Missouri

Byrne & Jones Completes $24M Athletic Field Improvements at Missouri State University

by Danielle Everson October 7, 2014

SPRINGFIELD, MO. — Byrne & Jones Sports has completed $24 million in new construction of several new athletic and recreation facilities at Missouri State University. The St. Louis-based company relocated the school’s track and built a new artificial turf football field closer to the west bleachers. A new NCAA-regulation, eight-lane track was also built as part of the new synthetic turf soccer field. The new track incudes steeple chase, long jump, triple jump, high jump, pole vault and a warm up running area. Byrne & Jones also installed a shock pad to improve safety, play and the durability for a new field hockey surface installed by SportsTurf. Springfield, Mo.-based general contractor DeWitt and Associates Inc. managed the overall improvements. Hastings + Chivetta Architects Inc. was the architect for the project.

October 7, 2014

NorthMarq Arranges $7.4 Million Refinancing for Apartments in Kansas City, Mo.

by Danielle Everson October 7, 2014

KANSAS CITY, MO. — NorthMarq Capital has arranged $7.4 million refinancing for Forest Park Apartments in Kansas City. The 198-unit multifamily property is located at 4623 N.E. Winn Road. Greg Duvall and Brent Blake of NorthMarq structured the 10-year loan with a 30-year amortization schedule. NorthMarq arranged financing for the undisclosed borrower through its seller-servicer relationship with Freddie Mac.

October 7, 2014

Industrial Midwest Missouri

Hilliker Corp. Arranges Sale of 37,000 SF Industrial Building in Bridgeton, Mo.

by Danielle Everson October 6, 2014

BRIDGETON, MO. — Hilliker Corp. has arranged the $890,000 sale of a 37,000-square-foot industrial building located in Bridgeton. Merged companies Tri-State Equipment Co. and Ergonomic Partners will move to the property located at 4000 Fee Fee Road. Powell Kalish of Hilliker Corp. represented the buyer, Tri-State Equipment. Andy Port and Pat Reilly of Gateway Commercial Real Estate represented the seller, Justus Holdings LLC. The combined company, which supplies lifting devices, currently has 19 employees. Tri-State Equipment plans to add three to five employees within the upcoming six months due to the new building’s increased production capacity.

October 6, 2014

Civic Midwest Missouri

Kwame Building Group to Provide Construction Services on Firehouse in St. Louis

by John Nelson October 3, 2014

ST. LOUIS — Kwame Building Group Inc. (KWAME) will serve as the construction project manager for a new $6.2 million firehouse in St. Louis. KWAME will build a 30,000-square-foot brick and stone building for The Northeast Ambulance and Fire Protection District in St. Louis County. The building will include a lower level, a 17,500-square-foot main floor with five vehicle bays and a second floor. KWAME will serve as the liaison with district staff and officials, design firms and contractors on the construction, equipping and occupancy of the firehouse. KWAME will also review the district’s selection of a building site and evaluate the land for cost effectiveness, usefulness, code compliance, zoning and ability to meet the district’s goals and operational needs. JEMA will provide architectural services for the project.

October 3, 2014

Midwest Missouri Multifamily

M&M Arranges $26.8M Sale of Apartment Community in St. Louis Suburb

by Jaime Lackey September 30, 2014

MARYLAND HEIGHTS, MO. — Marcus & Millichap has arranged the $26.8 million sale of Cedar Trace Apartments, a 372-unit property in Maryland Heights, a suburb of St. Louis. The sales price equates to $72,043 per unit. The property is located at 2000 McKelvey Hill Drive. Built in 1972, the property features 50 two- and three-story buildings. The average unit size is 1,158 square feet and the average monthly rent is $854. David Gaines and Alex Blagojevich of Marcus & Millichap, along with William Holman of the firm’s Missouri office, represented the seller, TGM Associates. Monarch purchased the property.

September 30, 2014

Market Reports Midwest Midwest Market Reports Missouri

A Rebirth of Kansas City’s Downtown Multifamily, Office Market

by admin September 24, 2014

It’s a trend that’s happening across the country. Millennials are fleeing the suburbs of their childhood and choosing to work and live in the urban areas of every major American city. But there’s a unique twist to this story in Kansas City. While Millennials are moving downtown in droves, many have a reverse commute. Most Fortune 500 companies have remained in the suburbs after their flight from downtown beginning in the 1970s. In addition, several large companies have jumped the state line due to favorable tax incentives. In the second quarter, the downtown office vacancy rate stood at an unhealthy 29.9 percent. Only one office submarket posted a higher vacancy rate. Meanwhile, the leading submarket, South Johnson County, recorded a 12.8 percent vacancy rate. It’s been difficult for older office buildings with smaller floor plates of 10,000 to 15,000 square feet to compete as companies look for larger floor plates of 25,000 to 30,000 square feet. Companies are also finding that surface parking in the suburbs is more economical. Building Conversion Wave The good news is that a slow reversal in both the multifamily and office markets is occurring as older and historic office buildings are adapting to the demands …

