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Market ReportsMidwestMidwest Market ReportsMissouriRetail

Kansas City Retail Market Continues to Evolve During COVID-19

by Kristin Harlow

To the surprise of many in the Kansas City retail sector, the end of 2021 looked much different than most anticipated when 2021 began. As uncertainty buzzed through the retail world, the flurry of 2021’s real estate activity was a welcome surprise. Retailers who embraced technology and adapted to the changing circumstances of today’s world were able to reap the benefits 2021 offered.  As consumers took advantage of post-lockdown freedoms, brick-and-mortar retailers experienced a surge in sales volume. Throughout 2021, many national retailers and local Kansas City owners reported volumes exceeding 2019 pre-COVID levels. It’s comforting to report that retail leasing and sales continue to be strong, and overall Kansas City remains consistent in attracting retail business during these uncertain times. One of the most recognizable transformations in retail is the way in which technology seamlessly connects e-commerce and brick-and-mortar stores. Consumers can now use technology to satisfy their desire for the contactless fulfillment of their order, browse local inventory at grocery and retail stores for immediate pickup and grocery shop without entering the store. This list will continue to grow as acceptance of the technology accelerates.   Another noticeable retail alteration is the addition of drive-thrus as well as …

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DevelopmentHospitalityMidwestMissouri

Midas Construction, HDA Architects Complete 192-Room AC Hotel in St. Louis

by Kristin Harlow

ST. LOUIS — Midas Construction and HDA Architects have completed a new 192-room AC Hotel in the Central West End of St. Louis. The seven-story building, which spans 94,300 square feet, is the first AC Hotel within the St. Louis market. Amenities include a fitness center, meeting and event spaces and a curated food and beverage program.

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AcquisitionsIndustrialMidwestMissouri

NewLake Purchases 70,000 SF Cannabis Facility in Chaffee, Missouri

by Kristin Harlow

CHAFFEE, MO. — NewLake Capital Partners Inc. has purchased a 70,000-square-foot cannabis cultivation and processing facility in the southeastern Missouri town of Chaffee. NewLake’s total investment in the property will be $21.1 million, which includes $16 million at closing and a $5.1 million commitment to fund tenant improvement allowances and building renovations. Organic Remedies is the tenant.

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AcquisitionsHealthcareMidwestMissouri

Montecito Medical Acquires 40,500 SF Medical Office Building in Metro Kansas City

by Kristin Harlow

LEE’S SUMMIT, MO. — Montecito Medical has acquired a 40,500-square-foot medical office building in Lee’s Summit near Kansas City. The fully leased property opened in 2020. Beacon Surgery Center, a joint venture between local physician partners and Partners Surgical, is the building’s primary tenant. Other tenants include Sano Orthopedics and Advanced Surgical Associates. The seller and sales price were not disclosed.

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LoansMidwestMissouriOfficeRetail

Emerald Capital Arranges $6M in Financing for Development of Office, Retail Building in St. Louis

by Kristin Harlow

ST. LOUIS — Emerald Capital Strategic Advisors, an affiliate of Green Street Real Estate Ventures, has arranged financing for Elevation, an office and retail development in St. Louis. Funding includes $6 million in New Market Tax Credits (NMTC) in addition to debt and Property Assessed Clean Energy (PACE) financing. Matt Drinen and Luke Pope of Emerald Capital sourced and closed debt financing with Chicago-based IFF as well as Elm Tree Unity Debt Fund. St. Louis Development Corp. provided a $6 million allocation in NMTC, and US Bank was the NMTC investor. Kingsway Development is the project developer. Elevation will be situated at 4731 Delmar Blvd. within the Fountain Park neighborhood. The project serves as the first development within the planned 207-acre Kingsway District. Elevation will include 5,000 square feet of street-level retail space for Jamba Juice, UPS and The Original Hot Dog Factory, as well as 12,500 square feet of second-floor office space for the Ethical Society of Police and Park Central Development Corp. Simms Building Group is the general contractor and CASCO is the architect. Construction is scheduled to begin this month, with completion slated for January 2023.

