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Missouri

DevelopmentMidwestMissouriMultifamily

Opus, Balboa Complete 255-Unit Luxury Apartment Complex in Kansas City

by Kristin Harlow

KANSAS CITY, MO. — The Opus Group and Balboa Real Estate Partners have completed The Darby at Briarcliff, a 255-unit luxury apartment complex in Kansas City. Owned by Balboa, the property is situated in the Briarcliff West neighborhood and consists of two buildings. Amenities include a pool, lounge, private event space, fitness center, patio, work-from-home lounge, coffee bar, pet spa and dog run. The development is part of a master-planned community initiated by Charles Garney of Briarcliff Development Co. Over the course of two decades, the firm has revitalized what was once a 400-acre infill site by developing single-family residences, apartments, commercial spaces and hotels. Monthly rents at The Darby at Briarcliff start at $1,203. Residents can now earn one month of free rent, according to the property’s website. Coastal Ridge is the property manager for The Darby at Briarcliff. Opus served as developer, design-builder, interior designer, architect and structural engineer.

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DevelopmentIndustrialMidwestMissouri

PARIC, Barton Malow to Build 1 MSF Expansion of Boeing Production Site Near St. Louis Airport

by Kristin Harlow

ST. LOUIS — Boeing has selected a joint venture between PARIC Corp. and Barton Malow to build a 1 million-square-foot expansion of its “Air Dominance” production site near the St. Louis Lambert International Airport. Construction of the various facilities is expected to employ 1,200 construction craft workers over the course of the program. Pre-construction planning efforts are underway, with initial construction estimated to begin in the first quarter of 2024. The project team also includes Arch Key/Sachs, icon Mechanical, Murphy Mechanical, PayneCrest Electric and Shannon & Wilson. Industrial Project Innovation is the owner’s representative, and Jacobs will provide engineering services.

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AcquisitionsMidwestMissouriMultifamily

Berkadia Brokers $7.5M Sale of Multifamily Property in St. Louis

by Kristin Harlow

ST. LOUIS — Berkadia has brokered the $7.5 million sale of Lynn Town Apartments in St. Louis. The 144-unit, garden-style multifamily property is located at 9675 Muriel Ave. The community was built in 1963. Andrea Kendrick, Ken Aston and Bobby Mills of Berkadia represented the seller, the original developer who had owned the property for 60 years. The buyer was undisclosed.

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LoansMidwestMissouriMultifamily

Colliers Mortgage Provides $11M Loan for Refinancing of Multifamily Property in Union, Missouri

by Kristin Harlow

UNION, MO. — Colliers Mortgage has provided an $11 million Fannie Mae loan for the refinancing of Hummingbird Heights, a 108-unit multifamily property in Union, about 50 miles southwest of St. Louis. The garden-style community is comprised of 21 buildings. Adrian Hartman of Colliers originated the loan on behalf of the borrower, an entity doing business as Hummingbird Heights LLC. According to Colliers, the refinancing enabled ownership to recoup a portion of equity deployed during development, reposition conventional debt to nonrecourse freeing up future development borrowing capabilities, and boost cash flow due to the longer amortization and interest-only period.

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IndustrialLeasing ActivityMidwestMissouri

IDI Distributors Signs 30,000 SF Industrial Lease at Hazelwood Business Park in Suburban St. Louis

by Kristin Harlow

HAZELWOOD, MO. — IDI Distributors, an insulation distribution company, has signed a roughly 30,000-square-foot industrial lease at Hazelwood Business Park in suburban St. Louis. Industrial Commercial Properties owns the new business park, which is a redevelopment of the former St. Louis Mills Mall. Dan Lesinski and Billy Spence of Newmark Zimmer are the leasing agents for Hazelwood Business Park. The development can accommodate tenants ranging in size from 30,000 to 700,000 square feet.

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DevelopmentMidwestMissouriOffice

Brinkmann Constructors Tops Out 87,000 SF Headquarters for First Bank in Creve Coeur, Missouri

by Kristin Harlow

CREVE COEUR, MO. — Brinkmann Constructors has topped out the new 87,000-square-foot headquarters for First Bank in Creve Coeur, a suburb of St. Louis. The four-story building will feature multiple outdoor workspaces and a multipurpose “innovation hub” for team collaboration and social events. The project also includes a two-story, 82,000-square-foot parking garage for both employees and visitors. The new headquarters is situated near the site of the bank’s original headquarters on Olive Boulevard. Completion is slated for the second quarter of 2024. First Bank, which maintains locations in Missouri, Illinois and California as well as mortgage offices in Kansas, is temporarily operating out of an office branch adjacent to the new headquarters.

