Missouri

Sansone Group Reacquires Retail Property for $22M in St. Louis Suburb

by Christina Cannon October 27, 2015

DES PERES, MO. — Sansone Group has reacquired Olympic Oaks Village in Des Peres, a western suburb of St. Louis, for $22 million. Olympic Oaks Village was originally a 7.7-acre, $5.5 million retail development completed by Sansone Group in 1988. The 91,000-square-foot retail center, located a half-mile east of I-270 on Manchester Road, originally included Walgreens, T.J. Maxx, Michaels and the Sansone Group headquarters. In 1998, Sansone sold the building to DDR Corp. for $11.1 million but continued to lease and manage the property before reacquiring it from DDR. The shopping center has gone through several renovations and expansions and now spans 92,372 square feet. Current tenants include European Wax Center, Jersey Mike’s, Rally House, Sally Beauty Supply, Great Clips, Massage Envy, Salon Genesis, Lane Bryant, Edible Arrangements, Nail Pro and Thompson Price Kitchen & Bath.

October 27, 2015

Midwest Missouri

City of Wildwood Opens New Seven-Acre Community Park in Missouri

by Christina Cannon October 26, 2015

WILDWOOD, MO. — The City of Wildwood has opened The Grove, a $3.7 million community park located in Wildwood, a western St. Louis suburb. The Grove is the first phase of a new project, Wildwood Community Park, which will span 66 acres when complete and is estimated to cost $20 million. The Grove is a seven-acre play area that aims to blend modern amenities with natural elements. Construction began in 2014 and was completed this past August. Oates Associates designed and developed the master plan for the Wildwood Community Park in 2010. The Grove includes a parking area, trails, an exercise area, a pavilion, picnic areas, gardens and a dog park complete with agility elements. The natural elements of the playground include rock walls and ledges, a teepee, log piles and posts, climbing structures, rope nets, boardwalks and a 20-foot tower. The city will continue to develop the Wildwood Community Park in phases over the next five to 10 years as funding becomes available. Oates Associates is a multi-disciplined planning and design firm offering civil and structural engineering and architectural services, from concept through construction.

October 26, 2015

Midwest Missouri Mixed-Use

Opus Group Plans 120-Unit Mixed-Use Facility in St. Louis Suburb

by Christina Cannon October 23, 2015

CLAYTON, MO. — The Opus Group and AIG Global Real Estate have unveiled plans to build a six-story, mixed-use building in the downtown business district of Clayton, a western St. Louis suburb. The project will feature five stories of residential units. The units will be a mix of studio, alcove, one- and two-bedroom apartments. The ground level will consist of 13,000 square feet of retail space. Amenities will include a Fitness On Demand studio, secure bike storage, a rooftop terrace, clubroom, game room and a fire pit/grill area. Opus Development Company LLC will be the developer, and Opus Design Build LLC will be the design-builder. Opus AE Group LLC will be the engineer and project architect. Construction will begin late this year, and completion is slated for March 2017.

October 23, 2015

Midwest Missouri Office Retail

Savoy Properties Arranges Two Transactions in St. Louis Suburb of Hazelwood

by Christina Cannon October 19, 2015

HAZELWOOD, MO. — In separate transactions, Savoy Properties has arranged one property sale and one lease in Hazelwood, a northwestern suburb of St. Louis. In the first transaction, Bommarito Ford Realty LLC purchased a 21,016-square-foot retail building from Robert Chandler and Marilyn Chandler. The property is located at 6311 N. Lindbergh Blvd. in Hazelwood. John McDonald of Savoy represented the buyer, Bommarito Ford Realty. In the second transaction, Kingsbrook Properties LLC has leased 12,712 square feet of office space to Center for Life Solutions. The property is located at 9144 Pershall Road in Hazelwood. Ryan Pennington and John Pennington of Savoy represented the landlord, Kingsbrook. Eric Galanti of CBIZ represented the tenant.

October 19, 2015

Industrial Midwest Missouri

U.S. Bank Provides $5.3M in Equity for Industrial Park in Kansas City, Mo.

by Christina Cannon October 19, 2015

KANSAS CITY, MO. — U.S. Bank has provided $5.3 million in equity for the development of a 364,000-square-foot industrial park in Kansas City. Three Trails Industrial Park is a $16 million project slated for completion in February 2016. The $5.3 million in equity was raised through the federal New Markets Tax Credit Program designed to spur revitalization efforts of low-income and impoverished communities across the country.

