Missouri

Brain Group, Mercier Street Begin $250M Mixed-Use Redevelopment Project at Former Middle and High School in Kansas City

by John Nelson February 28, 2023

KANSAS CITY, MO. — Co-developers Brain Group and Mercier Street are underway on the conversion of the former Westport Middle and Westport High School campuses in Kansas City into Park 39, a $250 million mixed-use development. The live-work-play campus will be situated on 16 acres at 39th and McGee streets in the city’s Midtown district. Anchoring the project is The Residences at Park 39, a 138-unit apartment community within the four-story former Westport High School. Upon completion, The Residences will include flexible work areas, a fitness center and mailroom, auditorium transformed into modules, conference rooms and library and event spaces for groups large and small. Individual residences will have open floor plans with high ceilings and modern finishes for kitchens, bathrooms and living areas. Each unit will have its own washer and dryer and will range from 400 square feet to 1,600 square feet in size, with expected monthly rents ranging from $950 to $2,000. The building’s new infrastructure will include smart technology and updated electrical, plumbing and fire alarm and protection systems. The original brick-and-stone façade and the front entry of the 1908-era high school are being preserved and restored, as are the original hardwood floors and ceramic tile. …

February 28, 2023

Development Midwest Missouri Multifamily Seniors Housing

Spellman Brady & Co. Completes Interior Design for Memory Care Addition in Shrewsbury, Missouri

by Kristin Harlow February 24, 2023

SHREWSBURY, MO. — Spellman Brady & Co. (SBC) has completed the interior design for the addition to Our Mother of Perpetual Help Memory Care at the Cardinal Ritter Senior Service’s campus in Shrewsbury, a western suburb of St. Louis. SBC selected the project’s interior finishes as well as the furnishings and artwork. The single-story memory care addition features two memory care households consisting of 13 private units each. Bright door colors were used in the hallways to help residents locate their units. SBC collaborated with Vessel Architecture, which developed the building addition, and BSI Constructors, the general contractor.

February 24, 2023

Development Industrial Midwest Missouri

Refresco Invests $20M to Expand Beverage Manufacturing Facility in Truesdale, Missouri

by Kristin Harlow February 22, 2023

TRUESDALE, MO. — Refresco, a global independent beverage solutions provider, is investing more than $20 million to expand capacity at its beverage manufacturing facility in Truesdale, about 58 miles west of St. Louis. Refresco plans to increase production capabilities through the installation of an additional production line. The Truesdale facility is Refresco’s fourth and largest plant in Missouri. The company maintains 74 production locations across North America, Europe and Australia.

February 22, 2023

Acquisitions Midwest Missouri Multifamily Northmarq

Northmarq Arranges $11M Sale of Multifamily Portfolio in Metro Kansas City

by Kristin Harlow February 22, 2023

ST. JOSEPH, MO. — Northmarq has arranged the $11 million sale of a 194-unit multifamily portfolio in St. Joseph, a northern suburb of Kansas City. The portfolio includes City View Lofts, Summit Place, Eugene Field and Frederick Apartments. City View Lofts was originally built in 1915 as St. Joseph Junior College before being redeveloped into lofts. The other properties date back to the early 1900s as well. Jeff Lamott and Gabe Tovar of Northmarq represented the seller, Worcester Investments. The buyer was undisclosed.

February 22, 2023

Development Midwest Missouri Multifamily Student Housing

Aptitude Development to Break Ground on 508-Bed Student Housing Community Near St. Louis University

by Kristin Harlow February 20, 2023

ST. LOUIS — Aptitude Development is set to break ground on The Marshall St. Louis, a 508-bed student housing community located near St. Louis University. Construction is scheduled to begin this spring, with completion anticipated for fall 2025. Amenities will include an expansive hot tub, fitness facility, gaming lounge, collaborative and individual study spaces, café areas and fire pits. Aptitude is a student housing developer based in Elmwood Park, N.J.

