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Missouri

DevelopmentIndustrialMidwestMissouri

PCCP, TriStar Properties to Develop 1.3 MSF Spec Industrial Park in Metro St. Louis

by Kristin Harlow

MARYLAND HEIGHTS, MO. — PCCP and TriStar Properties have formed a joint venture for the acquisition of 137 acres in Maryland Heights within metro St. Louis. The joint venture plans to build Westport Commerce Center, a speculative industrial park totaling six buildings and up to 1.3 million square feet. Buildings will range in size from 194,615 to 252,720 square feet. Construction will take place in phases, with the first phase consisting of two buildings totaling 194,615 square feet each. The buildings will share a 185-foot truck court and trailer parking area. Completion of the first phase is slated for spring 2022.

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DevelopmentIndustrialMidwestMissouri

VanTrust Breaks Ground on 1 MSF Spec Industrial Building in Raymore, Missouri

by Kristin Harlow

RAYMORE, MO. — VanTrust Real Estate has broken ground on a second speculative industrial building at Raymore Commerce Center in Raymore, about 25 miles south of Kansas City. Completion of the 1 million-square-foot building is slated for fall 2022. Plans call for a clear height of 40 feet and expansive trailer and car parking. Brinkmann Constructors is managing construction in partnership with GBA as the architect and Olsson as the civil engineer. John Stafford, Ed Elder and Ben Boyd of Colliers Kansas City will continue to serve as the leasing agents for Raymore Commerce Center and market the new building for lease.

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DevelopmentIndustrialMidwestMissouri

TSI Moves into New 40,000 SF Headquarters in St. Charles, Missouri

by Kristin Harlow

ST. CHARLES, MO. — TSI Global Cos. LLC has moved into its new 40,000-square-foot headquarters in St. Charles, a northwest suburb of St. Louis. The technology company provides custom-built audio-visual systems, infrastructure cabling, electric and security systems. The project team included Al Droste & Sons Construction, Gray Design Group and developer 370 Tech Center LLC. TSI performed the cabling, technology and electrical systems engineering and installment. TSI also plans to open an office in Charlotte, N.C. in effort to facilitate major clients outside of the Midwest area.

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AcquisitionsMidwestMissouriRetail

Quantum Negotiates $2.4M Sale of Ulta-Occupied Property in Belton, Missouri

by Kristin Harlow

BELTON, MO. — Quantum Real Estate Advisors Inc. has negotiated the sale of a freestanding, 10,000-square-foot retail property occupied by Ulta in Belton for $2.4 million. The building is located at 551 E. Markey Parkway. Zack Hilgendorf of Quantum represented the seller, a Kansas City-based developer. Buyer information was undisclosed. There were approximately eight years remaining on the lease term.

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LoansMidwestMissouriMultifamily

JLL Arranges $27.5M Loan for Refinancing of Multifamily Property in Suburban St. Louis

by Kristin Harlow

ST. CHARLES, MO. — JLL Capital Markets has arranged a $27.5 million loan for the refinancing of Promenade at New Town, a 225-unit multifamily community in the St. Louis suburb of St. Charles. The property comprises 95 residential buildings with a combination of townhomes, garden-style apartments, row homes and single-family residences ranging from studios to three-bedrooms. Kristian Lichtenfels and Lucas Borges of JLL arranged the 10-year loan on behalf of the borrower, Gold Block Ventures. An undisclosed national lender provided the loan, which features a fixed interest rate of 3.15 percent.

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DevelopmentMidwestMissouriMultifamily

Fogelman Properties Completes Renovation of 489-Unit Apartment Community in Suburban St. Louis

by Kristin Harlow

CHESTERFIELD, MO. — Fogelman Properties has completed the renovation of 15Seventy, a 489-unit apartment community located at 1570 Westmeade Drive in the St. Louis suburb of Chesterfield. Fogelman built the property in 1987 and began the renovation project in 2018. The project included the addition of a new Wi-Fi café, a redesigned lobby and leasing center, updates to the pools and tennis courts and the addition of new gathering spaces such as an outdoor entertainment kitchen, poolside pavilion and indoor kitchen area. Fogelman also unveiled a new fitness center with state-of the-art equipment and programs. To date, Fogelman has upgraded 220 of the units with granite countertops, new cabinetry, wood-style flooring and stainless steel appliances. Monthly rents start at $1,127.

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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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