Missouri

Berkadia Negotiates $24.9M Sale of Apartment Community in Suburban St. Louis

by Kristin Harlow February 12, 2021

FENTON, MO. — Berkadia has negotiated the sale and financing of Turtle Creek, a 128-unit apartment community in the St. Louis suburb of Fenton. Built in 2018, the garden-style property is located at 201 Turtle Drive. Amenities include a pool, clubhouse, dog park and storage space. Ken Aston and Andrea Kendrick of Berkadia arranged the $24.9 million sale on behalf of the seller, Highgate Capital Group LLC. Mitch Sinberg and Matthew Robbins of Berkadia arranged $18.9 million in acquisition financing on behalf of the buyer, RM Communities. The Freddie Mac Green loan features a 10-year term and a fixed rate. The buyer plans to make capital improvements, including eco-friendly upgrades. RM Communities is the acquisition arm of RealtyMogul, an online real estate investing platform.

February 12, 2021

Kansas Market Reports Midwest Midwest Market Reports Missouri

Kansas City Industrial Market Slated to Continue Positive Momentum in 2021

by Kristin Harlow February 11, 2021

By David Zimmer, SIOR, Newmark Zimmer The industrial real estate market in the metropolitan Kansas City area ended 2020 on a high note. 2021 will pick up right where 2020 ended, with no outward or visible signs of a slowdown. New industrial construction is visible in every geographic sector of the metro area, with upwards of 2.5 million square feet of buildings under construction. Without exception, all these are high cube, modern distribution-type facilities intended to capture the ever-growing e-commerce, logistics and food and beverage sectors of the economy. With the one possible exception being the 880,000-square-foot office and distribution building for Urban Outfitters in Wyandotte County, all industrial construction underway is on a speculative basis with lease-up taking place before the buildings are placed into service. Development activity is being sponsored by both local development entities and regional and national developers who state that Kansas City’s geographical central location, coupled with a skilled workforce and extensive transportation infrastructure, are the primary reasons why Kansas City has attracted numerous companies to establish major distribution operations over the past decade. Investor appetite In addition to new development activities, the investor market for industrial properties has also reached record levels. In one …

February 11, 2021

Development Hospitality Midwest Missouri

Midas Construction Underway on $26.4M AC Hotel in St. Louis

by Kristin Harlow January 28, 2021

ST. LOUIS — Midas Construction is building an AC Hotel in the Central West End of St. Louis. The seven-story, 192-room hotel is located at 215 York Ave. Construction costs total $26.4 million. Completion is slated for the fourth quarter of this year. Project developers include Concord Hospitality, Koplar Properties and Homebase Partners. The hotel is being built on a site formerly occupied by the KPLR television station, which was demolished in December 2019. Midas is optimizing its construction process by using building information modeling and fabricating some components offsite. The project team includes ENGWorks, HDA Architects, Alper Audi, DeLuca Plumbing, McClure Engineering, Eisen Group and DLR Group. This is the first hotel project in the Central West End in nearly 20 years, according to Midas.

January 28, 2021

Industrial Leasing Activity Midwest Missouri

Logoplaste Leases 160,000 SF in Kansas City’s Executive Park

by Kristin Harlow January 28, 2021

KANSAS CITY, MO. — Logoplaste, a designer and manufacturer of plastic packaging products, has leased 160,000 square feet of industrial space in Kansas City’s Executive Park. The property is located at 6900 Stilwell St. Mark Long, David Zimmer and John Hassler of Newmark Zimmer represented the undisclosed landlord in the lease transaction. Daniel Jensen of Kessinger Hunter and Britt Casey of Cushman & Wakefield represented the tenant.

