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DevelopmentMidwestMissouriMultifamily

Draper and Kramer Breaks Ground on 225-Unit Apartment Building in St. Louis

by Kristin Harlow

ST. LOUIS — Draper and Kramer Inc. has broken ground on Moda at The Hill, a 225-unit apartment building in The Hill neighborhood of St. Louis. The four-story project is part of a larger 11-acre master-planned community led by Draper and Kramer that also includes single-family homes and a condominium building. Moda at The Hill will offer a mix of one- and two-bedroom units measuring from 600 to 1,200 square feet. Amenities will include a fitness center, yoga studio, pool courtyard, parking garage, community lounges, pet care facilities and coworking spaces. Holland Construction, Humphreys & Partners Architects and HPA Design Group make up the project team. Gershman Mortgage provided construction financing. Completion is slated for late spring 2022.

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AcquisitionsIndustrialMidwestMissouriOhio

Box Equities Purchases Two Distribution Centers in Missouri, Ohio Totaling More than 1 MSF

by Kristin Harlow

MISSOURI AND OHIO — Box Equities has acquired two distribution centers in Missouri and Ohio. The first property is a 900,000-square-foot center anchored by Home Depot in Missouri. The second asset is a 150,000-square-foot Pepsi distribution center in Ohio. Seller information and sales prices were undisclosed. New York-based Box Equities, which launched only eight months ago, now owns and manages more than 1.8 million square feet of industrial real estate.

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AcquisitionsMidwestMissouriRetail

Investors Realty Brokers $20.3M Sale of Shopping Center Near Kansas City

by Kristin Harlow

INDEPENDENCE, MO. — Investors Realty Inc. has brokered the $20.3 million sale of Marketplace Shopping Center in Independence, just east of Kansas City. The 253,000-square-foot shopping center is 91 percent leased. Anchor tenant Price Chopper has occupied the property for 34 years. Other tenants include Petco, Big Lots, Viva Fashion and FedEx. Ember Grummons of Investors Realty represented the seller, a partnership between Walton Street Capital and NewQuest Epic. Grummons also procured the buyer, Wichita-based HJH Investments.

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AcquisitionsMidwestMissouriMultifamily

Passco Acquires 345-Unit Apartment Complex in Suburban St. Louis for $98M

by Kristin Harlow

CHESTERFIELD, MO. — Passco Cos. has acquired a 345-unit apartment complex in Chesterfield for $98 million. Watermark Residential was the seller. Passco will rebrand the community, previously named Watermark at Chesterfield Village, as The PARQ at Chesterfield. The property is located at 16300 Lydia Hill Drive in suburban St. Louis. Amenities include a pool, fitness center, Starbucks coffee bar, firepit area, dog wash and 24-hour package pickup. Units range in size from one-bedroom to three-bedroom floor plans. Caleb Marten of KeyBank Real Estate Capital’s Commercial Mortgage Group arranged acquisition financing on behalf of Passco. Andrea Kendrick, Ken Aston and Bobby Mills of Berkadia St. Louis brokered the sale on behalf of Watermark.

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LoansMidwestMissouriMultifamily

Associated Bank Funds $25.5M Acquisition Loan for Multifamily Asset in Metro St. Louis

by Kristin Harlow

WENTZVILLE, MO. — Associated Bank has provided a $25.5 million loan for the acquisition of Grand Central at the Junction in Wentzville, a northwestern suburb of St. Louis. The 180-unit apartment community, located at 6101 Grand Central Ave., features amenities such as a community lounge, fitness center, pool and grilling areas. Randy Stille of Associated Bank handled the loan closing on behalf of the borrower, Minneapolis-based Timberland Partners. The acquisition marks Timberland’s eighth multifamily property in the St. Louis market. The company owns and manages a portfolio of 83 communities in 15 states totaling more than 18,000 units.

