Missouri

Ryan Cos. Moves Kansas City Office to New Location

by Kristin Harlow July 20, 2020

KANSAS CITY, MO. — Developer Ryan Cos. has moved into its new Kansas City office, located within the Interstate Securities/Topsy Building at 215 E. 18th St. The 3,213-square-foot office is designed for 16 employees, with room to expand up to 24. Ryan has been active in the Kansas City market for 15 years but did not establish a physical office there until 2018. Ryan has also announced that Craig Thompson, vice president of construction, has relocated from the Des Moines office to the Kansas City office.

July 20, 2020

Development Midwest Missouri Multifamily

Arnold, Yarco Near Completion of Passive House Apartment Project in Kansas City

by Kristin Harlow July 15, 2020

KANSAS CITY, MO. — Arnold Development Group and Yarco Development are nearing completion of Second + Delaware, a 276-unit apartment community in Kansas City’s River Market district. The project will be the largest Passive House development in the world, according to the developers. Passive House means that the building uses 80 to 90 percent less energy than conventional buildings with a focus on indoor air quality. The Passive House Institute in Darmstadt, Germany, developed Passive House best practices. Whereas most multifamily buildings have double-glazed windows, Second + Delaware features triple-glazed windows. The extra glass layer, combined with a highly insulated frame, keeps the interior of the window within two degrees of the interior air temperature. In addition, a dedicated outside air system draws fresh air from outside and circulates it into living spaces. A ventilation system ensures air quality. The first residents are set to move into the units in October. Amenities include a saltwater pool, fitness and yoga room, conference room, bike storage and rooftop garden beds. Yarco will serve as property manager. Monthly rents range from $1,300 to $3,500 with water, trash and sewer included. As the name suggests, Second + Delaware is located at the intersection of …

July 15, 2020

Acquisitions Illinois Michigan Midwest Missouri

Cornerstone Acquires Nine Medical Properties Across Six States for $59.9M

by Kristin Harlow July 14, 2020

INDIANAPOLIS — Indianapolis-based Cornerstone Cos. Inc. has acquired nine healthcare real estate properties in six states totaling more than 300,000 square feet for $59.9 million. Cornerstone MOB Fund V, a private equity fund focused solely on medical real estate, was used to acquire the assets. The properties include: Northwest Medical Center in Poplar Bluff, Mo.; Danville Polyclinic in Danville, Ill.; PACE of Southeast Michigan Center in Eastpointe, Mich.; The Eye Institute of Paducah in Paducah, Ky.; The Surgery Center of Columbus in Columbus, Ga.; and The Jervey Eye Group portfolio, which is a four-property portfolio in Greenville, S.C. All of the assets are supported by net leases and the tenants are a mix of health systems and specialty physician groups.

July 14, 2020

Acquisitions Midwest Missouri Multifamily

JVM Realty Acquires 121-Unit Luxury Apartment Community in Suburban St. Louis

by Kristin Harlow July 9, 2020

CLAYTON, MO. — JVM Realty Corp. has acquired Ceylon Apartments, a 121-unit luxury apartment community in Clayton, a suburb of St. Louis. The purchase price was undisclosed. Built in 2017, the transit-oriented property features 13,421 square feet of ground-floor retail space. This is the first acquisition for JVM in the St. Louis area. JVM Management Inc. will manage the asset.

July 9, 2020

Development Midwest Missouri Multifamily

Belton City Council Approves NorthPoint Development’s $44M Apartment Project in Missouri

by Kristin Harlow June 25, 2020

BELTON, MO. — The Belton City Council has approved NorthPoint Development’s $44 million redevelopment of a long-vacant site at 163rd St. and Turner Road in Belton, about 20 miles south of Kansas City. Plans call for a six-building, 322-unit luxury apartment property. Amenities will include a kitchen, coffee bar, fitness room, cycling studio, massage studio, conference room, outdoor patio and pool. Construction is expected to begin in 2021. Monthly rents are projected to range from $850 to $1,600. On June 8, the Belton Planning Commission voted to approve rezoning of the 11.6-acre site from commercial use to residential. The project is to receive tax abatement with issuance of Chapter 100 bonds to finance the cost of the project.

