Wednesday, January 15, 2025
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AcquisitionsIndustrialMidwestMissouriSelf-Storage

Marcus & Millichap Brokers Sale of 242-Unit Self-Storage Property in Rolla, Missouri

by Kristin Harlow

ROLLA, MO. — Marcus & Millichap has brokered the sale of Gateway Storage of Rolla, a 242-unit self-storage property in Rolla, a city in central Missouri. The sales price was undisclosed. Located at 11295 Old Highway 66, the facility offers 132 non-climate-controlled units and 110 climate-controlled units totaling 33,978 square feet across three acres. Built in 2015, the property is situated off I-44. Marla Colic of Marcus & Millichap represented the seller, Gateway Storage Mall, and procured the buyer, an out-of-state investment group.

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DevelopmentMidwestMissouriMultifamilyTop Stories

BR Cos. to Develop $250M Multifamily Project in Downtown Kansas City

by Taylor Williams

KANSAS CITY, MO. — California-based developer BR Cos. will build 800 Grand, a $250 million multifamily project at the southwest corner of Eighth Street and Grand Boulevard in downtown Kansas City. The 25-story high-rise building will consist of 300 apartments and 24,000 square feet of retail and restaurant space. Information on floor plans and the amenity package was not announced. Hoefer Welker designed 800 Grand, and Clark Construction and JE Dunn are serving as the general contractors for the tower. Tentative groundbreaking and completion dates were not announced, but the development has been in the works for more than a year. “Kansas City has the right environment and connectivity through smart public investment in public parks and transportation expansions to attract private investment,” said Ryan Sullivan, chief development officer of BR Cos. BR Cos., which maintains an office in Kansas City, has also partnered with local real estate agency Aristocrat Realty on the development. Founded in 2011, BR Cos. currently has 200 employees on staff and focuses on several business lines throughout the United States and Mexico, including real estate, construction, finance and energy. — Taylor Williams

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AcquisitionsMidwestMissouriRetail

Block & Co. Arranges Sale of 19-Property Minit Mart Portfolio in Metro Kansas City

by Kristin Harlow

KANSAS CITY, MO. — Block & Co. Inc. Realtors has arranged the sale of a 19-property Minit Mart portfolio in metro Kansas City for an undisclosed price. Greg Roberts of Block & Co. represented the buyer, Tarkio Real Estate LLC. The portfolio will be transitioned into independent liquor and corner stores. All gas pumps will be rebranded to Phillips 66.

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DevelopmentMidwestMissouriRetail

Cordish Cos. Unveils Plans for $10M Renovation of Kansas City Live! Entertainment Destination

by Kristin Harlow

KANSAS CITY, MO. — The Cordish Companies has unveiled plans for a $10 million upgrade to Kansas City Live! in the city’s Power & Light District. The project will include updates to existing spaces and the introduction of a new concept to the entertainment destination. The Kansas City Live! Block will feature a new exterior canopy, ceiling heaters and misters to make the open-air venue welcoming during all seasons. New high-definition ribbon boards and enhanced theatrical lighting will enhance shows and events. Expanded group seating areas, fresh landscaping and additional bar access will enhance the atmosphere. Additionally, Pizza Bar will receive a patio refresh with new outdoor seating, upgraded finishes and bar. Opening in spring 2025, Besos y Abrazos is a Latin-inspired dining venue with DJs. The cuisine draws inspiration from traditional street foods across Latin America, and guests can enjoy crafted margaritas and sangria. Nightclub Mosaic will receive a $2.5 million upgrade and expansion, nearly doubling in size. Standout features will include a state-of-the-art audio system, lighting and DJ booth backed by a new high-resolution LED wall. There will also be a new luxury lounge with expansive bar and additional VIP seating, and a refreshed patio. Construction is scheduled …

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LoansMidwestMissouriMultifamily

Gantry Secures $17.2M in Permanent Loans for Two Multifamily Properties in Suburban Kansas City

by Kristin Harlow

WARRENSBURG AND GRANDVIEW, MO. — Gantry has secured $17.2 million in permanent loans for two suburban Kansas City apartment complexes. The properties include the 73-unit Meadowbrook Estates in Warrensburg and the 56-unit Chelsea Apartments in Grandview. Both assets underwent comprehensive renovations in the past two years. Mark Reichter and Alec Frook of Gantry secured the loans on behalf of the borrower, an individual private real estate company. Both 10-year Fannie Mae loans feature fixed interest rates with five years of interest-only payments.

