Missouri

ST. LOUIS — LuxLiving has sold The Steelyard, a 170-unit apartment complex in the Historic Soulard neighborhood of St. Louis, for $45.9 million. Partly a redevelopment, the four-story property includes 42 adaptive reuse units in addition to 128 new units. The Steelyard is located on the site of the former Victor Iron Works, which fabricated cast-iron storefronts throughout St. Louis. Big Sur Construction completed construction of the apartment project in 2019. Amenities include a self-pour beer and wine system, resident marketplace, fitness center, pet park and outdoor amenity deck with a pool, hot tub, kitchen, hammocks and cabanas. Monthly rents start at $1,450. Will Mathews, Tyler Hague, Bob Galamba and Gregory Russell of Colliers International represented the buyer, Hamilton Zanze. Mission Rock Residential will manage the property.

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ST. LOUIS — Blueprint Healthcare Real Estate Advisors has brokered the sale of a 167-bed skilled nursing facility in St. Louis. An undisclosed real estate investment trust sold the property. The operating partner plans to exit Missouri altogether. Despite a $1.2 million renovation in 2015, occupancy and cash flow were both in decline. An East Coast-based owner-operator with an existing presence in the state was the buyer. Housing & Healthcare Finance sourced the acquisition loan. The price was not disclosed.

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ST. CHARLES, MO. — Marcus & Millichap has arranged the $1.4 million sale of a 5,159-square-foot urgent care facility net leased to Our Urgent Care in St. Charles near St. Louis. The property is located at 2893 Veterans Memorial Parkway. Benjamin Bach and Dominic Sulo of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. An out-of-state buyer completing a 1031 tax-deferred exchange purchased the building at 100 percent of the list price.

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KANSAS CITY, MO. — Community Builders of Kansas City (CBKC) has unveiled plans to develop The Rochester on Blue Parkway, a $12.6 million multifamily project within an Opportunity Zone in Kansas City. The 81,400-square-foot, four-story development will house 64 units. Amenities will include a rooftop deck, fitness center, package room and community meeting space. Monthly rents will range from $985 to $1,275. The property was named after Rochester Gatson, the founder of CBKC. Straub Construction and Hufft Projects make up the project team. A timeline for completion was not disclosed. CBKC says it is working with several partners to finalize the project’s capital stack.

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KANSAS CITY, MO. — Watermark Residential, a wholly owned affiliate of development and construction company Thompson Thrift, has acquired 23 acres in Kansas City with plans to develop The Element by Watermark, a 276-unit Class A apartment community. Located in Platte County at 8101 Northwest Barrybrooke Drive, the community will consist of three-story, garden-style buildings. Amenities will include a clubhouse, 24-hour fitness center, swimming pool, bark park and dog spa. Element, slated for completion in November 2021, will be Watermark’s third multifamily development in the state of Missouri.

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ST. LOUIS — CapStone Holdings Inc., a business incubator and investment group, has acquired a $40 million stake in City Foundry STL, a food hall and office project set to open in downtown St. Louis this summer. CapStone represents one of the largest single-entity investors in the $210 million first phase of the project, which will feature 122,000 square feet of restaurant and entertainment space, 105,000 square feet of retail and 107,000 square feet of office. City Foundry is a redevelopment of the former Federal Mogul factory. The Lawrence Group is the developer for the 15-acre project.

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FENTON, MO. — U.S. Capital Development has broken ground on Building 7 within Fenton Logistics Park. The 190,350-square-foot building is designed for office, warehouse and manufacturing uses. It is slated for completion in the third quarter of this year. The spec building will feature a clear height of 28 feet, 46 trailer dock doors and more than 330 auto parking spaces. Impact Strategies is the general contractor. Since 2017, U.S. Capital Development has developed five buildings within the park, which is situated on the site of a former Chrysler assembly plant. Current tenants include BASF, BJC Medical Group, 1st Phorm, Nexius and Alkem Laboratories. Jon Hinds and Katie Haywood of CBRE market the park for lease.

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KANSAS CITY, MO. — Block & Co. Inc. Realtors has arranged the sale of a 12,000-square-foot office and retail building in Kansas City for $1.1 million. The property is located at 7208 Wornall Road within the Waldo District. Domino’s Pizza and Injury Chiropractic occupy the 4,000 square feet of retail space on the first floor. The second-floor office space of 5,500 square feet is currently available for lease. Marshal Blount of Block & Co. brokered the sale. An investment group purchased the asset.

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ST. LOUIS — Stan Johnson Co. has brokered the sale of a 56,021-square-foot industrial facility in St. Louis for $12.5 million. Located at 420 E. Carrie Ave., the property is fully occupied by Central States Thermo King Inc. (CSTK). Constructed in 2015, the facility serves as CSTK’s regional headquarters. At the time of sale, there were more than 10 years remaining on the original lease. Zach Harris and Brad Pepin of Stan Johnson represented the seller, Green Street St. Louis. A subsidiary of Global Net Lease Inc. purchased the asset. CSTK is a solutions provider for transportation companies, fleets, owner operators and other vehicle or heavy equipment users.

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POPLAR BLUFF, MO. — Hanley Investment Group Real Estate Advisors has brokered the $2 million sale of a two-tenant retail building in Poplar Bluff in southeastern Missouri. The 3,750-square-foot property serves as an outparcel to Mansion Mall. Built in 2018, the building is leased to Starbucks and Verizon. Jeff Lefko and Dylan Mallory of Hanley represented the seller, a local private investor. Craig Dunkle of Marcus & Millichap represented the buyer, a New Jersey-based private investor. The sales price represents a cap rate of 6.4 percent.

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