Missouri

Colliers Arranges $22.8M Sale of Office Property Near St. Louis

by Danielle Everson October 24, 2014

WEBSTER GROVES, MO. — Colliers International has arranged the $22.8 million sale of a single-tenant, triple-net-leased office property in Webster Groves, 11 miles southwest of St. Louis. The 90,000-square-foot research and development facility is located within the Owen Ridge Business Park at 381-385 Marshall Ave. Steve Tharpe, Gwen Knight and Spencer Toder of Colliers International represented the seller, Owen Ridge Associates LLC. The Kase Group, an affiliate of Sperry Van Ness based in northern California, represented the buyer, New York-based American Realty Capital.

October 24, 2014

Midwest Missouri Retail

Cushman & Wakefield Arranges 1,400 SF Retail Lease in University City, Mo.

by Danielle Everson October 21, 2014

UNIVERSITY CITY, MO. — Cushman & Wakefield | Gateway Commercial has arranged the lease of a 1,400-square-foot retail space in University City. Racanelli’s Pizza will occupy space at 6314 Delmar Blvd. Dan Rossini of Cushman & Wakefield represented the tenant. NAI Desco represented the landlord, FRANCO Inc., in the transaction.

October 21, 2014

Civic Midwest Missouri

KWAME to Manage Construction of Electrical Infrastructure at Webster University

by Danielle Everson October 16, 2014

WEBSTER GROVES, MO. — Construction has begun on a new customer electrical substation and on an underground electrical infrastructure at Webster University in Webster Groves. Kwame Building Group Inc. (KWAME) is the construction manager on the project, which will be completed in July 2016. The new substation will provide electrical capacity for future campus expansions and remove the campus from the neighboring electrical load, increasing electrical capacity for future community development. The project requires the complete shutdown of several campus facilities with minimal disruption to classes and other university activities.Phase I of the electrical distribution work is scheduled for completion by the end of October and Phase II of the electrical work is scheduled to begin by the end of 2014. William Tao & Associates is the engineer and Castle Contracting is the general contractor for the first phase of the project.

October 16, 2014

Civic Midwest Missouri Uncategorized

HOK Designs New $17 Million Patient Care Center at University of Missouri-St. Louis

by Danielle Everson October 15, 2014

ST. LOUIS — HOK has designed a new $17 million patient care center for The University of Missouri-St. Louis (UMSL) Colleges of Optometry and Nursing. The 48,000-square-foot facility will expand the eye-care services offered through the existing University Eye Center. The facility will also incorporate the latest technology needed to advance eye and vision research. Scheduled to open in 2016, the center will include space for campus and community partners to offer complementary healthcare services, such as dental and primary care. UMSL has the only optometry program in Missouri and one of just 21 nationwide. Funding for the new center came in part from a supplemental fee that will be assessed to optometry students. It is also funded by internal reallocations within the college and campus reserves. The improvements to the College of Optometry are the first phase of planned capital improvements for the UMSL campus.

October 15, 2014

Midwest Missouri Restaurant Retail

M&M Brokers $1M Sale of Burger King in Rolla, Mo.

by Danielle Everson October 14, 2014

ROLLA, MO. — Marcus & Millichap has brokered the $1 million sale of a 3,727-square-foot, net-leased Burger King property in Rolla, 105 miles southwest of St. Louis. The restaurant is situated on nearly two acres located at 1022 Kings Highway, just off I-44 and U.S. Highway 63. There are currently more than 14 years remaining on the base term of the lease with 1.5 percent annual rent increases. Michael Shover, Matthew Gorman, Derrick Dougherty, Nick Skeparnias, Dean Zang, Mark Taylor and William Holman of Marcus & Millichap’s Philadelphia office, represented the seller, a limited liability company. Gorman and Shover also represented the buyer, a developer.

October 14, 2014

Midwest Missouri Retail

Hilliker Corp. Arranges Lease for Bridal Shop in St. Louis

by Danielle Everson October 13, 2014

ST. LOUIS — Hilliker Corp. has arranged the first of three leases at former flooring stores in St. Louis. The three locations include an 8,000-square-foot building at 14336 Manchester Road, a 10,000-square-foot building at 1185 Veterans Memorial Drive, and a 22,000-square-foot building at 5244-52 S. Lindbergh Blvd. Sincerely Yours Bridal will occupy space in the 8,000–square-foot building, which will be divided into two retail spaces with 5,000 square feet still available for lease. The bridal shop is set to open by the end of this year. Hilliker Corp. broker Frank Yocum represented the landlord NICI II LLC, formerly Georgia Carpet Outlet in the leasing of the 2,900-square-foot space. Mark Kornfeld of the Sansone Group represented the tenant, Enchanted Enterprises LLC, which will do business as Sincerely Yours Bridal.

