ST. LOUIS — NorthMarq Capital has secured $10.5 million for the refinancing of Center 40 Office Building in St. Louis. Located at 1600 Brentwood Blvd., the property offers 105,750 square feet of office space. Jeffrey Chaney of NorthMarq’s St. Louis office arranged the loan, which features a 15-year fixed rate on a 25-year amortization schedule, through NorthMarq’s correspondent relationship with a life insurance company.
BELTON, MO. — NorthMarq Capital has arranged $15 million in refinancing for Carnegie Village Senior Living Community in Belton. Located at 103 Bernard Drive, the property features 204 assisted, independent and memory care units. Greg Duvall of NorthMarq arranged the seven-year loan, which features a 30-year amortization schedule, through NorthMarq’s seller-servicer relationship with Freddie Mac.
KANSAS CITY, MO. — Baltimore-based MMA Capital Management has completed the sale of Whispering Lake Apartments, a 384-unit multifamily property located in Kansas City. El Dorado Hills, Calif.-based L5 Investments purchased the property with an $11.7 million acquisition loan arranged by Grandbridge Real Estate Capital. Developed in 1989, the 384-unit, garden-style multifamily property features one- and two-bedroom units with balconies or patios. On-site amenities include a swimming pool, clubhouse with lake views, newly remodeled fitness center, outdoor grilling area and an 18-acre lake with fishing dock. Brett Meinzer, Michael Sullivan, Grant Kollman, Alex Blagojevich, David Gaines of Marcus & Millichap represented the seller in the transaction. Paul Harbor of Grandbridge originated the 10-year loan, which features a 30-year amortization schedule and three years of interest-only payments. The financing was arranged through Freddie Mac.
HAZELWOOD, MO. — Hilliker Corp., a St. Louis-based commercial real estate company, has arranged the sale of a 114,000-square-foot property located on more than 11 acres in the St. Louis suburb of Hazelwood. The building is located at 5800 Fee Fee Road and contains 18-foot clear ceiling heights, 16 docks with five drive-in doors and a partially fenced parking area for large trucks and trailers. Meade Summers of Hilliker Corp. represented the buyer, Fenton Heavy Manufacturing LLC, and Mark McNulty of CBRE represented the seller, Jefferson Bank and Trust, in the transaction. A logistics company currently leases 75,000 square feet of the property.
ST. LOUIS — Gershman Commercial Real Estate has formed Gershman Commercial Equities (GCE) to acquire and manage investment property. Co-founded by Tom Stern and Joseph McGauley, the firm will focus on acquiring and repositioning office, industrial, retail and mixed-use properties in the St. Louis metro regions, as well as metro areas within a 250-mile radius of St. Louis. Equity sources for the new firm will consist of the Gershman family, private syndicated investors and institutional partners. GCE will leverage the resources and support of Gershman Commercial Real Estate for underwriting, financial analysis, due diligence and other related support with Gershman Commercial’s property management, leasing and brokerage services deployed post-acquisition.
INDEPENDENCE, MO. — The Boulder Group has arranged the sale of a single-tenant Walgreens property located at 2261 S. Sterling Ave. in Independence. A high-net-worth investor based in Miami acquired the 18,000-square-foot property for $4.6 million. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Midwest-based institution, and the buyer in the transaction.
EUREKA, MO. — Gershman Commercial Real Estate has brokered the sale of a 15,859-square-foot retail space located at 98 The Legends Parkway in Eureka. CUNA Mutual Investment Corp. sold the property to The Legends Plaza LLC for an undisclosed sum. Roger Zigler and Stephen Symsack of Gershman Commercial represented both parties in the transaction.
MARYLAND HEIGHTS, MO. — Gershman Commercial Real Estate has brokered the sale of an office property located at Craigshire Road in Maryland Heights. CUNA Mutual Investment Corp. sold the 35,701-square-foot property for an undisclosed price to Integrity Disbursing LLC, acting as qualified intermediary for Gamma Enterprises LLC. Tim Balk of Gershman represented the seller, while Lee & Associates of St. Louis represented the buyer in the transaction.
O’FALLON, MO. — St. Louis-based TriStar Properties is developing Bramblett Hills, a 204-unit apartment community located near the intersection of Highway K and Mexico Road in O’Fallon. Contegra Construction Co. is serving as general contractor for the project. Situated on 11 acres, Bramblett Hills will feature 17 freestanding three-story buildings with a combination of one-, two- and three-bedroom apartments. Ranging from 770 to 1,330 square feet, the residences will feature full kitchens with stainless steel appliances, granite countertops, vinyl plank flooring, bay windows and vaulted ceilings in third-floor homes. Additionally, a combination of detached garages and carports will offer covered parking for 204 vehicles and supplement ample open-air parking. Community amenities will include a 2,500-square-foot clubhouse featuring a fitness center, a business center, multi-purpose community spaces, a zero-entry swimming pool with waterfall waterscape, poolside cabanas and trellised outdoor cooking and fireplace lounges. Additional on-site amenities include a dog park and recycling center. The first phase, including the clubhouse and 36 residences, is slated to open in September. Full build-out is scheduled for September 2016.
KANSAS CITY, MO. — Village Green has acquired ICON on the Plaza Apartments in Kansas City for an undisclosed price. The company plans to redevelop and reposition the three-tower apartment community, located in Country Club Plaza, to be one of its City Apartments brands. The redevelopment community will feature studio, one-, two- and three-bedroom apartments and penthouses; a 24/7 fitness center; Zen garden; resort swimming pools; bark park/dog run; rooftop Sky Club with gourmet kitchen, two-sided fireplace, lounge and bar seating, large television and gaming area; an outdoor Sky Park with fire pit and lounge seating overlooking Country Club Plaza; theater room; business center/conference room; dog wash; and a bike storage and repair area. The property’s new name and models will be announced in June. Village Green Construction is the contractor for the redevelopment project, which is slated for completion in spring 2016.
