Missouri

Holland Construction Services Completes $41.2M Apartment Complex in O’Fallon, Missouri

by Kristin Harlow February 10, 2022

O’FALLON, MO. — Holland Construction Services has completed The Jewel Apartments, a $41.2 million apartment complex in O’Fallon, a western suburb of St. Louis. Tennessee-based Vita Residential was the developer. Located at 9200 Veterans Memorial Parkway, the 240-unit property consists of 10 buildings. Amenities include a clubhouse, pool, family room, fitness area and dog park. The property is currently 95 percent occupied. Vita is now finalizing development plans with Holland on a similar 240-unit project called The Jewel at Whispering Oaks in Swansea, Ill. Construction is expected to begin in May.

February 10, 2022

Acquisitions Midwest Missouri Multifamily

Berkadia Arranges Sale of 408-Unit Apartment Property in Farmington, Missouri

by Kristin Harlow January 31, 2022

FARMINGTON, MO. — Berkadia has arranged the sale of The Avery in Farmington, about 75 miles south of St. Louis. The sales price was undisclosed. The 408-unit multifamily property offers convenient access to Parkland Health Center and Farmington Regional Airport. Andrea Kendrick, Ken Aston and Bobby Mills of Berkadia St. Louis represented the seller, Montana-based Braxton Development. Minnesota-based Timberland Partners was the buyer.

January 31, 2022

Development Midwest Missouri Multifamily

Mia Rose Holdings to Build 180-Unit Luxury Multifamily Development in St. Peters, Missouri

by Kristin Harlow January 31, 2022

ST. PETERS, MO. — Mia Rose Holdings has received zoning and site plan approval to build The Station at St. Peters Luxury Living, a 180-unit multifamily development in St. Peters, a northwest suburb of St. Louis. Construction is scheduled to begin in the second quarter, with completion slated for the first quarter of 2023. The development’s 60 two-bedroom units and 120 one-bedroom units will be spread across five buildings. There will also be a 3,800-square-foot clubhouse. Amenities will include a conference center, package concierge, kitchen, public workspace and fitness center. The project team includes general contractor Midas Construction, architect Rosemann & Associates PC, civil engineer Premier Design Group and mechanical, electrical and plumbing engineer Engenuity. The property manager will be 2B Residential. Mia Rose is a Chesterfield, Mo.-based developer.

January 31, 2022

Georgia Midwest Missouri Mixed-Use Retail Southeast Top Stories

Two Class B Mall Redevelopment Projects Near Atlanta, St. Louis Unveiled

by Katie Sloan January 27, 2022

NORTH DECATUR, GA. AND CRESTWOOD, MO. — Real estate developer EDENS and the City of Crestwood have separately announced two massive mall redevelopment projects in the Atlanta and St. Louis metropolitan areas, respectively. The redevelopment of Class B malls into mixed-use, open-air centers has continued to grow in popularity as shopping center owners and operators look to compete with e-commerce through the delivery of thoughtful spaces that provide an experience for visitors. North Dekalb Mall EDENS purchased North Dekalb Mall last year with plans to redevelop the property into a mixed-use project. This week, a Development of Regional Impact (DRI) application was filed with the Georgia Department of Community Affairs detailing plans for the project. Located roughly seven miles outside in Atlanta in North Decatur, the development is set to include 300,000 square feet of office space, 200,000 square feet of hospitality, 150 multifamily units and 1,700 townhomes, in addition to retail and restaurant space. A timeline for the project and further information was not disclosed. The property’s previous owner, Sterling Organization, teamed up with developer Hendon Properties and Lennar Commercial Investors in 2014 with plans to turn the 622,297-square-foot enclosed mall into an open-air shopping center, which ultimately did …

January 27, 2022

Market Reports Midwest Midwest Market Reports Missouri Multifamily

Four Demographic Shifts Poise St. Louis for Lasting Multifamily Market Growth

by Kristin Harlow January 26, 2022

Fueled by a trifecta of favorable cap rates, an underserved apartment market and sharp increases in market demand, St. Louis is starting to gain momentum with the potential to become a new multifamily hotspot. As investors and developers take note, capital that typically has been focused in higher growth markets on the coast and cities like Chicago and Nashville is starting to flow into the Gateway City. The fruit of these investments is now coming to market. Despite 20-plus percent increases in construction costs, 24 percent more units — 2,057 total — were built in 2021 compared with St. Louis’ five-year annual average. Nearly 4,000 additional units are under construction in the St. Louis region. Population, personal income and job growth are the key economic drivers of multifamily unit demand. In 2020 and 2021, all three of those markers are finishing on the upside in St. Louis after pandemic dips. Employment growth is particularly promising. After slight employment declines over the last five years, St. Louis employment has grown at an average annual rate of 2.7 percent for the last four quarters. CBRE forecasts positive growth of 2 percent for the next two years and 0.8 percent for the next …