February 20, 2023

Acquisitions Midwest Missouri Retail

Marcus & Millichap Brokers $1.2M Sale of Dollar General-Occupied Property in Troy, Missouri

by Kristin Harlow February 16, 2023

TROY, MO. — Marcus & Millichap has brokered the $1.2 million sale of a 9,026-square-foot retail property occupied by Dollar General in Troy, about 55 miles northwest of St. Louis. The net-leased building is located at 6054 Creech Lane. Karl Hinkel, Dan Yozwiak and Darpan Patel of Marcus & Millichap represented the seller, a limited liability company. The property sold to a 1031 exchange buyer at 100 percent of the list price. Dollar General had more than seven years remaining on its lease term at the time of sale.

February 16, 2023

Acquisitions Midwest Missouri Retail

Marcus & Millichap Negotiates $6.9M Sale of Retail Center in Blue Springs, Missouri

by Kristin Harlow February 10, 2023

BLUE SPRINGS, MO. — Marcus & Millichap has negotiated the $6.9 million sale of Copperleaf Village in Blue Springs, about 19 miles southeast of downtown Kansas City. The 32,978-square-foot retail center was 82 percent leased at the time of sale. Tenants consist of medical, dental, restaurant, convenience, fitness and insurance companies. The property was originally built in 1973 and renovated in 2006. Zach Turner, Scott Wiles, Erin Patton and Craig Fuller of Marcus & Millichap represented the seller, a Kansas City-based partnership. The team also procured the buyer, an out-of-state limited liability company.

February 10, 2023

Kansas Loans Michigan Midwest Missouri Multifamily

Maverick Commercial Mortgage Arranges $6.9M Loan for Refinancing of Three Midwest Mobile Home Parks

by Kristin Harlow February 10, 2023

KANSAS, MISSOURI AND MICHIGAN — Maverick Commercial Mortgage has arranged a $6.9 million loan for the refinancing of three mobile home parks in the Midwest. The properties include Green Acres in Emporia, Kan.; Maplewoods in Odessa, Mo.; and Milwood MHC in Kalamazoo, Mich. Park Place Communities owns and manages the portfolio. All three properties are slated to undergo major capital improvement projects. A Midwest debt fund provided the loan.

February 10, 2023

Acquisitions Midwest Missouri Retail

GBT Realty Sells Shoppes of Mid Rivers in Suburban St. Louis for $40.7M

by Kristin Harlow February 9, 2023

ST. PETERS, MO. — GBT Realty Corp. has sold The Shoppes of Mid Rivers in the St. Louis suburb of St. Peters for $40.7 million. The 270,000-square-foot shopping center, located at the intersection of I-70 and Mid Rivers Mall Drive, was completed in 2018. Amy Sands, Clinton Mitchell and Michael Nieder of JLL represented GBT in the sale to Jenel Real Estate. With a recent lease signing by Old Navy for 15,000 square feet, The Shoppes at Mid Rivers is 99 percent leased. Additional tenants include Burlington, Academy Sports, HomeGoods, Marshalls, Ross Dress for Less, Ulta Beauty and Five Below. Restaurant tenants include Cooper’s Hawk Winery & Restaurant, Outback Steakhouse, Pappy’s Smokehouse and Gulf Shores Restaurant & Grill.

February 9, 2023

Leasing Activity Midwest Missouri Office

Kadean Construction to Relocate St. Louis Office to Sunset Hills, Missouri

by Kristin Harlow February 6, 2023

SUNSET HILLS, MO. — In April, Kadean Construction will move its St. Louis office from Fenton to Sunset Hills. The contractor will occupy roughly 10,500 square feet within Laumeier Office Park Building 4 after an approximately $1.2 million renovation and buildout is completed. Kadean’s architecture team is leading the design of the new space with assistance from eddy Design Group. The move comes as Kadean’s office staff has grown from 20 employees to 36 over the past 15 months. The new office will feature conference rooms, training areas and collaboration space. Kadean is also finalizing a lease for roughly 4,600 square feet of warehouse space in the Westport area to relocate and accommodate its expanding storage needs. Kadean also has an office in Kansas City. Total company employment now stands at 85. The construction firm has grown from $85.2 million in revenue in 2019 to an estimated $340 million in 2022.

February 6, 2023

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