Shopping Center Business and Heartland Real Estate Business hosted a webinar entitled Greater Kansas City Retail Outlook— How is the Greater Kansas City Area Retail Sector Responding to COVID-19?, covering the impacts of COVID-19 and what panelists expect for the rest of 2020. See a list of some topics covered below: As a city that straddles state lines, how has Kansas City been impacted by the pandemic, compared with other Midwest markets? What restrictions are in place for retailers and restaurants? How are retail property owners and tenants ensuring the safety of customers and staff? What are property owners and managers doing to work with retail tenants during these difficult circumstances? What do retailers need to recover? How will retail rents and property values be affected? What are the predictions for retail vacancy rates in the coming year? What will be the impact on new development and investment sales in the retail sector in the near term? Panelists: David E. Waters, Lathrop GPM LLP (moderator) Erin Johnston, Copaken Brooks Andy Crimmins, Crossroads Retail Group Tyler Enders, Made in KC Dan Lowe, Legacy Development David Block, Block & Company Webinar sponsors: Block & Company, Inc.: Block & Company, Inc., Realtors is …
KANSAS CITY, MO. — The COVID-19 pandemic has continued to highlight the importance of strong tenant-landlord relationships, particularly in the retail sector. Tyler Enders, co-owner of local Kansas City shop Made in KC, works with roughly 10 different landlords and has experienced a variety of different approaches to the COVID-19 conversation. “Some local landlords have been very communicative and have come to us with a creative solution. Others have been responding late and are bogged down,” said Enders. “Ultimately, we’ll continue to look at vibrant centers, but we’re going to care way more about who owns it than we have in the past.” Enders’ comments are indicative of the importance of relationships in today’s marketplace. Enders joined a panel of retail experts Wednesday, Sept. 16 for a webinar entitled “Greater Kansas City Retail Outlook” hosted by Heartland Real Estate Business and Shopping Center Business. Fellow panelists included David Block, principal and president of Block & Co.; Erin Johnston, vice president of retail brokerage for Copaken Brooks Commercial Real Estate; Dan Lowe, managing partner for Legacy Development; and Andy Crimmins, founding partner of Crossroads Retail Group. David Waters, partner with Lathrop GPM, moderated the discussion. Block said that his firm has …
ST. LOUIS — Midas Hospitality is set to open the first Element by Westin hotel in St. Louis on Friday, Oct. 30. The $40 million hotel rises seven stories with 153 extended-stay rooms. Located at 3763 Forest Park Ave., the property will feature a rooftop bar known as Upbar. Signature cocktails were created in partnership with Luxco, a St. Louis-based beverage company. Hotworx, a 24-hour fitness studio, is the first tenant for the hotel’s 10,000-square-foot retail space. Hotworx will occupy nearly 1,900 square feet. Amenities at the hotel include a fitness center, pool and bike rental program. Element hotels feature a nature-influenced environment and are constructed with efficiency and sustainability in mind, according to Midas. Regarding COVID-19, Upbar will be open and Midas intends to abide by all city and state regulations, including the potential removal of barstools or tables to provide for proper social distancing. The fitness center will also be open, following all restrictions by the city and state.
KANSAS CITY, MO. — Zovest Capital has acquired Chapel Hill Apartments in Kansas City for an undisclosed price. The 56-unit apartment community features floor plans that average 1,067 square feet. The value-add property was 96 percent occupied at the time of sale. Max Helgeson, Michael Spero and Jeff Stingley of CBRE represented the private seller. Ben Weddington of CBRE arranged acquisition financing on behalf of the buyer through Freddie Mac.
LEE’S SUMMIT, MO. — Hanley Investment Group Real Estate Advisors has arranged the $3.3 million sale of two retail buildings in Lee’s Summit within metro Kansas City. Taco Bell and Scooter’s Coffee occupy the newly constructed properties. Taco Bell occupies 2,160 square feet while Scooter’s leases 600 square feet. Both buildings feature drive-thrus. Jeff Lefko, Bill Asher and Beau Velten of Hanley, along with Jeff Christian of First Street Brokerage, represented the seller, a San Francisco-based private investment company. Deborah Ewing of Fuller Group CRE represented the buyer, a Washington-based private investor. The sales price represents a cap rate of 5.3 percent.
CLAYTON, MO. — NorthMarq has arranged a $50.6 million loan for the acquisition of The Barton Apartments in the St. Louis suburb of Clayton. The 228-unit apartment community, built in 2018, is located on Maryland Avenue. It features a clubroom, business center, fitness center, pet spa and personal wine storage. David Garfinkel of NorthMarq arranged the 10-year loan with Fannie Mae. The borrower was undisclosed.
HARRISONVILLE, MO. — Montecito Medical Real Estate has acquired Rock Haven Medical Mall in Harrisonville, about 35 miles south of Kansas City. The purchase price was undisclosed. The two-story, 76,000-square-foot medical office building is attached to Cass Regional Medical Center and was built in 2011. In addition to Cass, other tenants include Harrisonville Family Medicine, Carondelet Health Cardiology, Cass Regional Orthopedics, Gillen Pharmacy and Fresenius Medical Care.
ST. LOUIS — US Carriers has purchased 16 acres along the Mississippi River in north St. Louis City for an undisclosed price. The land is located at 9320 and 9350 Riverview Drive within an opportunity zone. Steve Stradal, Brian Kelley and George Convy of Avison Young represented the seller, the estate of the late artist and sculptor Bob Cassily. The land was intended to be a part of Cassily’s public art exhibit, Cementland. Avison Young is currently marketing for sale the other 40 acres of Cementland at 9403 Riverview Drive.
KANSAS CITY, MO. — Hunt Midwest continues to expand StorTropolis, its brand of climate-controlled self-storage facilities, throughout metro Kansas City. The developer has opened a 138,000-square-foot facility at 3140 NW Jefferson St. in Blue Springs, Mo., and begun construction on a 111,000-square-foot facility in Lenexa, Kan. Hunt Midwest began developing self-storage properties in 2018 and, in partnership with Strickland Construction, has built and opened three other StorTropolis facilities — two in Kansas City and one in Shawnee, Kan. Each three-story StorTropolis building ranges in size from 104,000 to 138,000 square feet and offers 580 to 760 climate-controlled units. Storage Asset Management, a privately owned, third-party management company, operates StorTropolis. Hunt Midwest is also the developer for SubTropolis, a massive underground business complex with more than 6.5 million square feet of leasable space.
ST. LOUIS — The St. Louis Municipal Finance Corp. has approved the financing package for the expansion of America’s Center Convention Complex. The 502,000-square-foot events facility is located at 701 Convention Plaza in downtown St. Louis. The City of St. Louis and St. Louis County have each committed $105 million in bond financing to complete the expansion, which is branded the AC Next Gen Project. The city and county approved the project in April 2019. The expansion will add 92,000 square feet of exhibit space, a 65,000-square-foot ballroom and meeting area, 22,000 square feet of new support space, 26 new loading docks, the renovation of 12 existing docks, an outdoor pavilion and refurbishment of the Washington Avenue entrance. “Expansion of America’s Center is an investment in the future of our region, assuring dependable jobs for working families in these challenging times and demonstrating our commitment to businesses and workers is certain,” says Comptroller Darlene Green, the chief fiscal officer for the City of St. Louis. “COVID-19 is not going away soon, but we know as a nation we will overcome it. Businesses will rebound, and tourism jobs and conventions will come back. We must plan for a positive future for …