October 13, 2014

Midwest Missouri Multifamily Student Housing

SLU to Build New Residence Halls, Renovate Facilities

by Danielle Everson October 13, 2014

ST. LOUIS — Saint Louis University plans to add two new residence halls and complete extensive renovations to existing facilities. Phase 1 of the proposed multi-phase plan is expected to include the construction of two new residence halls on the Frost campus; renovation of the Griesedieck complex, which includes Walsh and Clemens Halls; and the conversion of SLU’s Water Tower Inn at the Medical Center into graduate housing. Details for Phase 1 — including design, scope and budget — will be determined by an oversight committee that includes student representation, SLU’s architectural and construction partners Hastings+Chivetta Architects Inc., and McCarthy Building Cos. Inc. Construction on Phase 1 is slated to begin next spring. The first new residence hall is expected to open in August 2016, and the second new hall in August 2017. Renovation of the Griesedieck Complex set for completion in August 2019. New graduate student housing in the renovated Water Tower Inn at the Medical Center is expected to open in August 2016. The Division of Student Development, assisted by Chicago-based firm Brailsford & Dunlavey, led the master planning process.

October 13, 2014

Loans Midwest Missouri Office

National Asset Services Arranges $45M Refinancing for St. Louis Office Property

by Danielle Everson October 9, 2014

ST. LOUIS — National Asset Services (NAS) has arranged a $45 million loan to refinance a 315,000-square-foot office property in St. Louis. NAS led a group of tenant-in-common co-owners in a multi-tiered process, which resulted in a new property ownership structure and favorable refinancing terms. The process involved reorganizing and consolidating the group of 31 tenant-in-common co-owners and an additional 77 investors into a new limited liability company. The newly created company then became the borrower under a new loan provided by an undisclosed lender. The Class A property is located at 8555 University Place. The three-story, single-tenant office building serves as the company headquarters for Express Scripts, a manager of pharmacy benefit plans.

October 9, 2014

Market Reports Midwest Midwest Market Reports Missouri Multifamily

Shades of 2007? Kansas City Apartment Vital Signs are Remarkably Strong

by Danielle Everson October 8, 2014

Today’s Kansas City apartment fundamentals resemble the height of the 2007 market as jobs, deliveries, building permits, occupancy and rents are up. The availability of financing for developers and investors, along with the temperate economic recovery, portends further operational strength and investment activity in the near term. Job growth in the metro area this year has been positive. The end of the first quarter saw a full rebound of the job losses that occurred in late 2013. Through the first half of 2014, total payroll employment expanded by 5,200 jobs, an increase of 0.5 percent compared with the end of 2013. The local unemployment rate at the end of the second quarter of 2014 was 6.3 percent. Some 4,200 additional new jobs are projected for the second half of 2014, which would bring the area nonfarm job count to only 1,800 under its 2007 high of 1,018,300. Supply and Demand Apartment developers are expected to deliver new product in time to meet the demand created by the new jobs. By year’s end, construction is scheduled to be completed on 3,750 new apartments for multifamily properties of 100 or more units. New construction has been ramping up since the first quarter …

October 8, 2014

Midwest Missouri Mixed-Use Office

Gailoyd Enterprises Group Sells The Power & Light Building  to NorthPoint

by Danielle Everson October 8, 2014

KANSAS CITY, MO. — Gailoyd Enterprises Group has sold The Power & Light Building to NorthPoint Development for an undisclosed sales price. The historic office tower, located at 106 W. 14th St. in downtown Kansas City, will be converted to a mixed-use development with 200 apartments. The sale included the 285,000-square-foot building and approximately one acre of adjacent land on the north side of the building. The land will be utilized for parking and 70 new apartment units for a total of 270 new units. The building currently is vacant. Riverside, Mo.-based NorthPoint plans to begin construction immediately. Gib Kerr of Cassidy Turley represented Carmel, N.Y.-based Gailoyd Enterprises in the transaction.

October 8, 2014

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