SANTA ANA, CALIF., AND WARSAW, MO. — BridgeCore has funded a $3.6 million bridge loan to finance the purchase of a to-be-built retail building that 7-Eleven will occupy in Santa Ana. The loan was cross-collateralized with a Taco Bell-occupied asset in Warsaw. The name of the borrower was not released. The loan features a 12-month term with six months of yield maintenance, which will allow the seller of the 7-Eleven property to complete its construction of the build-to-suit on behalf of the borrower and meet its delivery obligations to 7-Eleven.
CLAYTON, MO. — Green Street Real Estate Ventures LLC and Midas Enterprises have unveiled plans to build a $100 million condominium and hotel development at the corner of Forsyth Boulevard and North Central Avenue in Clayton, a western suburb of St. Louis. Located just east of the St. Louis County Police Department building, the 25-story project will include 73 condo units and 180 hotel rooms. Among the amenities will be a rooftop terrace and bar, 300-person private event space, street-level restaurant, street-level retail space and a five-story parking structure. HDA, a Green Street company, will serve as architect. The development team expects to break ground this fall with a 24-month construction schedule to follow.
KANSAS CITY, MO. — Alchemy Ventures, in partnership with Rockcrest Holdings, has acquired more than 1,000 multifamily units in Kansas City’s urban core for $125 million. The acquisition includes Pickwick Apartments as well as four individual sites at 200 Walnut St., 318 W. 7th St., 200 W. 5th St. and 930 Broadway Blvd. that will be branded as Unity Lofts in the Rivermarket and downtown neighborhoods. Alchemy plans to renovate the properties with technology-driven features and new finishes. Seller information was not provided. Formed in 2014, Alchemy invests in properties within Kansas City and New York City.
KANSAS CITY, MO. — Newmark Zimmer has arranged the sale of a 340,000-square-foot office building in Kansas City’s central business district for an undisclosed price. AT&T formerly occupied the property, which is located at 500 E. 8th St. and now sits vacant. Michael VanBuskirk, Chris Robertson, John Hoefer and Raegen Root of Newmark represented the seller, Maxus Properties. The buyer, Washington, D.C.-based The Bernstein Cos., plans to convert the building into apartments.
KANSAS CITY, MO. — Salon Service Group, a wholesale salon product distributor for licensed cosmetologists, has opened at Red Bridge Shopping Center in Kansas City. The tenant occupies nearly 2,000 square feet. Lane4 Property Group manages the center, which has welcomed 12 new tenants since its redevelopment in 2018. Salon Service Group operates 51 locations in 11 states, four of which are in metro Kansas City.
CHESTERFIELD, MO. — Keystone Construction Co. has begun work on a 97,000-square-foot indoor volleyball and basketball complex in Chesterfield near St. Louis. Mia Rose Holdings is the developer, MW Weber Architects is the architect and Stock & Associates Consulting Engineers Inc. is the civil engineer. Completion is slated for early 2023. Chesterfield Sports Association (CSA), a nonprofit organization, will own and operate the facility. Nine basketball courts will convert to 18 volleyball courts. Additional features will include a fitness area, spectator seating, lounge areas and multipurpose rooms. CSA plans to host over 40 tournaments each year that will attract out-of-town guests and generate economic activity for local restaurants and hotels.
KANSAS CITY, MO. AND MINNEAPOLIS — Arch Street Capital Advisors LLC has acquired two recently completed industrial assets totaling 2 million square feet in metro Kansas City and Minneapolis for an undisclosed price. The single-tenant, build-to-suit facilities serve as distribution space for an e-commerce company. Arch, on behalf of one of its institutional capital partners, provided preferred equity construction financing and a forward commitment to acquire the assets upon completion.
PORTAGEVILLE, MO. — Mumford Co. has negotiated the sale of the New Orleans Inn in the southern Missouri city of Portageville for an undisclosed price. The two-story hotel is home to 25 rooms. George Arvanitis of Mumford represented the seller, Tennessee-based AARTI Inc., and procured the buyer, Nevada-based Stealth Invest LLC. The acquisition marks the third hotel in the buyer’s portfolio.
O’FALLON, MO. — Holland Construction Services has completed The Jewel Apartments, a $41.2 million apartment complex in O’Fallon, a western suburb of St. Louis. Tennessee-based Vita Residential was the developer. Located at 9200 Veterans Memorial Parkway, the 240-unit property consists of 10 buildings. Amenities include a clubhouse, pool, family room, fitness area and dog park. The property is currently 95 percent occupied. Vita is now finalizing development plans with Holland on a similar 240-unit project called The Jewel at Whispering Oaks in Swansea, Ill. Construction is expected to begin in May.
FARMINGTON, MO. — Berkadia has arranged the sale of The Avery in Farmington, about 75 miles south of St. Louis. The sales price was undisclosed. The 408-unit multifamily property offers convenient access to Parkland Health Center and Farmington Regional Airport. Andrea Kendrick, Ken Aston and Bobby Mills of Berkadia St. Louis represented the seller, Montana-based Braxton Development. Minnesota-based Timberland Partners was the buyer.