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LoansMidwestMissouriMultifamily

Merchants Capital Arranges $71M for Refinancing of Luxury Apartment Complex in Chesterfield, Missouri

by Kristin Harlow

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.

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DevelopmentMidwestMissouriMultifamily

Mia Rose Holdings, Benton Homebuilders Underway on Construction of Multi-Phase Project in Suburban St. Louis

by Kristin Harlow

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.

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DevelopmentIndustrialMidwestMissouri

Opus Breaks Ground on 847,475 SF Industrial Build-to-Suit for Hallmark in Liberty, Missouri

by Kristin Harlow

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.

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IndustrialMarket ReportsMidwestMidwest Market ReportsMissouri

Spec Industrial Activity in St. Louis Region Rivals Pre-Pandemic Levels

by Kristin Harlow

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 …

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DevelopmentMidwestMissouriOffice

Remiger Design Opens New 6,100 SF Office in Downtown St. Louis

by Kristin Harlow

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.

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DevelopmentHealthcareMidwestMissouri

McCarthy to Build 16-Story Inpatient Tower at Barnes-Jewish Hospital in St. Louis

by Kristin Harlow

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 …

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Market ReportsMidwestMidwest Market ReportsMissouriRetail

E-Commerce Growth, Restaurant Oversaturation Shape St. Louis Retail Market

by Kristin Harlow

By Tim McFarland, Sansone Group It is hard to describe 2020 as anything other than a lost year. COVID-19 brought us quarantines, social distancing, masks and plenty of uncertainty. The pandemic pushed our healthcare system to the brink, stressed our supply chain and caused a global economic slowdown.  The St. Louis commercial real estate market certainly felt the effects of COVID-19, with retail and hospitality being hit the hardest. The retail sector was turned upside down by lockdowns that transformed homes into virtual offices, mandates that forced the closure of non-essential businesses and capacity restrictions that required restaurants to learn how to survive without dine-in business for a large portion of the year. These factors have caused an increase in vacancy to nearly 5 percent, and average asking rates to soften to $13.02 per square foot, off by 15 cents per square foot from this time last year. Perhaps most intriguing was seeing trends in the retail market accelerated by COVID-19. E-commerce For years now there has been a trend toward e-commerce. That is true now more than ever as the pandemic has accelerated the drive to digital. More than five years of e-commerce adoption was compressed into a three-month …

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AcquisitionsIowaMidwestMissouriRestaurantRetail

Hanley Investment Group Brokers $7.4M Sale of Three Taco Bell-Occupied Properties in Missouri, Iowa

by Kristin Harlow

MISSOURI AND IOWA — Hanley Investment Group Real Estate Advisors has brokered the sale of three single-tenant, net-lease properties occupied by Taco Bell in Missouri and Iowa for $7.4 million. The assets sold to three separate buyers. The seller for the two Missouri properties was a San Francisco Bay area-based private investment company. Jeff Lefko, Bill Asher and Beau Velten of Hanley and Jeff Christian of First Street Brokerage, in association with ParaSell Inc. represented the seller. In Kansas City, a 2,053-square-foot building located at 5700 E. Bannister Road sold to a Springfield, Mo.-based private investor. Brad Thessing of Thessing Commercial Properties represented the buyer. In Bethany, Mo., a 3,200-square-foot restaurant located at 4132 Miller St. sold to a California-based family trust. James Bitter of Fortune Associates represented the buyer. In West Des Moines, a Taco Bell ground lease sold to a Wyoming-based private investor. David Borinstein of Colliers International represented the buyer. Hanley’s Lefko and Asher, in association with Scott Reid and ParaSell Inc., represented the seller, a Kansas City-based private investor. The 2,989-square-foot restaurant is located at 1570 22nd St.

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AcquisitionsMidwestMissouriRetail

JLL Brokers Sale of Adam’s Dairy Landing Shopping Center in Metro Kansas City

by Kristin Harlow

BLUE SPRING, MO. — JLL Capital Markets has brokered the sale of Adam’s Dairy Landing, a 279,843-square-foot open-air shopping center in the Kansas City suburb of Blue Spring. The property is 96 percent leased to tenants such as TJ Maxx, HomeGoods, Dollar Tree, Ross Dress for Less, Petco, Michaels, Old Navy, Ulta Beauty and Five Below. Built in 2010, the shopping center sits on more than 33 acres at 800 NE Coronado Drive. Clinton Mitchell, Amy Sands, Michael Nieder and Jim Gates of JLL represented the seller, a private investment fund. Albanese Cormier was the buyer.

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DevelopmentMidwestMissouriOffice

Knoebel Construction to Expand Headquarters in Chesterfield, Missouri

by Kristin Harlow

CHESTERFIELD, MO. — Simultaneous with its 40th anniversary, general contractor Knoebel Construction is expanding its headquarters in Chesterfield by 19,210 square feet. Knoebel, which employs more than 90 people, has purchased a three-acre parcel adjacent to its headquarters at 18333 Wings Corporate Drive. Construction is scheduled to begin this winter with completion slated for next fall. Plans call for an expanded educational and training area, a rooftop terrace, numerous meeting and gathering areas, a gym and offices for all team members. Knoebel specializes in the construction of retail, restaurant, grocery and automotive projects. The company’s anticipated revenue for 2021 is $106 million.

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