KANSAS CITY, MO. — MLG Capital has acquired Summit Crossing, a 336-unit multifamily property in Kansas City. The purchase price and seller were undisclosed. The garden-style townhome and apartment community was built in 2019. Amenities include two heated pools, a clubhouse, fitness center, business center and pickleball courts. Summit Crossing marks MLG’s fourth acquisition in metro Kansas City and brings its total number of units owned in the market to 1,249.
By Mike Stromberg, Opus Kansas City made the list of emerging industrial markets back in 2016, and over the last nine years has more than proven itself to be a viable, profitable and competitive environment for development. Many rightly attribute the market’s continued growth to its central location within the U.S. as well as its transportation infrastructure, which includes the city’s location on the largest navigable inland waterway, at the cross-section of three interstate highways and in the middle of cross-country rail corridors running from Canada to Mexico and from coast to coast. These are unquestionably appealing features for businesses that want and need to quickly distribute products and access customers. Other qualities often lauded include a strong skilled labor pool with an estimated 2.4 million people — nearly 23 percent between the ages of 18 to 34 — living within a 50-mile radius of the city; a cost of living up to 14 percent lower than the national average; a historically low unemployment rate; and increasing wages above the national average. What really puts Kansas City on the map for developers, though, is how the state of Missouri has created a pro-business environment that leverages and advances these strengths. …
KANSAS CITY, MO. — PPR Capital Management (PPR) has acquired Infinity at Plaza West, a 224-unit multifamily property in Kansas City, for $33.6 million. The garden-style community is situated in close proximity to Country Club Plaza. The acquisition marks PPR’s second investment in metro Kansas City. The investment structure includes a total equity investment of $11.4 million, with PPR contributing $10.2 million as the primary equity partner. PPR worked alongside Aspen Funds as the general partner and Petra as co-general partner and onsite property manager. The financing includes a 3.9 percent loan assumption.
ST. LOUIS — ARCO Construction and architect HDA have completed The Rail, a 268-unit apartment complex in St. Louis. The four-story, 278,659-square-foot project features a three-level parking garage totaling 94,598 square feet. Outdoor amenities include a courtyard with a pool and grilling area. Inside, residents can enjoy a gathering kitchen, fitness center, game lounge, theater, coworking spaces and conference rooms. Monthly rents start at $1,410, according to the property’s website.
GRANDVIEW, MO. — The City of Grandview has opened its newly renovated city hall and police department. The $5.3 million renovation project was completed over the course of 10 months and marked the largest renovation from Building Up Grandview, a $21 million bond package passed in April 2022. Hoefer Welker served as the project architect, and JE Dunn was the construction manager at risk. City hall improvements included relocating the Department of Motor Vehicles (DMV) to 1102 Main St. and adding offices, conference rooms, modern board chambers, updated technology and improved ADA compliance access. The police department now offers officers and detectives new locker rooms and workspaces as well as an employee kitchen and lounge. All renovation projects included in the Building Up Grandview bond package are now complete, including the Grandview DMV, which opened in February 2024, and two fire stations, which were completed in the fall.
UNIVERSITY CITY, MO. — Subtext has begun development of LOCAL on Delmar, a 259-unit apartment complex in the St. Louis suburb of University City. Completion of the five-story project, located at 6650 Delmar Blvd., is slated for summer 2026. The 398,225-square-foot building will feature a mix of studio, one-, two- and three-bedroom layouts, including townhomes that walk out onto Delmar Boulevard. There will also be 399 parking spaces in a five-story garage and approximately 7,100 square feet of street-level retail space. Amenities will include a clubroom, vinyl listening station, work-from-home hub, wellness suite, gym, yoga studio, pool terrace and grilling area. Situated in the Loop, the project site is located within a 12-minute walk from Washington University. Project partners include Brinkmann Constructors, ESG Architecture & Design, Larson Capital Management, Stock and Associates Consulting Engineers Inc. and First Mid Bank & Trust.
ST. LOUIS — Tacos 4 Life is slated to open its new location at the Element Hotel at 3763 Forest Park Ave. in Midtown St. Louis on Tuesday, Feb. 11. St. Louis-based hotel development firm Midas Hospitality owns the property. The Midtown Tacos 4 Life marks the third franchise to open in the region, with other locations in Ballwin and O’Fallon, Mo. The retail space at Element Hotel is now fully leased. The 153-room extended-stay hotel opened in 2020. Midas Hospitality will own and operate the Tacos 4 Life Midtown franchise, which is located in a 4,200-square-foot space. Founded in Arkansas in 2014, Tacos 4 Life is a fast-casual taco restaurant with 29 locations. For every meal purchased, the restaurant donates a meal to a child in need through its Meal 4 Meal program.
By Garrett Cohoon, Block & Co. Inc. Realtors The commercial real estate activity in the Kansas City metropolitan area showed substantial growth in 2024 for the retail, multifamily and industrial sectors. The office sector is still seeing record vacancy rates, but the annual loss over 2023 is slowing down. According to CoStar, the office vacancy rate for 2024 is up 11.8 percent in Kansas City while the national index is at a 13.9 percent increase. That’s only 0.5 percent higher than last year in Kansas City and we expect to see that trend turn around in the next year. The retail sector saw new brands like Aritzia grow into the Kansas City market. Whataburger opened its 14th location in the past two years as drive-thru restaurants have continued to be a preference for consumers and investors alike. Wellness-based businesses and health clinics have also made good strides in the market. Kansas City has seen an increase in new experiential attractions this year, including national businesses like Puttery minigolf, Andretti indoor karting and SandBox VR. These new attractions have been key to many new development complexes and redevelopments of existing strip centers. Mattel also announced a new adventure park to be …
SPRINGFIELD, MO. — Marcus & Millichap has negotiated the $6.6 million sale of a gas station property net leased to Kum & Go in Springfield. There are 15 years remaining on the lease, and Kum & Go has operated at the location since 1991. In 2019, the original building was demolished and rebuilt with an expanded design. Timothy Nichols, Sean Sharko and Austin Weisenbeck of Marcus & Millichap represented the seller, an Arkansas-based limited liability company, and procured the buyer, an Iowa-based limited liability company. The transaction closed in less than 45 days.
KANSAS CITY, MO. — Tierra Encantada, a Spanish immersion early education company, has signed a 14,440-square-foot retail lease at 114 W. Gregory Blvd. in Kansas City. The former home of Reece Nichols, the Brookside location offers a newly remodeled roof, mechanical equipment and interior. Tierra Encantada currently has 17 locations in the U.S., and the new lease marks its second in the greater Kansas City area. Marshal Blount of Block & Co. Inc. Realtors represented the undisclosed landlord, while CBRE represented the tenant.
