Missouri

Block & Co. Arranges Sale of 15,418 Retail Property in Independence, Mo.

by Danielle Everson February 19, 2015

INDEPENDENCE, MO. — Block & Co. Inc. has brokered the sale of Guitar Center, a 15,418-square-foot retail property in Independence. The property is located at 3911 Bolger Road. The freestanding building sits at the at the entrance drive to Walmart Supercenter, PetSmart and Sam’s Club and is across the street from Independence Center Mall. Guitar Center is a guitar retailer that operates 225 stores in the United States. David Block, Max Kosoglad and John Cobb of Block & Co. represented the buyer, a private investor who purchased the property in a 1031 tax-deferred exchange.

February 19, 2015

Midwest Missouri Retail

Chambers Real Estate Services Arranges Sale of 112,000 SF Shopping Center

by Danielle Everson February 17, 2015

SPRINGFIELD, MO. — Chambers Real Estate Services LLC has arranged the sale of a 112,000-square-foot shopping center in Springfield. A local investor purchased the property for an undisclosed price. Brentwood Center is located at 2620-2752 S. Glenstone Ave. and is across the street from Battlefield Mall, the area’s sole regional mall. Chambers Real Estate Services represented the seller, a fourth generation family who originally developed the property.

February 17, 2015

Midwest Missouri

Holland Begins Construction on New Football Facility at Missouri Baptist University

by Danielle Everson February 17, 2015

ST. LOUIS — Holland Construction Services has begun construction on Missouri Baptist University’s new football facility and practice field in St. Louis. Holland is serving as the construction manager on the $8.2 million project, which includes the addition of an artificial turf field and an 11,500-square-foot facility, which will house coaches’ offices and locker rooms. The project is expected to be completed early this summer. Ittner Architects is providing architectural services for the project.

February 17, 2015

Midwest Missouri Multifamily

Dougherty Arranges $3.5M Fannie Mae Loan for Hathaway Village Apartments

by Danielle Everson February 12, 2015

FLORISSANT, MO. — Dougherty Mortgage LLC has arranged a $3.5 million Fannie Mae loan for the refinancing of Hathaway Village Apartments, a 128-unit multifamily property located in Florissant. The 10-year loan includes a 30-year amortization schedule. Dougherty’s Dallas office arranged the loan for borrower, Hathaway Village Partners LLC. The property is close to I-270 and other major highways. Units include fully equipped kitchens, ceiling fans, central heat/air and oversized patios and balconies.

February 12, 2015

Industrial Market Reports Midwest Midwest Market Reports Missouri

Speculative Industrial Construction is Making a Comeback in St. Louis Market

by Danielle Everson February 12, 2015

After a recession-induced lull, speculative construction is back in full swing in the St. Louis industrial sector. Record-setting absorption in 2014 drove vacancy rates to near record lows, and spurred speculative construction on both the Missouri and Illinois side of the Mississippi River. With activity on both fronts, it’s clear that the St. Louis industrial market is well past recovery mode and into growth mode. The St. Louis industrial market posted net absorption of 5.2 million square feet in 2014, passing the all-time record for annual absorption set back in 2005 by more than 20 percent. This is more than double the square feet absorbed in 2013, which itself was a banner year. The positive absorption figure has significantly affected the market’s overall industrial vacancy rate, dropping it to 6.3 percent — the lowest rate since 2005. The Class A vacancy dropped to an impressive 4.1 percent and modern bulk vacancy rate stands at 4.6 percent. Just as in 2006-2007 when nearly 5 million square feet of new construction was delivered, St. Louis is seeing a surge of new construction with these historic vacancy rates. The lack of available industrial space has drastically changed the landscape for tenants during the …

February 12, 2015

Loans Midwest Missouri

KeyBank Secures $10.2M in Financing for Two Missouri Hotel Properties

by Danielle Everson February 11, 2015

KANSAS CITY, MO. — KeyBank Real Estate Capital has secured $10.2 million in non-recourse, CMBS first mortgage loans for two hotel properties in Kansas City. The first loan was used to refinance a 73-room, limited-service Holiday Inn Express & Suite. The property was acquired in 2006 as a Quality Inn and subsequently redeveloped into the current Holiday Inn Express & Suites. The second loan was used to refinance an 89-room extended stay Candlewood Suites. Randy Martin of KeyBank Real Estate Capital Markets arranged financing for both properties.

February 11, 2015

Midwest Missouri Multifamily Seniors Housing

Senior Capital Advisors Arranges $28.5M Sale of 73-Unit Seniors Housing Facility

by Danielle Everson February 6, 2015

KANSAS CITY, MO. — Senior Capital Advisors, representing seller Principal Senior Living Group, has sold Benton House of Shoal Creek, a 73-unit, 88-bed assisted living and memory care community in Kansas City, Mo. The facility was sold to American Realty Capital Healthcare Trust II for $28.5 million, or $390,000 per unit. Bruce Gibson, principal with Senior Capital Advisors, led the sale. Principal Senior Living Group will continue to manage the property on behalf of the new owners. The property’s all-private-pay census was above 90 percent at closing. The community opened in 2012 and was expanded in late 2014.

February 6, 2015

Midwest Missouri Retail

Mid-America Real Estate Arranges Sale of Shackelford Center Near St. Louis

by Danielle Everson February 4, 2015

FLORISSANT, MO. — Mid-America Real Estate Corp. has brokered the sale of Shackelford Center located in Florissant, a suburb of St. Louis. Fair Oaks, Calif.-based The Carrington Co. purchased the 49,635-square-foot grocery-anchored shopping center. Shackelford Center is located at the southeast corner of Shackelford Road and Mullanphy Lane. Schnucks anchors the shopping center. Ben Wineman and Carly Gallagher of Mid-America Real Estate Corp. were the exclusive brokers in the transaction on behalf of a joint venture between San Antonio, Texas-based USAA Real Estate Co. and Clayton, Mo.-based The DESCO Group.

February 4, 2015

Industrial Midwest Missouri

Sansone Group Arranges 29,231 SF Industrial Lease for JW Logistics in Maryland Heights, Mo.

by Danielle Everson January 23, 2015

MARYLAND HEIGHTS, MO. — The Sansone Group/CORFAC International has arranged the lease of a 29,231-square-foot industrial space for JW Logistics LLC in Maryland Heights, a suburb of St. Louis. The property is located at 11401-11445 Moog Dr. The industrial space is near I-270 and Page Avenue. JW Logistics will use the warehouse space as a packaging and staging area to serve one of its main corporate clients. Vince Bajardi of The Sansone Group/CORFAC International represented JW Logistics in the lease.

January 23, 2015

Civic Midwest Missouri

McGrath Completes Construction on $8.5M Ameren Missouri Switching Station in St. Louis

by Danielle Everson January 22, 2015

ST. LOUIS — McGrath & Associates has completed construction work on Ameren Missouri’s $8.5 million switching station located at 1901 Martin Luther King Drive in downtown St. Louis. The entire switching project, estimated at $42.5 million, is part of a larger Ameren Missouri investment to upgrade electric service in downtown St. Louis over the coming decades. McGrath constructed 70 structural piers with eleven concrete pad foundations, a perimeter fence and a new city sidewalk. McGrath also provided site work on the project, removing abandoned sewer pipes and cisterns, including remedial soil excavating.

January 22, 2015

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