January 28, 2021

Industrial Market Reports Midwest Midwest Market Reports Missouri

St. Louis Market Poised to Capitalize on Industrial Demand

by Kristin Harlow January 28, 2021

By Jake Corrigan, Sansone Group As we reflect on the tumultuous year of 2020 and the COVID-19 restrictions that decimated the retail real estate sector, those of us on the industrial side of the equation are breathing a sigh of relief. While there have been small pockets of industrial users and owners that have been adversely affected, the industrial market has remained strong as a sector. We anticipate this trend to continue. Statistics continue to show the conversion of the brick-and-mortar shopper to online is on the fast track. In the last 10 years, the meteoric shift to online shopping has increased from 7 percent in 2010 to just under 25 percent at the end of 2020, according to the U.S. Census Bureau. COVID-19 has forced the otherwise reluctant online shopper to shop for goods they had never thought to have delivered to their door. As a result, online retailers have dramatically improved web-based interfacing and ease of shopping. Active development These realities have supply chain experts, third-party logistics (3PL) companies, owner/users, and of course, mega online retailers clamoring for blocks of vacant space to house their inventories. Developers active in the St. Louis metropolitan statistical area (MSA) …

January 28, 2021

Loans Midwest Missouri Multifamily

NorthMarq Arranges $24.7M Loan for Refinancing of Multifamily Asset in St. Louis

by Kristin Harlow January 20, 2021

ST. LOUIS — NorthMarq has arranged a $24.7 million loan for the refinancing of Spanish Cove Townhomes in St. Louis. The 784-unit rental townhome property, located at 1708 San Remo Court, was constructed in 1971. It underwent a significant renovation from 2015 to 2018. Amenities include a pool, clubhouse, fitness center, business center, recreation room, media room, playground and onsite laundry facility. Noah Juran and David Garfinkel of NorthMarq structured the 10-year loan, which features a 30-year amortization schedule. A national bank provided the fixed-rate loan. The borrower was undisclosed.

January 20, 2021

Acquisitions Midwest Missouri Office Retail

Rubenstein Real Estate Acquires 20,000 SF Office, Retail Building in Kansas City

by Kristin Harlow January 20, 2021

KANSAS CITY, MO. — An affiliate of Rubenstein Real Estate, together with an affiliate of Exact Architects, has acquired a 20,000-square-foot office and retail building located at the corner of Linwood and Main streets in Kansas City. At the time of sale, the building was 25 percent occupied. A new tenant will soon lease a portion of the first floor, leaving 9,418 square feet remaining available for lease. Substantial building and common area renovations are underway. The two-story building features almost 80 parking spaces. Dwight Medbery III of Rubenstein led the buyer investment group. The purchase price and seller were undisclosed.

January 20, 2021

Loans Midwest Missouri Multifamily

CIT Provides $42.5M in Construction Financing for St. Louis Apartment Project

by Kristin Harlow January 19, 2021

ST. LOUIS — CIT Group Inc. has provided $42.5 million in construction financing for Terra at the Grove, a 300-unit apartment project in St. Louis. Plans call for ground-floor retail space, a 52,000-square-foot courtyard and outdoor pool, a business center, clubroom and four-level parking garage. Units will range in size from studios to two-bedroom floor plans. Each unit will feature a balcony or patio. St. Louis-based Green Street is developing the four-story project. A timeline for construction was not released.

January 19, 2021

Acquisitions Industrial Midwest Missouri

Sealy & Co. Acquires 99,704 SF Warehouse in Kansas City

by Kristin Harlow January 19, 2021

KANSAS CITY, MO. — Sealy & Co. has acquired a 99,704-square-foot warehouse in the Johnson County submarket of Kansas City for an undisclosed price. Built in 2019, the Class A building is situated within the Perimeter Park Commerce Complex and is fully leased. Sealy’s investment services team, along with Ed Elder and John Stafford of Colliers International, brokered the sale. Jones Development was the seller.

January 19, 2021

Acquisitions Midwest Missouri Restaurant Retail

Block & Co. Acquires Net-Leased Restaurant Property in Liberty, Missouri

by Kristin Harlow January 14, 2021

LIBERTY, MO. — Block & Co. Inc. Realtors has acquired a 2,685-square-foot property occupied by Dickey’s Barbecue Pit in Liberty within metro Kansas City. The purchase price was undisclosed. The net-leased building is located at 600 S. 291 Highway. Block & Co. will serve as property manager. David Block of Block & Co. represented the company in its purchase.

January 14, 2021

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