KANSAS CITY, MO. — Alchemy Ventures, in partnership with Rockcrest Holdings, has acquired more than 1,000 multifamily units in Kansas City’s urban core for $125 million. The acquisition includes Pickwick Apartments as well as four individual sites at 200 Walnut St., 318 W. 7th St., 200 W. 5th St. and 930 Broadway Blvd. that will be branded as Unity Lofts in the Rivermarket and downtown neighborhoods. Alchemy plans to renovate the properties with technology-driven features and new finishes. Seller information was not provided. Formed in 2014, Alchemy invests in properties within Kansas City and New York City.
KANSAS CITY, MO. — Newmark Zimmer has arranged the sale of a 340,000-square-foot office building in Kansas City’s central business district for an undisclosed price. AT&T formerly occupied the property, which is located at 500 E. 8th St. and now sits vacant. Michael VanBuskirk, Chris Robertson, John Hoefer and Raegen Root of Newmark represented the seller, Maxus Properties. The buyer, Washington, D.C.-based The Bernstein Cos., plans to convert the building into apartments.
KANSAS CITY, MO. — Salon Service Group, a wholesale salon product distributor for licensed cosmetologists, has opened at Red Bridge Shopping Center in Kansas City. The tenant occupies nearly 2,000 square feet. Lane4 Property Group manages the center, which has welcomed 12 new tenants since its redevelopment in 2018. Salon Service Group operates 51 locations in 11 states, four of which are in metro Kansas City.
CHESTERFIELD, MO. — Keystone Construction Co. has begun work on a 97,000-square-foot indoor volleyball and basketball complex in Chesterfield near St. Louis. Mia Rose Holdings is the developer, MW Weber Architects is the architect and Stock & Associates Consulting Engineers Inc. is the civil engineer. Completion is slated for early 2023. Chesterfield Sports Association (CSA), a nonprofit organization, will own and operate the facility. Nine basketball courts will convert to 18 volleyball courts. Additional features will include a fitness area, spectator seating, lounge areas and multipurpose rooms. CSA plans to host over 40 tournaments each year that will attract out-of-town guests and generate economic activity for local restaurants and hotels.
KANSAS CITY, MO. AND MINNEAPOLIS — Arch Street Capital Advisors LLC has acquired two recently completed industrial assets totaling 2 million square feet in metro Kansas City and Minneapolis for an undisclosed price. The single-tenant, build-to-suit facilities serve as distribution space for an e-commerce company. Arch, on behalf of one of its institutional capital partners, provided preferred equity construction financing and a forward commitment to acquire the assets upon completion.
PORTAGEVILLE, MO. — Mumford Co. has negotiated the sale of the New Orleans Inn in the southern Missouri city of Portageville for an undisclosed price. The two-story hotel is home to 25 rooms. George Arvanitis of Mumford represented the seller, Tennessee-based AARTI Inc., and procured the buyer, Nevada-based Stealth Invest LLC. The acquisition marks the third hotel in the buyer’s portfolio.
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.
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.
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.
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 …