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DevelopmentMidwestMissouriRetail

Topgolf Underway on Construction of Second Location in Metro St. Louis

by Kristin Harlow

ST. LOUIS — Topgolf is underway on the construction of its new venue in Midtown St. Louis. The location marks Topgolf’s second in the greater St. Louis market, following one in Chesterfield. Completion is slated for late 2023. Situated within view of the Gateway Arch, the three-level venue will feature 102 outdoor hitting bays along with a full-service restaurant and bar. Guests will also enjoy an outdoor patio, rooftop terrace and private event space. Topgolf acquired the land for the venue from Saint Louis University. The new Topgolf location is part of the 400-acre development area guided by the St. Louis Midtown Redevelopment Corp. (STLMRC). Saint Louis University formed STLMRC in partnership with SSM Health five years ago in effort to spearhead the development of new entertainment, recreational and community facilities.

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DevelopmentIndustrialMidwestMissouri

Contegra Underway on 390,943 SF Spec Distribution Center at Blue River Commerce Center in Kansas City

by Kristin Harlow

KANSAS CITY, MO. — Contegra Construction Co. is underway on a new distribution center at Blue River Commerce Center in Kansas City. The 390,943-square-foot, speculative property marks the fourth of seven planned buildings at the 226-acre industrial campus, which was launched by NorthPoint Development in 2021. The new building will feature 24 dock doors, two drive-in doors, a clear height of 40 feet, 3,000 square feet of office space and a 3,000-square-fot mezzanine served by two stairways. Completion is slated for the end of this year.

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AcquisitionsMidwestMissouriMultifamily

CBRE Brokers Sale of 348-Unit Multifamily Property in Kansas City

by Kristin Harlow

KANSAS CITY, MO. — CBRE has brokered the sale of Wild Oak in Kansas City for an undisclosed price. The 348-unit multifamily property is located at 7987 NE Flintlock Road. Amenities include two pools, a recently renovated clubhouse and a fitness center. Jeff Stingley and Max Helgeson of CBRE represented the seller, Missouri-based Maxus. Florida-based Stoneweg US was the buyer.

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AcquisitionsMidwestMissouriMultifamily

Thompson Thrift Sells 276-Unit Apartment Complex in Kansas City

by Kristin Harlow

KANSAS CITY, MO. — Thompson Thrift has sold The Element, a 276-unit apartment complex in Kansas City. The sales price was undisclosed. Minneapolis-based Timberland Partners purchased the asset. Completed in November 2021, The Element is comprised of three garden-style buildings with units that average 958 square feet. The property is 95 percent leased. Amenities include a fitness center, pool, coffee bar, two dog parks and a pet spa. Gabe Tovar of Northmarq brokered the sale.

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Leasing ActivityMidwestMissouriOffice

CBRE Signs 13,611 SF Office Lease at The Plaza in Clayton, Missouri

by Kristin Harlow

CLAYTON, MO. — CBRE has signed a 13,611-square-foot office lease at The Plaza in the St. Louis suburb of Clayton. The firm has occupied space on the 14th floor of The Plaza since 2012 and will now move to the sixth floor in the first quarter of 2024. The new office is part of CBRE’s Workplace360 program. The new workplace will showcase CBRE’s “Future of Work” space standards, including new technologies and a variety of collaborative spaces designed to support hybrid working. The sixth floor provides access to the renovated outdoor terrace. Building owner Franklin Partners plans to add new amenities such as a clubroom, conference center, game room, fitness center, reception area and rooftop deck. CBRE launched its Workplace360 program in 2012 and has since opened more than 100 Workplace360 offices across the globe. CBRE Design Collective will manage the workplace design. Emily Levinson of CBRE’s Americas Consulting practice is leading workplace strategy.

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AcquisitionsMidwestMissouriRetail

Mid-America Brokers Sale of 268,893 SF Shopping Center in St. Louis County

by Kristin Harlow

NORTHWOODS, MO. — Mid-America Real Estate Corp. has brokered the sale of North Oaks Plaza in Northwoods, a city in St. Louis County. The sales price was undisclosed. The 268,893-square-foot shopping center is 74 percent leased. Tenants include Save A Lot, Citi Trends, St. Louis County Career Center & Workforce Training, Fresenius and H&R Block. Emily Gadomski and Ben Wineman of Mid-America, in cooperation with Tim McFarland of Sansone Group, represented the private seller. A 1031 exchange buyer purchased the asset.

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Leasing ActivityMidwestMissouriOffice

Blue Cross and Blue Shield of Kansas City Signs 260,000 SF Office Lease to Relocate Headquarters

by Kristin Harlow

KANSAS CITY, MO. — Blue Cross and Blue Shield of Kansas City is relocating its headquarters from 2301 Main St. to 1400 Baltimore Ave. in Kansas City. The company signed a long-term lease for 260,000 square feet. Bryan Johnson, Tom Volini and Sven Sykes of Colliers Kansas City represented the tenant in the lease transaction. The landlord was undisclosed.

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DevelopmentHospitalityMidwestMissouri

Midas Construction Breaks Ground on $50M Hotel in Clayton, Missouri

by Kristin Harlow

CLAYTON, MO. — Midas Construction has broken ground on the $50 million AC Hotel Clayton in the St. Louis suburb of Clayton. The hotel will rise 11 stories with 207 rooms. Completion is slated for early 2024. The project is revitalizing a historic, underutilized site that once housed the former headquarters of the Clayton Police, which relocated in 2011. The hotel, designed for business and leisure travelers, will feature a rooftop bar and restaurant that will be open to the public. Construction was originally scheduled to begin in March 2020 but was postponed due to the pandemic. The development team consists of Koplar Properties, HomeBase Partners and Concord Hospitality.

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Market ReportsMidwestMidwest Market ReportsMissouriMultifamily

Metro St. Louis Multifamily Market Caters to Aging Population

by Kristin Harlow

By Dan Thies, Sansone Group We are more than halfway through the year and the multifamily market in the St. Louis metropolitan area continues to grow. As of the first quarter, there were 5,112 multifamily units under construction in the metropolitan area. So far, the rise in interest rates and the increase in construction costs has not dampened the enthusiasm of investors and developers for constructing new units in this market. Vacancy rates continue to stay low and lease rates continue to increase. As long as these market conditions continue, developers are going to bring new units to market. The new units being built will reflect new design features, which many developers are implementing in their communities.  One of the many design trends taking place across the country and in the St. Louis area addresses the rise in the older population becoming renters. Many members of the baby boomer generation are looking to sell their suburban homes to downsize into smaller, more practical spaces. Their children have moved out of the home, and they no longer need all the space or maintenance of a home. They want to pull the equity out of their home and place it in a …

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DevelopmentMidwestMissouriMultifamily

Milhaus Breaks Ground on $58M Apartment Development in North Kansas City

by Kristin Harlow

NORTH KANSAS CITY, MO. — Milhaus has broken ground on a $58 million apartment development in North Kansas City. The project is the 10th in the Kansas City market for the Indianapolis-based developer. Plans call for 275 studio, one-, two- and three-bedroom units. Amenities will include a bark park, coffee bar, fitness and yoga centers, grills and fire pits, pool, bike parking and charging ports for electric vehicles. Great Southern Bank provided a construction loan. The project team includes Rosemann & Associates as architect, BASI Collective as interior designer and Renaissance Infrastructure as civil engineer. Completion is slated for October 2024.

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