Missouri

Gramercy Property Trust Buys Alpha Packaging Facility for $11M

by Danielle Everson January 8, 2015

ST. LOUIS, MO. — Gramercy Property Trust has purchased Alpha Packaging’s 211,000-square-foot manufacturing facility in St. Louis for $11 million. The property, located at 1555 Page Industrial Drive, is under a long-term triple-net lease to Alpha Plastics Co. until 2029. The facility serves as the headquarters for Alpha Packaging’s eight plants located throughout the country. Alpha Packaging handles production of plastic bottles and containers for the food, beverage and pharmaceutical industries. The plant has been the home of Alpha Packaging since 1999. In 2002, the company spent more than $4 million to renovate the facility. Hilliker Corp. and affiliate company Westwood Net Lease Advisors, represented the seller, Big Sky Properties, and coordinated the sale with New York-based Gramercy Property Trust.

January 8, 2015

Industrial Market Reports Midwest Midwest Market Reports Missouri Uncategorized

E-Commerce, Auto Industries Drive Speculative Development in Kansas City

by Danielle Everson January 7, 2015

The Kansas City industrial market continues to be an incredibly strong performer. At the end of the third quarter of 2014, the industrial vacancy rate stood at a tight 6.1 percent. Absorption totaled more than 2.5 million square feet during the first nine months of the year, while new deliveries were slightly over 2.6 million square feet in the same period. Let’s examine some contributing factors that are encouraging new deliveries while still driving vacancy rates down and absorption up. Spec Is King The biggest story in the Kansas City industrial real estate market during the first three quarters of 2014 was the delivery of over 2.5 million square feet of Class A distribution facilities on a speculative basis. It can be argued that, in the past, many prospective tenants considered locating a distribution center in Kansas City, but they ultimately selected a different market based on a lack of available inventory and the inability of some companies to wait on the extended timetable for a build-to-suit project. Developers that took notice of this trend and reacted by delivering space to the local market are currently being rewarded for their actions. Much of the speculative development in 2014 centered around …

January 7, 2015

Midwest Missouri Office

Lee & Associates Brokers $2.7M Sale of 18,500 SF Office Building

by Danielle Everson December 29, 2014

LEE’S SUMMIT, MO. — Lee & Associates has brokered the $2.7 million sale of an 18,500-square-foot office building in Lee’s Summit. The property is located at 3350 Ralph Powell Road. Jon England and Nathan Anderson of Lee & Associates’ Kansas City office represented the seller, MJB of Missouri LLC. Valley Oaks Investments LLC, a private investment company, purchased the multi-tenant property.

December 29, 2014

Midwest Missouri Retail

Baum Realty Brokers $5.3M Sale of Walgreens Property in Northwest Missouri

by Danielle Everson December 22, 2014

MARYVILLE, MO. — Chicago-based Baum Realty Group LLC has brokered the $5.3 million sale of a single-tenant property in Maryville net-leased to Walgreens. The property, located in northwest Missouri, was sold at 99 percent of its asking price. Walgreens has 20 years remaining on the triple-net lease. Patrick Forkin and Brad Teitelbaum of Baum represented the seller, a Missouri-based private developer, in the transaction. A West Coast-based private investor purchased the property in a 1031 tax-deferred exchange.

December 22, 2014

Midwest Missouri

The Masonic Temple Goes on Selling Block in St. Louis for $6M

by John Nelson December 15, 2014

ST. LOUIS — The Masonic Temple, located at 3681 Lindell Blvd. in St. Louis, is now on the selling block. The asking price is $6 million. Hilliker Corp. agents Scott Martin, Powell Kalish and Ben Hilliker are representing the owner, the Masonic Temple Association of St. Louis. Named a city landmark in 1976, the more than 386,000-square-foot building stands 185 feet tall and has more than 6 million cubic feet of space. Construction of the Masonic Temple began in 1923 and the building was dedicated in 1926. Created by well-known architectural company Eames and Young with consulting architect Albert Groves, it features classic Greek Ionic style exterior architecture with various styles throughout the interior.

