JOPLIN, MO. — Matthews Real Estate Investment Services has brokered the $7.8 million sale of a 79,454-square-foot industrial facility occupied by FedEx in the Southwest Missouri town of Joplin. The property is located at 3752 Enterprise Ave. Brett Davis and Alexander Harrold of Matthews brokered the transaction. Both the seller and buyer were private investors.
BRANSON, MO. — Outside the Lines (OTL), a design-build company specializing in water features, fountains, rockwork and themed environments, is building a show fountain within the lake at Branson Boardwalk in Missouri. The 12,500-square-foot lake is adjacent to the Aquarium at the Boardwalk. The $55 million project, the first attraction to be developed at the Branson Boardwalk, includes a 34-ton, 55-foot octopus sculpture by Demiurge. The octopus will be integrated into the show fountain with color-changing LED lights. Kuvera Partners is the owner and operator of both the Branson Boardwalk and Aquarium at the Boardwalk.
ST. LOUIS — St. Louis-based ElmTree Funds LLC has closed its largest commingled fund to date. Known as Net Lease Fund IV LP, the fund raised $888 million of investor commitments. Fund IV has approximately $2.5 billion in immediate investment capacity, of which roughly $800 million has been committed and deployed. The fund’s investor base is comprised of public and private pension plans, insurance companies, endowments and foundations. Fund IV targets investments in industrial and logistics assets across the United States. Annie Hsieh of ElmTree led the fundraising effort for Fund IV.
KANSAS CITY, MO. — The Cordish Cos. has broken ground on Three Light Luxury Apartments, a $140 million apartment complex in the heart of Kansas City’s Power & Light District. Three Light is the third apartment property to be built in the area, following One Light and Two Light, which are 97 percent occupied. Three Light will rise 26 stories with 288 units. The project will also include a seven-story parking garage and 7,600 square feet of ground-floor retail space. More than 30,000 square feet of amenities will include an exterior deck, infinity pool, entertainment kitchen, theater room, fitness center, business center, valet dry cleaning and coworking areas. Completion is slated for September 2023. More than 20 percent of the units in Three Light will be priced for residents who earn up to 80 percent of the area median income. The project team includes JE Dunn Construction, Hord Coplan & Macht, RD Jones + Associates and Selbert Perkins Design. The project was first announced in April.
CHESTERFIELD, MO. — Merchants Capital has arranged $71 million for the refinancing of Wildhorse, a 188-unit luxury apartment complex in the St. Louis suburb of Chesterfield. Wildhorse also features a 15,000-square-foot Ruth’s Chris Steakhouse with a rooftop bar and 10,000 square feet of retail space. The borrower, Great Lakes Capital, completed construction in April and has since leased the property to full occupancy. Proceeds from the Merchants Bank of Indiana loan paid off an existing construction loan, bought out limited partners and secured additional interest-only payments.
DARDENNE PRAIRIE, MO. — Mia Rose Holdings and Benton Homebuilders are underway on the construction of The Prairie, a multi-phase residential project in Dardenne Prairie, about 37 miles northwest of St. Louis. The project includes five three-story apartment buildings totaling 180 units. Benton Homebuilders is constructing nine buildings consisting of 60 three-bedroom villas. One of the apartment buildings will include first-floor retail space. Property manager 2B Residential plans to begin pre-leasing the units in early 2022. Phase I of the apartments is scheduled to open in mid-2022. The project team includes general contractor Midas Construction; architects Rosemann & Associates PC and DL Design; and civil engineer Premier Design Group. Mia Rose is teaming with entrepreneur and restaurateur Jim Cook on the development.
LIBERTY, MO. — The Opus Group has broken ground on Liberty Heartland Logistics Center in Liberty, a suburb just northwest of Kansas City. The first building is an 847,475-square-foot build-to-suit for Hallmark Cards Inc. The project will feature a clear height of 40 feet, 48 dock doors, two drive-in doors, 150 trailer parking spots and 450 vehicle parking spots. This will be Hallmark’s second distribution center in Liberty and will be situated less than one mile from its current facility. Completion is slated for February 2023, at which time Hallmark anticipates more than 1,200 full-time employees working between its two centers. Opus also plans to build two additional speculative buildings at Liberty Heartland Logistics Center that will span 572,000 and 239,000 square feet. Opus is the developer, design-builder, interior designer, architect and engineer. Mark Long, John Hassler and Scott Bluhm of Newmark Zimmer are marketing Buildings B and C for sale or lease. The Missouri Department of Economic Development collaborated with project partners.
World and domestic markets are constantly recalibrating as the global supply chain continues to see a disruption from the COVID-19 pandemic. It has never been more clear though just how important freight logistics and a healthy supply chain are to keep the economy moving. Demand for distribution space continues to grow, and the latest data available reveals the bi-state St. Louis market is rebounding well from the uncertainty of 2020 and 2021, and is positioned to assist distributors and developers to meet the growing demand. The St. Louis region has more than 51 million square feet of modern bulk inventory supported by a strong labor force and an exceptional freight network that provides tremendous optionality to move goods into and out of the region via river, rail, truck and runway. Those advantages are contributing to historic lows in vacancy rates, with only 4.5 percent of modern bulk space (more than 250,000 square feet) available at this time. This follows on the heels of the overall vacancy rate for the entire St. Louis industrial market dropping below 6 percent in 2020, the first time it fell so low in more than 15 years. Fortunately, construction in the bi-state region has rebounded …
ST. LOUIS — Remiger Design has opened a new 6,100-square-foot office at 2921 Olive St. in downtown St. Louis. The historic storefront was originally built in 1894. It took a year to outfit the office with the right furniture, lighting and technology and to build out the three-level space. A fourth level now houses the design firm’s extensive files. The office features a conference room, resource library and private room. The third floor houses employee workstations that are carefully spaced to allow for social distancing. Remiger’s team of 12 is able to work from home or in the office.
ST. LOUIS — McCarthy Building Cos. Inc. has been selected to lead the design-build team overseeing the construction of a new 16-story inpatient tower at Barnes-Jewish Hospital in St. Louis. The project is part of BJC HealthCare’s campus renewal plan, a long-term vision to transform the Washington University Medical Campus through new construction and renovations with a focus on improving the patient and family experience at Barnes-Jewish Hospital and St. Louis Children’s Hospital. In addition to McCarthy, team members include architectural firm CannonDesign, consulting engineer BR+A, structural engineer Thornton Tomasetti, civil engineer Castle Contracting and landscape designer DTLS. The 660,000-square-foot tower will feature private rooms for heart and vascular patients, state-of-the-art imaging and the latest in surgical preparation and recovery. Plans call for 224 private inpatient rooms, 56 private intensive care unit rooms, two rooftop gardens and a family lounge with a business center, kitchenette, quiet rooms and laundry facilities. Additionally, an expansive surgical preparation and recovery program will occupy two floors. A modern imaging center will also occupy two floors. A new pedestrian walkway will lead from the parking lot to a redesigned and expanded lobby, gift shop and coffee bar. The new tower will replace Queeny Tower, a …
