WENTZVILLE, MO. — Marcus & Millichap has arranged the $5 million sale of Heritage Townhomes, a 40-unit multifamily property in the western St. Louis suburb of Wentzville. The seller, a private investor, acquired the property in October 2019 and installed new flooring, kitchen appliances and upgrades to the bathrooms. The improvements resulted in a $200 per unit average increase in value over three years, according to Marcus & Millichap’s Ben Margalski, one of the brokers on the transaction. Margalski and colleague Aaron Kuroiwa represented the seller as well as the buyer, a private investor completing a 1031 exchange.
CHESTERFIELD, MO. — Developer Mia Rose Holdings and general contractor Keystone Construction Co. have completed Chesterfield Sports Complex, a 97,000-square-foot indoor volleyball and basketball complex in the St. Louis suburb of Chesterfield. The complex will serve local, regional and premier basketball, volleyball and other sporting events. Nonprofit organization Chesterfield Sports Association owns and operates the facility, which is anticipated to attract 900,000 visitors each year with 1,000 youth athletes practicing each week and 2,500 athletes playing tournaments on the weekends. The facility features nine basketball courts that convert into 18 volleyball courts. There is also a fitness area, second-floor mezzanine for game viewing, courtside seating, lounge areas and multipurpose rooms for meetings and classes. MW Weber Architects served as the architect and Stock & Associates Consulting Engineers Inc. was the civil engineer. State Bank provided financing. Additionally, Keystone is currently constructing a 4,200-square-foot ACE Performance Lab on the first and second floors that will provide performance training and muscle recovery programs. Scheduled to open in May, this space will include Olympic lifting stations, a turf area and a recovery area. The complex’s medical provider, Mercy Sports Medicine, will use space in the performance lab to evaluate and treat athletes.
KANSAS CITY, MO. — Matthews Real Estate Investment Services has negotiated the sale of a portfolio of medical office buildings throughout metro Kansas City for an undisclosed price. Known as the Sabates Eye Centers Portfolio, the portfolio features five properties with 13 suites totaling 76,826 square feet and is 90 percent leased. Rahul Chhajed and Michael Moreno of Matthews represented the undisclosed seller. A private family office based in Ohio was the buyer.
ST. LOUIS — Northmarq has originated a $10 million Freddie Mac loan for the refinancing of The Vineyards, a 426-unit multifamily property in St. Louis. The community consists of 19 buildings that were constructed in 1973 and renovated in 2002. David Garfinkel of Northmarq secured the fixed-rate loan on behalf of the undisclosed borrower. Kohner Properties Inc. manages the community.
ST. LOUIS — Cushman & Wakefield has brokered the sale of Oxford Hills, a 480-unit apartment community in St. Louis. The sales price was undisclosed. Located at 10304 Oxford Hills Drive, the property features amenities such as a pool, fitness center, dog park, clubhouse, playground, tennis courts and recreational areas. Matt Stephens, Hannah Ott and George Tikijian of Cushman & Wakefield represented the seller, Harbor Group International. FPA Multifamily was the buyer.
FARMINGTON, MO. — Axiom Capital Corp. has arranged a $3 million loan for the refinancing of a 51,373-square-foot retail building in Farmington, a city in eastern Missouri. Built in 2016, the single-tenant property is occupied by Hobby Lobby. The nonrecourse loan features a five-year term and a fixed interest rate. The lender and borrower were not provided.
ST. LOUIS — Berkadia has arranged the sales of two multifamily properties and one multifamily development site in St. Louis for a combined $100 million. The first transaction includes Southfield Apartments, a 429-unit, garden-style community located at 5549 Southfield Drive. The second deal is an unnamed high-rise property. The third transaction includes 15 acres of land that will be utilized to develop a townhome-style community with 160 units. Andrea Kendrick, Ken Aston and Bobby Mills of Berkadia brokered the sales. Buyer and seller information was not provided.
PLATTE CITY, MO. — Developer VanTrust Real Estate LLC has broken ground on Platte International Commerce Center, a 2.4 million-square-foot industrial development in Platte City, a northern suburb of Kansas City. The project will consist of three Class A buildings. The first speculative building will total 748,833 square feet and is slated for completion in May 2024. The site features immediate access to I-29 and I-435. Phillip Algrim and Kevin Wilkerson of JLL are marketing the project for lease. The project team includes Whiting Turner Contracting Co., Olsson Engineers and M+H Architects.
CLAYTON, MO. — Midas Enterprises has completed a $47 million Residence Inn by Marriott hotel in the St. Louis suburb of Clayton. The project is the first new hotel to open in the city in 30 years, according to Midas. The extended-stay hotel rises 12 stories with 170 rooms. The development includes a second-floor lounge and ballrooms, 3,300 square feet of second-level meeting space with an outdoor terrace and bar, complimentary breakfast, a 1,500-square-foot fitness center and guest laundry. Investors included Hermann Cos. and Peoples Bank. The project team included SSC Engineering, CECO Concrete Construction Inc. and Castle Contracting LLC. Midas deployed all four of its divisions — Midas Capital, Midas Construction, Midas Hospitality and Midas Development — to complete the project.
BELTON, MO. — Hillman Solutions Corp., a provider of hardware products and merchandising solutions, has opened a new 305,000-square-foot distribution center in Belton, a southern suburb of Kansas City. The Cincinnati-based company is relocating from a facility in Rialto, Calif. Doug Cahill, chairman, president and CEO of Hillman, says having a distribution center located in the Kansas City area will be optimal for logistics because 85 percent of the U.S. population can be reached in one to two business days by truck.