October 19, 2015

Illinois Midwest Missouri

Associated Bank Provides $14.4M in Loans for Self Storage Facility, Parking Project

by Christina Cannon October 9, 2015

SKOKIE, ILL. AND ST. LOUIS, MO. — Associated Bank has financed the development of a new storage facility and parking garage for $14.4 million. Metro Storage received $8.1 million to acquire and reposition a vacant retail center at 3240 W. Touhy Ave. in Skokie, Ill., a Chicago suburb. The facility will be converted into 83,000 square feet of self-storage units that are climate-controlled. Metro Storage currently operates in 12 states. Green Courte Partners and The Parking Spot received $6.3 million for the acquisition and repositioning of a 1,758-space parking garage at Lambert-St. Louis International Airport in St. Louis. Edward Notz of Associated Bank arranged both loans.

October 9, 2015

Midwest Missouri Multifamily

Marcus & Millichap Arranges $13.8M Sale of 207-Unit Apartment Complex in Kansas City

by Christina Cannon October 5, 2015

KANSAS CITY, MO. — Marcus & Millichap has arranged the sale of a nine-building, 207-unit apartment complex in the Northland submarket of Kansas City. The Hills sold for $13.8 million, or $66,700 per unit. The property was built in 1972 and has had $6 million in renovations over the last three years. The property is located at 506 NW 55th Terrace. Amenities of The Hills include gated entry, granite countertops, a 24-hour fitness facility, a clubhouse, a media boom, billiards, a dog park, playground and barbecue areas, on-site management and an outdoor pool with sundeck.

October 5, 2015

Loans Midwest Missouri Multifamily Seniors Housing

Lancaster Pollard Brokers Refinancing Loan for Senior Living Facility in Missouri

by Christina Cannon September 21, 2015

HIGGINSVILLE, MO. — Lancaster Pollard has arranged funding for a refinance and renovation of John Knox Village East in Higginsville, which is 50 miles east of Kansas City. John Knox Village East is a senior living facility that features both intermediate care and skilled nursing beds and is managed by Life Care Services. The renovation will increase the number of skilled nursing beds, adding 16 private beds in a new wing. Lancaster Pollard worked with local banks to provide construction financing for the renovation and also obtained permanent financing via a $7.1 million loan insured by the USDA Community Facilities program. Mike Ashley led the transaction for Lancaster Pollard.

September 21, 2015

Midwest Missouri Multifamily

Catamount Capital Sells Multifamily Property in St. Louis

by Christina Cannon September 21, 2015

ST. LOUIS — Catamount Capital LLC has sold a multi-family property located at 4404 McPherson Ave. in St. Louis to Everest 4400 McPherson LLC for an undisclosed price. Catamount acquired the property, Hampden Hall Apartments, in 2010 for $4.5 million.

September 21, 2015

Market Reports Midwest Midwest Market Reports Missouri Multifamily

Renter Demand Exceeds Flood of New Apartments in Metro Kansas City

by Jeff Shaw September 17, 2015

Surging rental demand for apartments in metro Kansas City during the first six months of 2015 supported a sharp rise in real estate fundamentals following a lackluster second half of 2014. Renters absorbed 2,510 apartments during the first half of this year, surpassing the 1,810 apartments completed during the same period a year ago. With leasing activity exceeding deliveries so far this year, the overall vacancy rate fell 60 basis points to 5 percent by the end of June. The decline followed a spike in vacancy and negative absorption in the fourth quarter of 2014. The recent resurgence in leasing resulted in the vacancy rate in June matching the 5 percent rate one year ago. Supply-side pressure was most noticeable in the Class A apartment segment, which po sted an increase of 60 basis points in the vacancy rate year-over-year to reach 4.2 percent in June. Even with the increase, the vacancy rate was tightest among top-tier apartments, while Class C vacancy tightened 20 basis points during the same period to settle at 5.3 percent in June. A Landlord’s Market As a result of Kansas City’s apartment vacancy rate tightening during the first half of this year, operators were able …

September 17, 2015

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