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AcquisitionsMidwestMissouri

MMG Expands Footprint with Addition of Capstone Colorado

by Kristin Harlow

KANSAS CITY, MO. — Kansas City-based MMG Real Estate Advisors has expanded its footprint with the addition of Capstone Colorado, a multifamily and land brokerage team based in Denver. MMG says the addition marks a pivotal step in its expansion strategy, significantly strengthening its presence across key markets in the western United States. There are 18 new team members, including 11 multifamily advisors and seven operations specialists. The partnership will integrate Adam Riddle and Jason Koch, two principals with nearly 20 years of experience each, into MMG’s leadership team. The team will be based in Denver and will work in close partnership with MMG’s national teams. The Colorado office will now encompass three primary teams: Denver apartment team, land team and North Central team, which will specialize in the advisement and disposition of multifamily assets throughout the Dakotas, Montana, Iowa and Nebraska.

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LoansMidwestMissouriMultifamily

Dwight Mortgage Trust Provides $56M Bridge Loan for Willow Creek Apartments in Kansas City

by Kristin Harlow

KANSAS CITY, MO. — Dwight Mortgage Trust, the affiliate REIT of Dwight Capital, has provided a $56 million bridge loan for Willow Creek Apartments in Kansas City. The 998-unit, garden-style multifamily property spans nearly 70 acres and includes 43 buildings housing one-, two- and three-bedroom units. Amenities include two pools, a fitness center, racquetball and tennis courts, garage parking and a clubhouse with business center. Loan proceeds will be utilized to refinance existing debt, complete remaining construction costs, cover closing costs and fund required escrows. David Scheer of Dwight originated the loan on behalf of the borrower, KC Willow Creek LLC.

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Leasing ActivityMidwestMissouriOffice

HOK to Relocate St. Louis Office to Peabody Plaza Next Year

by Kristin Harlow

ST. LOUIS — Global design firm HOK has signed a lease to relocate its St. Louis office to Peabody Plaza at 701 Market St. next year. Avison Young represented the tenant, while CBRE represented the owner, Briar Meads Capital. The lease commences in September 2025. HOK will occupy approximately 42,000 square feet across the building’s fourth and fifth floors, including an outdoor terrace. HOK’s new space is 3,000 square feet larger than its current location at 10 S. Broadway. The firm’s interior designers are crafting the new office with various space types such as outdoor work and gathering spaces, a design resource center and maker space/model shop. HOK announced its intention to stay downtown during a staff meeting earlier this year.

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AcquisitionsIllinoisIndianaIndustrialMidwestMinnesotaMissouriOhio

Alterra IOS Acquires Portfolio of Seven Industrial Outdoor Storage Sites Across Midwest

by Kristin Harlow

PHILADELPHIA — Philadelphia-based Alterra IOS has acquired seven industrial outdoor storage (IOS) sites totaling 23 usable acres largely in the Midwest region. The purchase price was undisclosed. The sites are fully leased to a national telecommunications and broadband network company. Each parcel is located across metro areas in Dallas, Minneapolis, Indianapolis, Chicago, Nashville, Cleveland and St. Louis. Specifically, the properties are located in Haslet, Texas; Osseo, Minn.; Indianapolis; Frankfort, Ill.; La Vergne, Tenn.; Avon, Ohio; and St. Peters, Mo. All of the assets in the portfolio are located near city downtowns, interstate highways, international airports and rail networks. CRE Advising facilitated the acquisition.

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AcquisitionsIndustrialMidwestMissouri

Marcus & Millichap Brokers $2M Sale of Industrial Property in Raytown, Missouri

by Kristin Harlow

RAYTOWN, MO. — Marcus & Millichap has brokered the $2 million sale of a 34,560-square-foot industrial property in Raytown, a southern suburb of Kansas City. Built in 1985, the facility is situated on 2.5 acres near I-435. Peter Doughty of Marcus & Millichap procured the 1031 exchange buyer. The seller was undisclosed. Dave Saverin, broker of record in Missouri, assisted in closing the transaction.

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