Missouri

Hudson Equities Acquires 301-Unit Apartment Community in Kansas City

by Kristin Harlow March 8, 2021

KANSAS CITY, MO. — Hudson Equities Management Corp. has acquired The Reserve at South Pointe in Kansas City for an undisclosed price. The 301-unit apartment community is located at 8900 Old Santa Fe Road. The property is spread across 17 buildings and floor plans vary from one- to three-bedroom units. Amenities include a pool, fitness center, business center and dog park. Built in 1972, the community has undergone substantial capital improvements over the past four years. All units have received new appliances, countertops, flooring, lighting, hardware and paint. Max Helgeson, Michael Spero and Jeff Stingley of CBRE’s Kansas City multifamily team represented the private seller. The sale represents New Jersey-based Hudson’s first acquisition in the Kansas City area.

March 8, 2021

Acquisitions Midwest Missouri Multifamily

JLL Brokers Sale of 525-Unit Multifamily Portfolio in St. Louis

by Kristin Harlow March 5, 2021

ST. LOUIS — JLL Capital Markets has brokered the sale of a two-property, 525-unit multifamily portfolio in St. Louis for an undisclosed price. The properties include Cortona at Forest Park and Encore at Forest Park. Completed in 2014, Cortona offers studio, one- and two-bedroom floor plans. Amenities include a dog park, courtyard, outdoor grill area and a clubhouse with a fitness center, coffee bar, pool table, shuffleboard and business center. Encore at Forest Park, completed in 2018, consists of studio, one-, two- and three-bedroom units. Amenities include a pool, grilling area, dog park, pet spa and fitness center. Kevin Girard and Matthew Lawton of JLL represented the undisclosed seller. Mike Donovan of Balke Brown Transwestern led the local team that co-brokered the sale. The portfolio sold to an institutional buyer.

March 5, 2021

Development Midwest Missouri Multifamily

Mia Rose Holdings Unveils Plans for Multi-Building Multifamily Project in Dardenne Prairie, Missouri

by Kristin Harlow March 2, 2021

DARDENNE PRAIRIE, MO. — Mia Rose Holdings has unveiled plans for the development of Old Town Square, a multi-building apartment project in Dardenne Prairie, a western suburb of St. Louis. Mia Rose is developing the project in partnership with Benton Homebuilders and Jim Cook, Imo’s Pizza franchisee and co-owner of Sugarfire Smokehouse. The joint venture team, known as Bryan 364 Junction LLC, plans to break ground on the project in June. Completion is slated for December 2022. The development recently received zoning approval from the city. Plans call for the construction of five apartment buildings consisting of 120 one-bedroom units and 60 two-bedroom units. Additionally, Benton Homebuilders will construct nine buildings with 60 villas, each with three bedrooms, a basement and a two-car garage. The villas will be available for lease. One of the apartment buildings will feature 12,000 square feet of ground-floor retail space. An additional 4,500-square-foot retail space will be home to a new Imo’s Pizza. Amenities will include a pool, outdoor lounge, business room, coffee bar, fitness center and dog park. The project architects are Rosemann & Associates and DL Design. Premier Design Group is serving as civil engineer. The property manager will be 2B Residential.

March 2, 2021

Loans Midwest Missouri Multifamily

Berkadia Secures $19.9M HUD-Insured Loan for Refinancing of Multifamily Property Near Kansas City

by Kristin Harlow March 1, 2021

BLUE SPRINGS, MO. — Berkadia has secured a $19.9 million HUD-insured loan for the refinancing of Lakeview Crossing Townhomes in Blue Springs, about 20 miles east of Kansas City. Completed in March 2019 and located at 900 SE Tequesta Lane, Lakeview Crossing features floor plans ranging from one to four bedrooms. Amenities include a fitness center, clubhouse, resident lounge and pool. Kevin Kozminske and John Schorgl of Berkadia secured the HUD 223(f) loan with a 35-year term and a fixed rate. Missouri-based Worcester Investments was the borrower.

March 1, 2021

Acquisitions Midwest Missouri Retail

Block & Co. Purchases Goodyear-Occupied Property in Kansas City

by Kristin Harlow February 19, 2021

KANSAS CITY, MO. — An investment group headed by Block & Co. Inc. Realtors has purchased a Goodyear Auto Service-occupied property in Kansas City for an undisclosed price. The 6,840-square-foot building is located at 7620 Wornall Road. Block & Co. will provide property management services for the asset. This is the second net-lease investment purchase for the company so far this year.