September 24, 2014

Market Reports Midwest Midwest Market Reports Missouri

Kansas City Industrial Market Rides Development Wave

by admin September 17, 2014

It’s been a remarkable 18-month run in the Kansas City industrial market. Developers are being rewarded for their patience and long-term land positions, and larger tenants finally have several options from which to choose among Class-A distribution facilities. In January 2013, the vacancy rate in the Kansas City industrial market was a tight 6 percent, with barely any product available for users searching for modern distribution space of 200,000 square feet or more. At that time, I made some predictions about new construction, vacancy and absorption. Let’s review what happened. Market Drivers Kansas City recorded more than 3.5 million square feet of positive absorption in 2013 alone, adding another 800,000 square feet during the first two quarters of 2014. This demand was driven in large part by the automobile suppliers, online retailers and by governmental agencies. At mid-year, the vacancy rate for Kansas City warehouse product had fallen to 5.6 percent, well below the national average of 7.3 percent. Average lease rates have moved up to pre-recession levels, as regional distributors and third-party logistics companies attempt to secure large blocks of space for their national footprints. In 2013, the market delivered 2.4 million square feet of new industrial product, with …

September 17, 2014

Market Reports Midwest Midwest Market Reports Missouri

Why Real Estate Investors are Increasingly Drawn to St. Louis

by admin August 28, 2014

Momentum continues to build in the St. Louis commercial real estate investment market across all major product sectors. As private and institutional investors search for higher yields, they are drawn to secondary markets like St. Louis. Investors are seeing a yield premium of 100 to 150 basis points as measured by the initial cap rate. Office Market Grows Hotter The suburban office sector has generated the most momentum, building on a strong 2013. Suburban office investment sales activity could exceed $450 million in 2014, which would be a 90 percent increase over 2013. The largest office deal is the sale of Cityplace, an 884,000-square-foot Class A office complex in Creve Coeur that is under contract and expected to close for approximately $141 million. New Boston Fund and the Koman Group are the sellers. The buyer is undisclosed. While the search for higher yields is certainly a factor driving increased suburban office investment activity, another big part of the story is the continued occupancy growth supported by job gains. The St. Louis unemployment rate, which in May 2014 stood at 6.96 percent, is rapidly approaching the pre-recession level of 5.7 percent set in November 2007. Growth in industries such as technology, …

August 28, 2014

Market Reports Midwest Market Reports Missouri

Why Institutional Investors are Bullish on Kansas City Industrial Market

by admin February 27, 2014

After years of trailing cities such as Dallas, Memphis and Indianapolis as major bulk distribution centers, Kansas City has emerged as a significant and large hub for the development of Class A industrial logistics centers whose development is backed by institutional money. The trend is transformational for our market and here to stay for three primary reasons: (1) Institutional money — namely life insurance companies — has always allocated a portion of its funds for real estate. That money has found Kansas City. (2) Local Kansas City developers, brokers and property managers are well-suited and eager to accommodate non-operating entities like life insurance companies to buy land, build projects on a speculative basis, lease up and manage the new developments, and sell them when the financial backers decide to cash in on their investments. Kansas City has traditionally been a family-owned real estate development community comprised of five or six major players. None of these families has sold its portfolios to industrial REITs. Thus, there is a niche for institutional-backed, Class A development that is financed with deep pockets and brought to market by local developers. (3) The biggest reason for large-scale Class A industrial development in Kansas City is …

February 27, 2014

Market Reports Midwest Market Reports Missouri

Kansas City Apartment Market Riding High on the Real Estate Cycle

by admin February 3, 2014

The apartment market in metro Kansas City is in an expansion phase, driven in large part by strong renter demand and an improving economy. Developers are building and opportunistic sellers are bringing properties to market. Meanwhile, the core, growth and value-add investors are gobbling up assets. Lenders are competitively financing both acquisitions and new developments in all classes of properties. Renters can feel the momentum as well, with more product to choose from and higher rents. Employment Summary It all starts with jobs. The Mid-America Regional Council, which serves the nine-county Kansas City metro area, estimates that the local economy added 12,300 jobs in 2013, correlating to annual GDP growth of 2.7 percent. This figure compares favorably with U.S. GDP growth of approximately 2 percent during the same period. The 12-month period from August 2012 to August 2013 provides a window into the rebound in the local employment market. The leisure and hospitality sector created 5,800 net new jobs during that stretch, while the professional and business services sector added 5,700 new jobs. Meanwhile, the mining, logging and construction industries added a total of 2,600 jobs in the metro area (mostly construction), including 1,900 in Kansas and 700 in Missouri. …

February 3, 2014

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