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DevelopmentHealthcareMidwestMissouri

McCarthy to Build 14-Story Facility for SSM Health’s Cardinal Glennon Children’s Hospital in St. Louis

by Kristin Harlow

ST. LOUIS — McCarthy Building Cos. Inc. will build a new 14-story facility with more than 200 inpatient beds for SSM Health’s Cardinal Glennon Children’s Hospital in St. Louis. The design-build team includes architecture and design firm HKS as well as St. Louis-based planning and design firm Lawrence Group. According to McCarthy, the new pediatric academic hospital will incorporate the latest best practices in patient and family-centered design, including large areas to accommodate families. It will also support expanded and enhanced services, including NICU, ICU, cancer, cardiology and dialysis care in a therapeutic healing environment that integrates the latest technology and research. Scheduled for completion in 2027, the new hospital will be located at Chouteau Avenue and Grand Boulevard in the city’s Midtown area. First opened in 1956, SSM Health Cardinal Glennon Children’s Hospital was the nation’s first freestanding, nonprofit Catholic children’s hospital.

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DevelopmentIndustrialMidwestMissouri

Keystone Construction Breaks Ground on $5M Headquarters for SourceOne Solutions in O’Fallon, Missouri

by Kristin Harlow

O’FALLON, MO. — Keystone Construction Co. has broken ground on the new $5 million headquarters for commercial lighting solutions company SourceOne Solutions LLC in the St. Louis suburb of O’Fallon. The 37,500-square-foot building, which is being constructed on a 6.4-acre site at 6800 Keaton Corporate Parkway, is slated for completion in fall 2024. Gray Design Group is the architect, and Knapp Engineering and Civil & Environmental Consultants are the engineers. In addition to warehousing and manufacturing space, the facility will feature 6,500 square feet of office space with a covered entry and patio, executive offices, training and conference rooms, open workstations and a café. The project is designed for expansion in the future.

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AcquisitionsIndustrialMidwestMissouriOhioWisconsin

BGO IREIT Acquires Interest in $948M Midwest Industrial Portfolio

by Kristin Harlow

CINCINNATI, KANSAS CITY, ST. LOUIS AND KENOSHA, WIS. — BGO Industrial Real Estate Income Trust Inc. (BGO IREIT) has acquired an indirect 34.2 percent ownership interest in a portfolio of Midwest industrial assets valued at approximately $948 million in exchange for 13 million units of its operating partnership. The purchase price of the portfolio was approximately $130 million. The portfolio consists of 29 industrial buildings totaling more than 9.4 million square feet in Cincinnati, Kansas City, St. Louis and Kenosha, Wis. Developed between 2012 and 2023, the portfolio is 90 percent leased to multiple tenants with a weighted average remaining lease term of approximately five years.

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DevelopmentHospitalityMidwestMissouri

Midas Construction Tops Out $50M AC Hotel in Clayton, Missouri

by Kristin Harlow

CLAYTON, MO. — Midas Construction has topped out an AC Hotel in the St. Louis suburb of Clayton. The $50 million project is slated for completion in spring 2024. The 11-story building includes 207 rooms. A team of Concord Hospitality, Homebase Partners, Koplar Properties, Eagle Realty and Midas Construction is developing the project. Designed for business and leisure travelers, the hotel will feature a rooftop bar and restaurant open to the public. The project revitalizes a historic, underutilized site that once housed the headquarters for the Clayton Police. Designed by DLR Group, the AC Hotel Clayton will feature the AC Lounge, where patrons can enjoy craft beer, handcrafted cocktails and tapas-style small plates, and the AC Kitchen, an onsite restaurant offering a European-inspired menu. The project team also includes DeLuca Plumbing LLC, Streib Co., TJ Wies Contracting Inc., Eisen Group, Acme Erectors, Jacobsmeyer Construction, Leonard Masonry, Vee-Jay, Titan Carpentry, Custom Service Crane, Grasse & Associates, Waterhout Construction and Castle Contracting.

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