January 26, 2022

Acquisitions Industrial Midwest Missouri Self-Storage

Marcus & Millichap Negotiates Sale of 71,015 SF Self-Storage Facility in St. Louis

by Kristin Harlow January 25, 2022

ST. LOUIS — Marcus & Millichap has negotiated the sale of a Life Storage self-storage facility in St. Louis for an undisclosed price. The 71,015-square-foot property is located at 4935 Fyler Ave. The facility initially opened in December 2019 with 426 climate-controlled units. In July 2021, the property was expanded to include an additional 172 non-climate-controlled units and 137 parking spaces. Sean Delaney of Marcus & Millichap represented the seller, a limited liability company, and the buyer, a Texas-based limited liability company.

January 25, 2022

Industrial Market Reports Midwest Midwest Market Reports Missouri Retail

2022 Outlook Looks Strong for Industrial, Retail in St. Louis

by Kristin Harlow January 20, 2022

This past year, many commercial real estate sectors and geographies that had been affected by the initial impact of pandemic-induced shutdowns demonstrated improvement. Across Missouri, we saw very robust levels of sales activity, as well as new construction and development — with more than $2.4 billion in overall commercial real estate sales volume through the end of third-quarter 2021. Although statewide growth was reported across all property types and sectors, industrial was especially strong, while retail emerged with slightly less consistency, but was positive nonetheless. The forecast for 2022 is bright, especially as retailers announce expansion plans and developers break ground on new projects. St. Louis is central to growth As an important secondary U.S. market, St. Louis and the surrounding areas are experiencing high levels of demand and activity. In the first three quarters of 2021, the St. Louis market reported $1.7 billion of overall commercial real estate sales volume, representing more than 70 percent of statewide activity. These statistics illustrate the sentiment of today’s active buyers who agree that St. Louis is a stable and attractive market for investment. Within the metro area, St. Charles County stands out as one of the fastest-growing counties in the country, reporting …

January 20, 2022

Development Midwest Missouri Office

Green Street Opens New Headquarters in St. Louis

by Kristin Harlow January 19, 2022

ST. LOUIS — Green Street Real Estate Ventures and its affiliate companies have moved into a new headquarters located at 4565 McRee Ave. in The Grove neighborhood of St. Louis. The move combines six companies and 80 employees under one roof to include Green Street, Green Street Building Group, Green Street Property Management, Emerald Capital Strategic Advisors, HDA and O’Toole Design Associates. Designed by HDA with interiors done by O’Toole, the building spans 46,000 square feet. Green Street’s new headquarters is part of a $21 million mixed-use development that includes the first St. Louis location of Bar K, a dog park and bar.

January 19, 2022

Acquisitions Midwest Missouri Multifamily Northmarq

Northmarq Negotiates $42.5M Sale of Multifamily Portfolio in Kansas City

by Kristin Harlow January 14, 2022

KANSAS CITY, MO. — Northmarq has negotiated the sale of a 280-unit multifamily portfolio in Kansas City for $42.5 million. Built in 1985, Fountainhead consists of three-story apartment buildings. Three Fountains consists of a mix of one- and two-story townhomes. Both communities offer fitness centers and pools. Kyle Tucker and John Duvall of Northmarq secured acquisition financing through Freddie Mac. JB Partners sold the portfolio to Revitate Cherry Tree, a California-based investment company.

January 14, 2022

Industrial Market Reports Midwest Midwest Market Reports Missouri

Available Land, Developer Talent Boost Kansas City’s Industrial Scene

by Kristin Harlow January 13, 2022

2021 was a historic year for Kansas City industrial real estate. The local market size eclipsed 300 million square feet of space, representing the 16th-largest industrial market in the U.S. Class A building inventory is nearly 44 million square feet, ranking 15th in the nation. Of the industrial building inventory, 14.4 percent is Class A, ranking ninth-highest in the country, suggesting the inventory that we have is quality compared with other U.S. markets. Capital markets are firm influencers with soft voices. Nationally, the amount invested is a record high. Rental rate growth is at an all-time high and investors are confident that this growth will sustain. While you may not read about where capital is being deployed, the institutional development and investment activity provide the output to see where institutions have comfort. Cap rates in the Kansas City area broke records and saw compression in the last year of 50 to 150 basis points depending on the asset class. This is a result of investors seeking return and believing in the long-term strength of tier II industrial markets and yield premium afforded in these markets compared with gateway cities. Well-positioned assets traded with cap rates in the low to …

January 13, 2022

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