KANSAS CITY, MO. — Developer Hunt Midwest is scheduled to break ground Wednesday, June 21 on KCI 29 Logistics Park in Kansas City. The 3,300-acre project, situated near the Kansas City International Airport, is the largest contiguous industrial site in Missouri, according to the developer. Hunt Midwest says the development has the potential to accommodate up to 20 million square feet of industrial space, attract 9,000 jobs and generate $2.5 billion of capital investment. The site is located just north of the new KCI terminal with direct access to the KCI air cargo hub as well as interstates 29 and 435. The State of Missouri has awarded project funding via an industrial grant program and a transportation cost-share program.
BRANSON, MO. — Drever Partners has received a $15.7 million loan for the refinancing of The Penleigh-Branson Row in Branson. The property was formerly a hotel and was converted into 325 micro apartment units. The community leased up in nine months. Franklin Templeton provided the CMBS loan, which features a 10-year term and a 60 percent loan-to-value ratio. CoreVest Finance, a real estate investment lender and division of Redwood Trust Inc., provided the original financing and construction loan for the multifamily renovation. Drever Partners is now raising capital for The Penleigh-Live Oak, a project that will convert the former 143-room Hall of Fame Motel into 138 micro apartments. The property will adjoin The Penleigh-Branson Row.
KANSAS CITY, MO. — Blue West Capital has negotiated the sale of a single-tenant restaurant property occupied by Freddy’s Frozen Custard & Steakburgers in Kansas City for $2.4 million. Freddy’s has a new long-term, net lease at the property, which is located at 13628 Washington St. The lease includes 10 percent rental increases every five years and is guaranteed by M&M Custard, the third-largest Freddy’s franchisee. There are roughly 450 Freddy’s locations nationwide. Zach Wright and Brandon Wright of Blue West Capital represented the seller, a Midwest-based development company. The property sold to an all-cash buyer based in California.
CHESTERFIELD, MO. — Keystone Construction Co. has completed Hub Stl, a $4 million outdoor entertainment space at The District of St. Louis in Chesterfield. The District is devoted to live music, food and beverage concepts and retail space. Construction on Hub Stl began last fall with the demolition of the Polo Building. Keystone built a performance stage, 70 feet by 21 feet, with a synthetic turf field viewing area with capacity for 400 people. A large LED screen and sound and lighting system will be installed later this summer. The performance area will be encircled by local restaurants with patios, a brewery and beer garden. Anticipated to open later this summer is 4 Hands Brewing Co., which will occupy the anchor space with a 10,000-square-foot taproom. Hi-Pointe Drive-In, the brewery’s culinary partner, will operate a fast-casual dining concept within the space. Keystone previously built two other destinations within The District — Main Event and The Factory. Main Event is a 50,000-square-foot indoor entertainment center with 22 lanes of bowling, laser tag, gravity ropes and hundreds of arcade and virtual reality games. The Factory is a 52,000-square-foot indoor concert venue with seating for up to 3,400 people. It was the first …
LEE’S SUMMIT, MO. — Avanti Residential has acquired the 308-unit Summit Square apartment community in the Kansas City suburb of Lee’s Summit for $80 million. Avanti now owns eight apartment properties in the greater Kansas City market. Built in 2018, Summit Square is located at 789 NW Donovan Road. Mac Crowther and Whittaker Potts of Newmark represented the seller, NorthPoint Development. Avanti owns and operates more than 8,000 apartment units in Colorado, Arizona, Utah, Florida and metro Kansas City.
NORMANDY, MO. — McCarthy Building Cos. has broken ground on the new home of the USDA’s Food Safety and Inspection Service Midwestern Laboratory in Normandy, a northwest suburb of St. Louis. The state-of-the-art, 83,000-square-foot facility will support science and technology to address present and future public health challenges. The project will consist of two loading docks for shipping and receiving, a large warehouse for field operations storage, a processing center, microbiology labs, chemistry labs and administrative offices. The General Services Administration signed a lease with US Federal Properties for a term of 20 years and a total contract value of $115.5 million. Site and civil work are expected to be completed in the fall, with building construction occurring in 2024 and 2025. Hoefer Welker is the designer. The Food Safety and Inspection Service’s roughly 60 employees at its St. Louis-based laboratory are expected to move to the new facility in mid-2025.
KANSAS CITY, MO. — The National Association of Insurance Commissioners (NAIC) has renewed its office lease at Eleven Eleven Main in Kansas City. The tenant plans to renovate its space, which totals about 109,000 rentable square feet across the fourth floor and floors eight through 11. Owner Copaken Brooks is involved in the property and construction management for the renovation project. Ryan Biery of Copaken Brooks represented ownership alongside CBRE’s Rollie Fors and Brice Shamberger. Sven Sykes, Tom Volini and Bryan Johnson of Colliers represented NAIC.
KANSAS CITY, MO. — Locally based IAS Partners has begun development of a 15,000-square-foot, multi-tenant retail and restaurant building at Metro North Crossing, a mixed-use project in Kansas City. The facility is located along Highway 169 adjacent to the newly opened Hawaiian Bros Island Grill and Whataburger. Construction of the shell building is slated for December, with tenants expected to open in spring 2024. The building is located alongside Woodstone, a $60 million luxury apartment complex with 249 apartment and townhome-style units that opened in fall 2022. Metro North Crossing is also home to T-Shotz, a 52,000-square-foot golf entertainment venue.
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.