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DevelopmentMidwestMissouriMixed-Use

New + Found to Begin Construction on $125M Phase II of City Foundry STL Mixed-Use Project in St. Louis

by Kristin Harlow

ST. LOUIS — New + Found is scheduled to break ground on the second phase of City Foundry STL in January. The $125 million project will include a 272-unit apartment tower, 83,000-square-foot office building, 25,000 square feet of retail space and a 481-car parking garage. Lawrence Group is the lead architect and interior design firm for the project. ARCO/Murray will construct the apartment building, while Lawrence Group’s construction team will build the timber office building. Completion is slated for early 2024. CliftonLarsonAllen LLP secured $49.7 million in joint venture equity funding for the project. City Foundry STL is the transformation of the former Federal-Mogul foundry site into a mixed-use development. Phase I includes a food hall as well as creative office, retail and entertainment space.

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IndustrialMidwestMissouriOffice

Cresa St. Louis, Pace Properties Join Avison Young

by Kristin Harlow

ST. LOUIS — The office and industrial team at Cresa St. Louis and its parent company Pace Properties will be affiliating with Avison Young, effective Jan. 1. The affiliation strengthens Avison Young’s presence in the St. Louis market by adding a team of experts with a strategic focus on office, industrial, project management and property management services. The retail brokerage and retail property management segments of Pace Properties will continue to operate as Pace Properties.

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DevelopmentMidwestMissouriMultifamily

CRG Begins Development of 245-Unit Apartment Project at Streets of St. Charles in Suburban St. Louis

by Kristin Harlow

ST. CHARLES, MO. — CRG has begun development of Chapter at The Streets, a 245-unit apartment complex at The Streets of St. Charles, a mixed-use property in the St. Louis suburb of St. Charles. CRG is building the five-story building in partnership with AFL-CIO Building Investment Trust. Completion is slated for the second quarter of 2023. Chapter at The Streets will offer one- and two-bedroom units with monthly rents starting at $1,400. Amenities will include a pool, outdoor deck, fitness center, resident lounge, coworking space and pet grooming station. The project team includes Chicago-based Humphreys & Partners Architects LP and Chesterfield, Mo.-based Brinkmann Constructors. CRG’s Chapter-branded multifamily product is a national collection of upscale apartments. Chapter at The Streets is the third Chapter-branded project. The Streets of St. Charles is a 27-acre mixed-use development owned by Cullinan Properties Ltd.

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AcquisitionsMidwestMissouriOffice

One Metropolitan Square Office Tower in St. Louis Sells for $145M

by Kristin Harlow

ST. LOUIS — One Metropolitan Square, an office tower in downtown St. Louis, has sold in two transactions totaling $145 million. One deal was for the building and a separate one was for the land. Kawa Capital Management, an independent asset management firm, purchased the leased fee interest. The seller, 601W Cos., had owned and operated the property since 2005. The building is 92 percent leased to 35 tenants in industries such as law, government, energy and architecture. This past summer, the U.S. Department of Agriculture signed a 20-year lease to occupy 163,000 square feet.

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DevelopmentMidwestMissouriMixed-Use

Sterling Bank to Anchor Planned $100M Mixed-Use Project in Clayton, Missouri

by Kristin Harlow

CLAYTON, MO. — Missouri-based Sterling Bank will serve as the anchor tenant for a planned $100 million mixed-use project in Clayton, just west of St. Louis. Green Street Real Estate Ventures LLC is the developer. Located at the intersection of Bemiston and Carondelet avenues, the 20-story development will include 4,500 square feet of first-floor commercial banking space with a walk-up ATM. There will also be 10,500 square feet of branch offices, 10,000 square feet of amenity space, a 270-unit apartment building and a 380-space parking structure. HDA, a Green Street company, is designing the project. Green Street Building Group and joint venture partner Tarlton will lead construction, which is expected to begin in fall 2022 and last 18 months.

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