February 19, 2021

Leasing Activity Midwest Missouri Restaurant Retail

Loaded Elevated Nachos Opens at Streets of St. Charles in Suburban St. Louis

by Kristin Harlow February 19, 2021

ST. CHARLES, MO. — Loaded Elevated Nachos is now open at The Streets of St. Charles in suburban St. Louis. The nacho concept occupies 1,400 square feet at 1450 Beale St., which is also home to Narwhal’s Crafted, Yoga Six and Napoli III. The menu boasts 10 different nacho dishes. Loaded is a new concept from the owners of Narwhal’s Crafted, a frozen drink bar. The Streets of St. Charles is a 27-acre development with retail, dining, entertainment, hospitality, multifamily and office components. Cullinan Properties Ltd. is the owner and manager.

February 19, 2021

Leasing Activity Midwest Missouri Office

General Contractor McCarthy Relocates to New Headquarters in St. Louis

by Kristin Harlow February 18, 2021

ST. LOUIS — St. Louis-based general contractor McCarthy has relocated its headquarters to a new space that is nearly 30,000 square feet larger than its previous office. McCarthy Holdings Inc. will occupy the building’s third floor and staff members of the central region of McCarthy Building Cos. Inc. will occupy the second floor. The building is located at 12851 Manchester Road. McCarthy collaborated with building owner Franklin Partners to complete extensive interior and exterior renovations prior to its move-in. The buildout features a central staircase connecting the two floors as well as conference and training facilities, flex space, a fitness center and micro café. A construction technology suite features smart screens and three-dimensional virtual reality technology. In response to COVID-19, the building’s existing HVAC system was upgraded to an air treatment system designed to neutralize pathogens. Workspaces have been arranged to incorporate social distancing. Divider screens separate individuals and panel heights between workstations were increased by 16 inches. Christner Architects served as project architect. The building was originally constructed in 1996 for AT&T.

February 18, 2021

Kansas Market Reports Midwest Midwest Market Reports Missouri Multifamily Single-Family Rental

Kansas City Multifamily Market Poised for More Growth in 2021

by Kristin Harlow February 18, 2021

By Gabe Tovar, John Duvall and Kyle Tucker of NorthMarq The Kansas City multifamily market has proved it is more than resilient in the face of adversity. Throughout 2020, the market ranked consistently in the top 10 of 30 markets tracked by Yardi. It logged higher occupancies and rent growth, all while welcoming a record level of new supply. That stellar performance is likely to attract even more capital to the market in 2021. The story dominating the Kansas City market in recent years has been its booming development pipeline. Despite shutdowns and delays caused by the pandemic, developers delivered nearly 5,900 new units in 2020. That volume represents a record-high growth rate of 4.1 percent added to Kansas City’s market-rate inventory, compared with an annual average rate of 2 to 3 percent throughout the past decade. Looking ahead, that supply wave has crested, and the pipeline is shifting to the suburbs. NorthMarq forecasts completions over the next two years to average closer to 4,000 units with 70 to 75 percent of those opening across the suburban submarkets. In recent years, between 40 and 50 percent of total deliveries were concentrated in the urban core, so while this data supports …

February 18, 2021

Industrial Leasing Activity Midwest Missouri

Sunpro Solar Signs 20,380 SF Industrial Lease in Riverside, Missouri

by Kristin Harlow February 17, 2021

RIVERSIDE, MO. — Sunpro Solar has signed a 20,380-square-foot industrial lease at Belgium Business Park Building 2 in Riverside, just north of Kansas City. The Class A property spans 100,000 square feet and is fully leased. Mark Long and John Hassler of Newmark Zimmer represented the landlord, a subsidiary of Green Bay Packaging. Nick Tinnel of True North Industrial Realty LLC represented the tenant, which is a solar panel installation company.

February 17, 2021

Development Midwest Missouri Multifamily

St. Louis Board of Aldermen Approves $104M Project to Transform Historic Jefferson Arms Building

by Kristin Harlow February 15, 2021

ST. LOUIS — The St. Louis Board of Aldermen has approved the $104 million project to transform the historic Jefferson Arms building in downtown St. Louis into a residential and commercial development. Construction is expected to begin in 2022 and be completed in mid-2025. Alterra Worldwide is the developer. The project has received $20 million in tax-increment financing to assist with environmental remediation and rehabilitation costs. Constructed in 1904 in anticipation of the first World’s Fair, the Jefferson Arms building is located within walking distance of the Cardinals Busch Stadium, America’s Center Convention Complex, Kiener Plaza and Arch Grounds. The building has been vacant since 2006. St. Louis-based Kwame Building Group is serving as construction manager. Merriman Anderson Architects Inc. is the project architect. When the transformation is complete, the development will feature historic elements such as exposed brick and original flooring. Amenities will include a fitness and yoga studio, business center, game room, media room, music room and art room. The project now has complete approval.

February 15, 2021

Newer Posts

Older Posts