December 15, 2014

Midwest Missouri Office

Fox Architects Designs $150M RGA Global Headquarters in Chesterfield, Mo.

by Danielle Everson December 12, 2014

CHESTERFIELD, MO. — The new $150 million Reinsurance Group of America (RGA) global headquarters will open this month in Chesterfield, a suburb of St. Louis. Fox Architects designed the 405,000-square-foot stone, glass and steel building, which is one of the largest projects in the St. Louis region since Centene Plaza was completed in 2010, and the largest local headquarters project in at least 20 years. The headquarters’ two five-story towers are linked by a two-story atrium lobby and amenities bar, which features 10,000 square feet of training facilities; a 7,500-square-foot fitness center; a 20,000-square-foot café, kitchen and barista; and a 500-seat cafeteria that can function as a 700-seat auditorium. The complex also includes 580,000 square feet of parking. Built on a 17-acre site, the complex will accommodate RGA’s workforce expansion over the next several years, and is master planned to include a third building for long-term growth. Fox Architects designed the interiors and was RGA’s consultant to international architectural firm Gensler on core and shell design. Clayco was the design-build contractor.

December 12, 2014

Midwest Missouri Retail

Cassidy Turley Brokers $53M Sale of Seven-Property Retail Portfolio in Five States

by Danielle Everson December 11, 2014

ST. CHARLES AND INDEPENDENCE, MO. — Cassidy Turley has arranged the $53 million sale of a 619,161-square-foot retail portfolio across five states. The seven-property portfolio is 84.7 percent leased to 76 tenants. The portfolio includes Regency Square, a 49,155-square-foot retail center in St. Charles, Mo.; Independence Corners, a 72,956 square foot shopping Center in Independence, Mo.; and five more shopping center properties in Pennsylvania, South Carolina Georgia and Arizona. More than 19 percent of the portfolio is occupied by grocery stores, and other tenants include Rite Aid, Tractor Supply and Stein Mart. Cassidy Turley represented the seller, PDSI. TriGate Capital purchased the portfolio.

December 11, 2014

Industrial Midwest Missouri

Monmouth Acquires Industrial Building in Kansas City for $9.6M

by Danielle Everson December 2, 2014

KANSAS CITY — Monmouth Real Estate Investment Corp. has acquired a new 158,417-square-foot industrial building in Kansas City for $9.6 million. The property is located at Skyport Industrial Park, 7503 N.W. 106th Terrace. The building is situated on 13 acres. The property is net-leased for seven years to Bunzl Distribution Midcentral Inc. The new built-to-suit, Class A industrial building is situated off of I-29 and is across from the Kansas City International Airport. The space is expandable to accommodate future growth.

December 2, 2014

Industrial Midwest Missouri Office

Davidson Surface/Air Buys Former Pharmaceuticals Headquarters for $9.5M

by Danielle Everson December 2, 2014

ST. LOUIS — Davidson Surface/Air Inc. has purchased the former KV Pharmaceuticals headquarters in St. Louis for $9.5 million. The 315,000-square-foot industrial/office building is located at 1 Corporate Woods Drive. Gary Parker and Dan Merlo of Intelica CRE represented Davidson Surface/Air Inc. in negotiating the transaction.

December 2, 2014

Midwest Missouri

Phillips Edison-ARC Grocery Center REIT II Acquires Shopping Center for $18.9M

by Danielle Everson November 26, 2014

ST. LOUIS — Phillips Edison-ARC Grocery Center REIT II Inc. has acquired Southfield Center, a 109,397-square-foot shopping center in St. Louis, for $18.9 million. The REIT acquired the property from Fortune Southfield Co., a Missouri-based limited liability company. Southfield Shopping Center is fully leased to 19 tenants. A Schnucks grocery store anchors the shopping center. Other tenants at the center include Edward Jones, Jefferson Bank and Trust, Great Clips and FedEx Office.

November 26, 2014

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