June 25, 2020

Development Midwest Missouri Retail

Tarlton to Serve as General Contractor for Tower Tee Project in St. Louis

by Kristin Harlow June 19, 2020

ST. LOUIS — Tarlton Corp. is serving as the general contractor for the reimagining of Tower Tee in St. Louis. Plans call for a 27-acre golf and recreation complex. Originally opened in 1963, Tower Tee was home to batting cages, an 18-hole golf course, a driving range and miniature golf. In 2018, the owners closed the business. Steve Walkenbach of Scottrade purchased the site in May 2019. The new Tower Tee Golf Complex will feature a 6,000-square-foot clubhouse, two single-level driving ranges, a two-story driving range, covered practice tee boxes, a nine-hole golf course, an outdoor training area, concession area and two outdoor pavilions. Non-golfers can enjoy a miniature golf course, bocce courts and batting cages. Construction is expected to begin in July with completion slated for next year. FGM Architects is the project architect. Art Schaupeter, a member of the American Society of Golf Course Architects, designed the new nine-hole course.

June 19, 2020

Development Hospitality Midwest Missouri

Midas Hospitality Opens First Aloft Hotel in St. Louis

by Kristin Harlow June 9, 2020

ST. LOUIS — Midas Hospitality has opened the St. Louis region’s first Aloft hotel in the heart of the 200-acre Cortex Innovation Community. The Aloft by Marriott hotel is located at 4245 Duncan Ave. and offers 129 rooms. Amenities include a fitness center, indoor pool, bar and two meeting rooms. The fitness center is closed until June 15 per St. Louis guidelines for the coronavirus. The five-story hotel is the 12th hotel Midas will manage in the greater St. Louis region, bringing its total hotel count nationwide to 40. The Aloft brand “caters to today’s modern traveler who craves jet-setting style and a vibrant social scene at an affordable price,” says Midas. The Cortex Innovation Community is a technology and science-driven district in the Midtown neighborhood of St. Louis. It serves as the main location for many of the city’s technology startups.

June 9, 2020

Development Midwest Missouri Office

Grand Place Slated to Be First WELL-Certified Project in Kansas City, Missouri

by Kristin Harlow June 5, 2020

KANSAS CITY, MO. — Grand Place is slated to be the first WELL-certified project in Kansas City. Similar to how the LEED building rating system measures sustainability and energy efficiency, the WELL standard measures a building’s health and wellness performance for its occupants. 3D Development, the developer of Grand Place, is also seeking LEED certification for the project, which involves the redevelopment of the former headquarters for The Kansas City Star newspaper. Building systems will be actively monitored for WELL standards. A third-party company will test and analyze the building’s air quality. The entire building will be equipped with a water filtration system. Upon completion, Grand Place will include 300,000 square feet of office space and a European-style market and grocery store. Floor plates will range from 5,000 to 40,000 square feet. The International WELL Building Institute, based in New York City, administers the WELL standard, which launched in October 2014.

June 5, 2020

Acquisitions Midwest Missouri Retail

Hanley Investment Group Arranges $1.7M Sale of Property Net Leased to 7-Eleven Near St. Louis

by Kristin Harlow June 2, 2020

AFFTON, MO. — Hanley Investment Group Real Estate Advisors has arranged the $1.7 million sale of a single-tenant property net leased to 7-Eleven in Affton, which is about 10 miles south from downtown St. Louis. Built in 1989, the 2,845-square-foot property is located at 703 Union Road. Jeremy McChesney of Hanley represented the seller, Hermosa Beach, Calif.-based Equitas Investments. A Los Angeles-based private investor purchased the asset.

June 2, 2020

Industrial Leasing Activity Midwest Missouri

Superior Moving & Storage Signs 86,363 SF Industrial Lease in Kansas City

by Kristin Harlow May 29, 2020

KANSAS CITY, MO. — Superior Moving & Storage has signed an 86,363-square-foot industrial lease at Copaken Brook’s Downtown Business Park in Kansas City. The property is located at 3177 Mercier St. A local moving company founded in 1914, Superior began leasing 35,000 square feet at the building in 2014 for storage purposes. The company sold a separate facility and consolidated all operations at the Mercier Street property.

May 29, 2020

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