HAZELWOOD, MO. — Marcus & Millichap has negotiated the sale of a Bill’s U-Store self-storage facility in Hazelwood, a northern suburb of St. Louis. The sales price was undisclosed. The property features 489 non-climate-controlled units and totals 64,440 net rentable square feet. George Kondracke, Brian Kelly, Brett Hatcher and Gabriel Coe of Marcus & Millichap represented the seller, a limited liability company. The asset sold to a private out-of-state buyer.
ST. PETERS, MO. — Northmarq has arranged the $70 million sale of Bold on Blvd, a 272-unit luxury apartment complex in the St. Louis suburb of St. Peters. Built in 2022, the property is located at 1100 St. Peters Centre Blvd. The community was roughly 80 percent leased at the time of sale. Parker Stewart, Dominic Martinez and Alex Malzone of Northmarq represented the seller, TWG Development. A private New Jersey-based firm was the buyer. David Garfinkel led a Northmarq team that arranged acquisition financing on behalf of the buyer.
KANSAS CITY, MO. — Two Kansas City-based firms, Copaken Brooks and CBC Real Estate Group, have formally merged their organizations as of Jan. 1. CBC’s Bill Crandall will become a principal alongside Jon Copaken, Keith Copaken and Bucky Brooks. In December 2021, Crandall assumed sole ownership of CBC after buying out his former partners. Copaken Brooks and CBC have worked together on projects for nearly 15 years. According to the principals, the merger is a strategic alliance that will increase expertise for development projects and landlord representation.
INDIANA AND MISSOURI — Flaherty & Collins Properties has unveiled plans for four affordable housing construction projects in Indiana and Missouri. Representing a total of $80 million in costs, the projects all involve renovations or adaptive reuse. Jazz Hill is a $35 million project that will preserve 11 buildings along The Paseo, a historic boulevard in Kansas City. The 197-unit affordable housing community will feature new appliances, HVAC, roofs, flooring, bathrooms, cabinets, lighting and elevators. A partnership with Twelfth Street Heritage Development Corp., the project was financed with 4 percent tax credits from the Missouri Housing Development Commission (MHDC) as well as federal and state historic tax credits and tax-exempt bonds from the Planned Industrial Expansion Authority (PIEA). Merchants Capital is the Low-Income Housing Tax Credits (LIHTC) investor, federal historic tax credit investor and construction lender, and provided Freddie Mac permanent financing. Monarch Capital is the state historic tax credit investor. The city provided $4.2 million in Central City Economic Development (CCED) funds. Parkside at Tarkington is a $16.2 million affordable seniors housing project in downtown Indianapolis. The 60-unit development is an adaptive reuse of the former United Way headquarters building. Flaherty & Collins is partnering with Midtown Indianapolis on …
KANSAS CITY, MO. — Greystone has provided an $18.6 million Freddie Mac loan for the acquisition of a 200-unit multifamily property located outside of Kansas City. Originally built in the 1980s, the garden-style community features one- and two-bedroom units. Adam Lipkin of Greystone originated the loan, which features a fixed interest rate, 10-year term, 30-year amortization schedule and five years of interest-only payments. The borrower and name of the property were not provided.
KANSAS CITY, MO. — Block & Co. Inc. Realtors has purchased the Shoppes at Shoal Creek in Kansas City for an undisclosed price. Pine Tree Development sold the approximately 100,000-square-foot shopping center, which is fully leased to tenants such as Best Buy, Lukas Liquors, La-Z-Boy, Chipotle and America’s Best. Block & Co. originally developed the property in 2014 before selling it to Pine Tree. David Block of Block & Co. negotiated the transaction on behalf of the buyer and CBRE represented the seller.
KANSAS CITY, MO. — UPS Supply Chain Solutions has signed a 210,600-square-foot industrial lease at Hunt Midwest Business Center in Kansas City. An additional 268,000 square feet remain available for lease at the building, which features a clear height of 36 feet, 68 trailer parking spots and 245 car parking stalls. Owner Hunt Midwest plans to break ground on a fifth building at the industrial park in 2023. Additionally, infrastructure improvements will help facilitate the development of a new 135-acre phase of the industrial park that will accommodate buildings ranging in size from 300,000 to 1 million square feet. The improvements will also enable a new north entrance to SubTropolis, the world’s largest underground business complex. Austin Baier and Mike Mitchelson of CBRE represented Hunt Midwest in the lease with UPS.
JEFFERSON CITY, MO. — Newmark has arranged the sale of a 92,613-square-foot retail building net leased to Orscheln Farm & Home in Jefferson City. The sales price was undisclosed, but the asking price of $6.7 million represented a cap rate of 5.5 percent. Matt Berres, Samer Khalil, Karick Brown, Michael VanBuskirk and Chris Robertson of Newmark represented the seller, a private developer, and procured the undisclosed buyer. Orscheln Farm & Home took occupancy of the property in 2017 and signed a new 15-year lease in 2021. The retailer operates 175 stores in 11 states.
O’FALLON, MO. — Tarlton Corp. has broken ground on a two-story, 66,000-square-foot outpatient health center for SSM Health in the St. Louis suburb of O’Fallon. The center will offer extensive imaging, adult and pediatric urgent care services, laboratory services and a retail pharmacy. In addition, SSM Health will partner with SSM Health Medical Group, SLUCare Physician Group and Cardinal Glennon Children’s Hospital to provide onsite primary, specialty and pediatric services. Slated for completion in mid-2024, the facility will be situated near the Streets of Caledonia, a lifestyle center incorporating a mix of retail and residential space. ACI Boland Architects is providing architectural services, while Cochran Engineering, KPFF Consulting Engineers and Ross & Baruzzini are providing engineering services.
ST. LOUIS — Clayco has completed Delmar DivINe, a redevelopment of the former St. Luke’s Hospital in St. Louis into apartments. Clayco completed the project in partnership with Maxine Clark, the founder of Build-a-Bear Workshop. The 310,000-square-foot building is now home to 150 apartment units, space for 33 nonprofit tenants and retail storefronts along Delmar Boulevard. Amenities include a pool, fitness center, dog park, resident lounge and courtyard. Clayco collaborated with developer CRG, architect Lamar Johnson Collaborative and many local subcontractors. The long-neglected hospital campus was built in 1904.