SPRINGFIELD, MO. — Marcus & Millichap has arranged the $2.9 million sale of TGI Friday’s, an 8,000-square-foot net-leased property located in Springfield. The property is located at 3242 S. Stewart Ave. Chad Lieber and Dominic Sulo of Marcus & Millichap’s Chicago Oak Brook office represented the seller, a private investor. Brett Chetek, a broker in Marcus & Millichap’s St. Louis office, assisted in closing the transaction.
Statistically speaking, retail real estate market conditions have remained relatively stable in St. Louis throughout 2014 and early 2015. Close to 88,000 square feet of new retail space was delivered in the first quarter of this year, resulting in a slight uptick in vacancies. At the end of the first quarter, the overall vacancy rate stood at 7.3 percent, up 10 basis points from the prior quarter, according to CoStar Group. The pace of new development is expected to escalate this year, with several new projects on the drawing board: • Pace Properties is under contract in Midtown — across from the IKEA that will soon open — to develop Midtown Station. The project will include 150,000 square feet of retail space. • Summit Development Group is under contract in Richmond Heights to develop a mixed-use project totaling 120,000 square feet that will feature a combination of restaurant and retail space — possibly even a grocer — and a hotel. The project will be known as The Crossings at Richmond Heights. • The city of Kirkwood has approved plans to redevelop the southeast and southwest corners of Lindbergh Boulevard and Manchester Road to make way for a Fresh Thyme Farmers …
KANSAS CITY, MO. — Laurus Corp. has completed a $10 million renovation on the Hilton Kansas City Airport Hotel. The property is located at 8801 NW 112th St. All 347 guest rooms and guest bathrooms saw renovations including new carpeting, stonework and modern artwork. All three ballrooms include 21,000 square feet of total meeting space and the largest meeting room accommodates up to 700 people in a theater-style setting. The newly renovated indoor/outdoor pool and lounge is designed to create an oasis for guests to relax and unwind. In addition, the restaurant and bar was revamped and now operates as Asado Grill. Surrounded by more than 6 million square feet of office space, including several Fortune 500 companies, the hotel offers proximity to shopping, dining and other entertainment venues.
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.