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LoansMidwestMissouriMultifamily

KeyBank Provides $22.5M Loan for Refinancing of Multifamily Property Near Kansas City

by Kristin Harlow

INDEPENDENCE, MO. — KeyBank Real Estate Capital (KBREC) has provided a $22.5 million Freddie Mac loan for the refinancing of Larkspur Pointe in Independence, about 10 miles east of Kansas City. Built in 1971 and renovated in 2015 and 2020, the 280-unit multifamily property consists of 12 buildings on 15 acres. Amenities at the garden-style complex include a fitness center, business center, pool, sauna, sundeck, clubhouse and playground. John Ward of KBREC’s Commercial Mortgage Group and Alan Isenstadt of KBREC’s Income Property Group originated the 10-year loan, which features a 30-year amortization schedule. Jeff Seidenfeld of Seven Stone arranged the financing. The undisclosed borrower invested about $1.2 million in renovating the property.

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AcquisitionsMidwestMissouriMultifamily

Monument Capital Management Acquires Apartment Community in Metro St. Louis for $67.3M

by Kristin Harlow

MARYLAND HEIGHTS, MO. — Monument Capital Management, an A-Rod Corp. subsidiary founded by Alex Rodriguez and Ramon Corona in 2012, has acquired Haven on the Lake in Maryland Heights for $67.3 million. Built in 1974, the 528-unit apartment community is located at 2050 Lakerun Court in suburban St. Louis. Amenities include a fitness center, business center, newly renovated clubhouse and indoor and outdoor tennis courts. Brad Williamson and Wesley Moczul of Berkadia originated $52 million in acquisition financing through Freddie Mac. The six-year loan features a fixed interest rate. Matt Bukhshtaber of CBRE represented the seller, FPA5 Pheasant Run LLC. The acquisition marks Monument’s entry into the Missouri market. Monument plans to implement a capital improvements program throughout the property’s unit interiors as well as the exteriors and community amenities.

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DevelopmentMidwestMissouriMultifamily

Sky Real Estate, Sunflower Development Complete $36M Multifamily Adaptive Reuse Project in St. Joseph, Missouri

by Kristin Harlow

ST. JOSEPH, MO. — Sky Real Estate LLC and Sunflower Development Group LLC have completed a $36 million adaptive multifamily reuse project in downtown St. Joseph, about 55 miles north of Kansas City. The project involved the conversion of the former Richardson Dry Goods Co. headquarters into a 140-unit, loft-style apartment complex named American Electric Lofts. Amenities include a game room, fitness room, pet park and smart home technology throughout the property. Hazel’s Coffee recently opened on the building’s first floor. SWD Architects, Lankford Fendler + Associates and Rau Construction made up the project team. The developers utilized federal and state historic tax credits.

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AcquisitionsIndustrialMidwestMissouri

Stan Johnson Co. Brokers Sale of Industrial Property in Suburban St. Louis

by Kristin Harlow

HAZELWOOD, MO. — Stan Johnson Co. has brokered the sale of an industrial property comprised of a 25,107-square-foot building and an adjacent parking lot in Hazelwood, a northern suburb of St. Louis. The sales price was undisclosed. Carvana Service Center occupies the building, which was renovated for the tenant in 2020. Amazon Fleet Parking leases the parking lot for its sprinter fleet vans and trucks. The property is located at 5651-5701 Phantom Drive. Jonathan Ameen of Stan Johnson represented the Missouri-based seller. A Georgia-based institutional investor was the buyer.

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DevelopmentIndustrialMidwestMissouri

BCB Development to Build 167,000 SF Cold Storage Facility in Metro Kansas City

by Kristin Harlow

LIBERTY, MO. — BCB Development is building a 167,000-square-foot cold storage facility in Liberty, a suburb of Kansas City. The Class A property will be located in the Heartland Meadows Industrial Park. Construction is set to begin in July and wrap up in the second quarter of 2022. Plans call for a fully insulated building and specialized floor slabs to maintain refrigeration and freezer temperatures. John Stafford, Chris Cummins and Turner Wisehart of Colliers International will market the project for lease. The facility will be the first cold storage building in the Kansas City market, according to Colliers.

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