NORTH KANSAS CITY, MO. — Hanley Investment Group Real Estate Advisors has brokered the sale of a single-tenant property occupied by Starbucks in North Kansas City for $2.3 million. The newly constructed building, which features a drive-thru, is located at 1930 Diamond Parkway near I-35. Jeff Lefko and Bill Asher of Hanley, in association with ParaSell Inc., represented the seller and developer, Omaha-based Woodsonia Real Estate Inc. A Warrensburg, Mo.-based private investor was the buyer.
KANSAS CITY, MO. — Northmarq has arranged a $3 million loan for the refinancing of the Shops at Shoal Creek in Kansas City. The 14,238-square-foot retail center, built in 2015, is located at 8250-8260 N. Booth Ave. The property is situated near a larger shopping center that is home to Target, Sam’s Club, Walmart Supercenter and The Home Depot. Bob Harrington of Northmarq arranged the fixed-rate loan, which features a 10-year term, two years of interest-only payments and a 30-year amortization schedule. A life insurance company provided the loan for the undisclosed borrower.
ST. CHARLES, MO. — Contegra Construction has completed a 70,000-square-foot headquarters and manufacturing facility for Diode Dynamics at Fountain Lakes Commerce Center in St. Charles, a northwest suburb of St. Louis. Diode Dynamics, an automotive LED lighting manufacturer, is relocating from Earth City and plans to add 36 new positions over the next five years. The company currently employs 90 people. The new property in St. Charles features a showroom, two drive-in engineering bays, an electronics manufacturing area, engineering laboratory, two-story office space and a warehouse with a clear height of 30 feet. Joining Contegra on the project were Remiger Design, BAX Engineering, SSC Engineering, Kaemmerlen Electric, O.J. Laughlin Plumbing Co. Inc., Wiegmann Associates and Bi-State Fire Protection Corp. Bank of Franklin County provided project financing. James Delgado of Cozad Commercial Real Estate and David Zobel of Danna McKitrick PC represented Diode Dynamics.
MISSOURI AND ILLINOIS — Berkadia has arranged the sale of The Saint Louis Five, a five-property multifamily portfolio totaling 716 units in Missouri and Illinois. The sales price was undisclosed. The properties include: the 360-unit Norwood Court Redfield Apartments in St. Louis; the 120-unit Delrado Apartments in Florissant, Mo.; the 100-unit Senate Square in St. Louis; the 112-unit Caroline Place Apartments in St. Louis; and the 24-unit Chesapeake Apartments in Marion, Ill. Andrea Kendrick, Ken Aston and Bobby Mills of Berkadia represented the seller, Missouri-based Baumann Property Co. Inc. New York-based David Stern Management was the buyer.
KANSAS CITY, MO. — Flaherty & Collins Properties has received a $46.8 million HUD 223(f) loan for the refinancing of The Yards, a luxury apartment complex in the Stockyards District of Kansas City that opened in May 2020. The Yards consists of 232 apartment units, 3,150 square feet of commercial space and more than 9,500 square feet of amenity spaces. Kevin Muesenfechter and Ali Rode of Gershman Investment Corp. originated the loan. The HUD financing replaces the construction debt provided by Citizens Bank, Equity Bank and First National Bank of Omaha. Flaherty & Collins plans to build a second phase of the development.
KANSAS CITY, MO. — Ready Capital has closed a $39.6 million loan for the acquisition, renovation and stabilization of a 258-unit multifamily portfolio in Kansas City’s central business district. The undisclosed borrower plans to implement a capital improvement plan to renovate unit interiors, exteriors and common areas at each of the four properties. The nonrecourse, floating-rate loan features a three-year term, two extension options and is inclusive of a facility to provide future funding for capital expenditures.
FENTON, MO. — U.S. Capital Development has selected IMPACT Strategies to build two new speculative industrial buildings at Fenton Logistics Park in Fenton, a southwest suburb of St. Louis. Building 6A will span 125,000 square feet, while Building 6B will total 160,000 square feet. Completion of both buildings is slated for the fourth quarter of this year. IMPACT is also handling site development for earthwork, utilities, parking lots and landscaping. Fenton Logistics Park is the redevelopment of a former Chrysler plant that will span more than 2.5 million square feet upon full buildout.
ST. LOUIS — St. Louis-based ElmTree Funds has acquired seven industrial and office properties across the U.S. for approximately $800 million. The single-tenant, net-leased properties span 3.2 million square feet and are fully leased with a weighted average lease term of 13.7 years. The assets are in markets such as Minneapolis, Seattle and Raleigh. ElmTree, a real estate private equity firm that manages capital on behalf of institutional and private investors, made the acquisitions in the first quarter of 2022.
KANSAS CITY, MO. — Dwight Capital has provided a $27.2 million HUD 221(d)(4) loan for the construction of The Apartments at Westport Commons in Kansas City. The 138-unit apartment project will be built on the site once occupied by Westport High School. The school closed in 2010 and the site was placed on the National Register of Historic Places in 2015. Kansas City Public Schools Repurposing Initiative acquired the site. Locally based Brain Group and Mercier Street are the developers. Amenities will include a clubhouse, leasing office, business center, fitness center, dog park, cinema, community rooms, concierge services and 24,000 square feet of commercial space. The project will utilize state and federal historic tax credits in addition to the debt financing from Dwight. The loan includes a Green Mortgage Insurance Premium (MIP) reduction set at 25 basis points because the property will qualify as green or energy-efficient housing under the LEED program. Steven Hunt of Dwight originated the loan.
ST. JOSEPH, MO. — Montecito Medical has acquired the St. Joseph Outpatient Surgery Center building in St. Joseph, about 55 miles north of Kansas City. The purchase price and seller were undisclosed. The nearly 15,000-square-foot property is fully leased to St. Joseph Outpatient Surgery Center. Four physician assistants, 19 surgeons and 12 anesthesia providers practice at the facility. The surgeons perform procedures in a variety of specialties, including orthopedics; gastroenterology; plastic surgery; ears, nose and throat (ENT) and podiatry. The facility includes four operating rooms, two procedure rooms and recovery rooms. Montecito Medical is a privately held company specializing in healthcare-related real estate acquisitions and funding for development.
