KANSAS CITY, MO. — JLL Income Property Trust has acquired a medical office portfolio in metro Kansas City for $22.2 million. The portfolio comprises three properties spanning more than 50,000 square feet. Roeland Park is a nearly 30,000-square-foot building constructed in 2021. Its largest tenant is AdventHealth Shawnee Mission, a subsidiary of AdventHealth. Northland Women’s Healthcare is a 10,000-square-foot property constructed in 2021 that is fully leased to the women’s healthcare provider. Blue Springs Pediatrics is a 10,500-square-foot building that was redeveloped in 2021. It is leased to a physician group that is a subsidiary of Children’s Mercy. JLL Income Property Trust now owns 12 healthcare properties totaling more than 1.1 million square feet that are valued in excess of $450 million and represent approximately 8 percent of its overall portfolio.
KANSAS CITY, MO. — Hunt Midwest has closed on the acquisition of more than 1,300 acres located adjacent to the Kansas City International Airport. The land is contiguous with roughly 2,000 acres already owned by Hunt Midwest, which plans to build the largest logistics park in the state of Missouri. Dubbed KCI 29 Logistics Park, the project will support up to 18 million square feet of Class A logistics and manufacturing space, along with more than 20 acres of commercial mixed-use space. Hunt Midwest says the site has the potential to attract more than 8,000 employees with an overall capital investment of nearly $1.3 billion over the next decade. The project will be situated near KCI Air Cargo operations, which includes hubs for UPS, FedEx and USPS.
KANSAS CITY, MO. — Meta Platforms Inc., formerly known as Facebook Inc., plans to build a nearly 1 million-square-foot data center in Kansas City. Meta will invest more than $800 million for the project, which will support up to 100 jobs. The facility is expected to be operational in 2024. The data center will be located in Golden Plains Technology Park, a 5.5 million-square-foot data center campus. The site will be supported by 100 percent renewable energy. Meta plans to use the Data Center Sales Tax Exemption Program, a tool that incentivizes the location and expansion of data centers in the state of Missouri.
SHREWSBURY, MO. — Marcus & Millichap has arranged the $3.4 million sale of a 20,000-square-foot property net leased to Planet Fitness in Shrewsbury, a western suburb of St. Louis. The building is located at 7521 Watson Road. Dominic Sulo and Benjamin Bach of Marcus & Millichap represented the seller, a limited liability company. A West Coast-based buyer purchased the property while completing a 1031 exchange.
CLAYTON, MO. — Franklin Partners has unveiled plans to renovate The Plaza in Clayton, a western suburb of St. Louis. The firm acquired the 340,529-square-foot office building in October 2017. The property was completed in 2001. Franklin Partners expects to bring approximately 160,000 square feet of renovated space to market in April 2023. There will also be a new amenity space named The Plaza Six. Offerings will include flexible spaces, private meeting rooms, two lounges, a game room, golf simulator, fitness center, rooftop deck and a tenant experience app. Mark Palmer and Artie Kerckhoff of CBRE are the leasing agents for the property. Wright Heerema Architects is the project architect.
BLUE SPRINGS AND INDEPENDENCE, MO. — Curry Real Estate Services has acquired four apartment complexes in Missouri for an undisclosed price. The acquisition includes the 69-unit Blue Springs Apartments and the 28-unit Millwood Apartments in Blue Springs, as well as Chrysler Garden and Chrysler Garden II Apartments in Independence that total 120 units. Hawley Realty was the seller. Some of the properties had been managed by Curry since 2006.
WENTZVILLE, MO. — Houston-based developer Vault Partners has broken ground on Corporate Parkway Business Center in Wentzville, a western suburb of St. Louis. The 75,000-square-foot industrial flex building will feature a clear height of 24 feet and a rear truck court. Completion of the speculative property is slated for the fourth quarter of this year. Dial Architects designed the project. Joe Schneider and Keith Schneider of Cushman & Wakefield will market the property for lease. The project marks Vault’s first development in the St. Louis market.
KANSAS CITY, MO. — Northmarq has arranged the sale of Centropolis on Grand, a 56-unit apartment building in Kansas City’s River Market neighborhood. The sales price was undisclosed. Gabe Tovar and Jeff Lamott of Northmarq represented the seller, KC Commercial Realty Group, which developed the property in 2016. Tovar and Lamott are also arranging permanent financing on behalf of the buyer, Minneapolis-based Oaks Properties. The transaction marks the buyer’s first investment in the Kansas City market.
SANTA ANA, CALIF., AND WARSAW, MO. — BridgeCore has funded a $3.6 million bridge loan to finance the purchase of a to-be-built retail building that 7-Eleven will occupy in Santa Ana. The loan was cross-collateralized with a Taco Bell-occupied asset in Warsaw. The name of the borrower was not released. The loan features a 12-month term with six months of yield maintenance, which will allow the seller of the 7-Eleven property to complete its construction of the build-to-suit on behalf of the borrower and meet its delivery obligations to 7-Eleven.
CLAYTON, MO. — Green Street Real Estate Ventures LLC and Midas Enterprises have unveiled plans to build a $100 million condominium and hotel development at the corner of Forsyth Boulevard and North Central Avenue in Clayton, a western suburb of St. Louis. Located just east of the St. Louis County Police Department building, the 25-story project will include 73 condo units and 180 hotel rooms. Among the amenities will be a rooftop terrace and bar, 300-person private event space, street-level restaurant, street-level retail space and a five-story parking structure. HDA, a Green Street company, will serve as architect. The development team expects to break ground this fall with a 24-month construction schedule to follow.