA) has contracted Kwame Building Group Inc. (KWAME) to provide project management support to John Loyd, RSA’s developer’s representative, for the proposed NFL stadium on the St. Louis riverfront. The RSA contracted John Loyd as its developer’s representative to consult on stadium design and construction. The Hunt Construction Group/Clayco (HCKL) construction management team will report to Loyd. Hunt Construction, in association with Kwame Building Group, served as the design-build contractor on the $270 million Busch Stadium in downtown St. Louis, with Loyd as the owner’s representative. Construction of the new stadium would create more than 5,000 construction jobs over a four-year period, in addition to retaining a major regional employer and more than 2,400 game-day jobs.
KANSAS CITY, MO. — Block & Co. Inc. Realtors has arranged a lease for Roth Living in Kansas City. The company will occupy space located at 601 W. 47th St. on the northeast corner of 47th Street and Pennsylvania Avenue. Roth Living is the regional showroom for Sub Zero and Wolf appliances. The 5,750 square-foot showroom will feature appliances installed in kitchen vignettes and a culinary studio. David Block of Block & Co. negotiated the lease transaction. Block & Co. Construction Management was responsible for overseeing the conversion of the space for Roth Living. Roth Living, Genesis Construction and Arch 11 conducted the build-out and tenant finish of the new retail showroom.
GLADSTONE, MO. — Flaherty & Collins Properties will host a grand opening ceremony for The Heights Linden Square, a luxury mixed-use development in Gladstone, on Thursday, April 16. The $26 million project features 222 market rate luxury apartments and 10,000 square feet of street-front retail. The property is located 601 NE 70th St. The ground level of The Heights includes 40 two-level apartment homes, each with their own attached single car personal garage. Above the two-level apartments are two levels of flats. The average apartment home is 942 square feet. Community amenities include a fitness center, tanning salon, cyber cafe, business center and a game and leisure center. In addition, the property features a pool that includes a wet deck and an “outdoor living room,” which includes fire pits, grills and outdoor furniture.
LAKE OF THE OZARKS, MO. — Air Masters Corp. will complete a HVAC retrofit as part of the The Lodge of the Four Seasons hotel’s $11.5 million renovation in Lake of the Ozarks. Air Masters is incorporating a Building Automation System (BAS) to improve the hotel’s energy efficiency and savings. With guest room HVAC monitored by the BAS, hotel management will discover any potential issues before guests are inconvenienced. The hotel renovation includes the remodeling of 194 guestrooms and updating of all public areas including the entry, lobby, restaurants, meeting rooms, atrium and hallways. The project is scheduled for completion in December. The Lodge of Four Seasons offers 359 rooms and more than 60,000 square feet of meeting space. Amenities include 36 holes of golf, a full service marina and five restaurants. The Lodge is also the home of the nationally recognized Spa Shiki.
WARRENSBURG, MO. — Brennan Investment Group has acquired a mission critical facility of Swisher Mower & Machine Co. in Warrensburg. Swisher is a manufacturer and distributor of branded specialty lawn and garden power equipment and accessories. “This sale-leaseback transaction illustrates our ability to find solutions that allow companies to grow by concentrating on their core competencies,” says Robert Vanecko, Brennan Investment Group’s managing principal and the head of the firm’s single-tenant, net lease division. “In addition, this acquisition supports our investment objective of producing stable, long-term cash flow for our investors.” Brennan Investment Group is a private real estate investment firm that acquires and operates industrial properties on a national basis.
ST. CHARLES, MO.— Intelica CRE has arranged the lease of a 1,444-square-foot office space in St. Charles. HealthCare Risk Services Group LLC will occupy the space within The Streets of St. Charles shopping center located at 1520 S. Fifth St. Intelica CRE’s Joel Meyer represented the tenant in this lease.
ST. LOUIS – An investor group led by Nelson Grumney of Neland Investment Management and Mark Nelson of Nelson McBride Development has purchased a portfolio of seven industrial buildings in the St. Louis area for approximately $13 million. The portfolio totals 541,000 square feet and is 91 percent occupied. The investors intend to retain the portfolio as a long-term investment. Prologis, an international industrial real estate firm based in San Francisco, Calif., sold the portfolio. Ranging in size from 41,000 to 126,000 square feet and totaling 541,000 square feet, the office/warehouse, distribution and light manufacturing buildings are located in the Earth City, Westport and Brown Campus industrial submarkets of St. Louis County. Nelson McBride will manage the buildings. Central Bank of St. Louis provided acquisition financing.
The big story in the St. Louis office market is that available Class A space continues to become more scarce. As we watch the larger blocks of space being absorbed, and as Class A asking rates continue to increase, the probability for new development seems inevitable, leaving some property owners wondering if they should move forward and build. Although little new office construction is underway, the tightening market has undoubtedly prompted conversations. Expect projects to surface once developers land their first major tenant. The most likely submarkets for new development are in Clayton and West County, where many tenants requiring more than 25,000 contiguous square feet of office space are looking. You cannot have a full recovery for office occupancy until employment increases and the abundance of empty desks is absorbed. The local unemployment rate reached its peak of 10.9 percent in February 2010. The good news is that the unemployment rate hit a six-year low of 5.4 percent in October 2014. This significant drop can be attributed to the gain of over 11,000 jobs since January 2014 in the professional and business services sector. The St. Louis office market ended the year at a 10.5 vacancy rate, with Class …
ST. LOUIS — Intelica CRE has arranged the lease of a 52,937-square-foot industrial space in St. Louis. Holdings LLC will occupy space located at 5485 Brown Ave. at Union Seventy Center. Intelica CRE represented both parties in the lease transaction.