Missouri

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

by Kristin Harlow June 7, 2021

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.

June 7, 2021

Loans Midwest Missouri Multifamily

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

by Kristin Harlow June 4, 2021

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.

June 4, 2021

Acquisitions Midwest Missouri Multifamily

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

by Kristin Harlow June 2, 2021

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.

June 2, 2021

Development Midwest Missouri Multifamily

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

by Kristin Harlow June 2, 2021

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.

June 2, 2021

Acquisitions Industrial Midwest Missouri

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

by Kristin Harlow May 24, 2021

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.

May 24, 2021

Development Industrial Midwest Missouri

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

by Kristin Harlow May 19, 2021

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.

May 19, 2021

Development Industrial Midwest Missouri

Trammell Crow, Clarion Break Ground on Two Distribution Facilities in Kansas City

by Kristin Harlow May 12, 2021

KANSAS CITY, MO. — Trammell Crow Co. and its capital partner, Clarion Partners LLC, have broken ground on two Class A warehouse and distribution facilities within the KCI Intermodal Business Centre in Kansas City. Located adjacent to the Kansas City International Airport, the buildings will total 676,000 square feet. Completion is slated for the fourth quarter. The first building will span 216,320 square feet with a clear height of 32 feet, 48 dock positions, four private entrances, two drive-up ramp dock doors, parking for 62 trailers and parking for 225 cars. The second building will span 459,680 square feet with a clear height of 36 feet, 88 dock doors, three private entrances, four drive-up ramp dock doors, parking for 110 trailers and parking for 366 cars. Kadean Construction, M+H Architects and Stock & Associates make up the project team. KCI Intermodal Business Centre is a master-planned industrial business park spanning 687 acres. It currently includes six fully built facilities. Plans call for an additional 1.2 million square feet across three buildings.

May 12, 2021

Acquisitions Industrial Midwest Missouri

Stan Johnson Co. Brokers Sale of 310,000 SF Warehouse Leased to Home Depot in Missouri

by Kristin Harlow April 28, 2021

MEXICO, MO. — Stan Johnson Co. has brokered the sale of a single-tenant warehouse and distribution center leased to The Home Depot in Mexico, about 40 miles northeast of Columbia. The sales price was undisclosed. The 310,000-square-foot property is located at 5701 U.S. Highway 54 East. It was originally constructed in 1985 and underwent renovations in 1995 and 2020. The warehouse is adjacent to another Home Depot facility that shares a joint inventory system. Jonathan Ameen and Brad Pepin of Stan Johnson represented the seller, a Midwest-based developer. A private investor from New York was the buyer.

April 28, 2021

Development Midwest Missouri Retail

IMPACT Strategies Completes Two Cannabis Dispensary Buildouts for Proper Brands in Missouri

by Kristin Harlow April 28, 2021

SOUTH COUNTY AND WARRENTON, MO. — IMPACT Strategies has completed two new cannabis dispensary buildouts for Proper Brands in Missouri. Both projects involved the repositioning of existing retail buildings located in South County and Warrenton. Both store locations feature specialized security measures and vaults. The interiors feature black and white design with light wood accents and midcentury modern furniture. IMPACT worked with Eddy Design Group and Case Engineering. Proper Brands is a medical marijuana company in the state of Missouri.

April 28, 2021

Acquisitions Midwest Missouri Retail

First National Realty Partners Acquires 339,464 SF Shopping Center in Suburban St. Louis

by Kristin Harlow April 21, 2021

FLORISSANT, MO. — First National Realty Partners has acquired The Shoppes at Cross Keys in Florissant, a northern suburb of St. Louis. The 339,464-square-foot shopping center is 93 percent occupied and features a 63,094-square-foot Schnucks and a 98,133-square-foot Home Depot. CBRE represented the seller, a Boston-based investment advisor. The sales price was undisclosed.

April 21, 2021

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