Wednesday, January 22, 2025
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Missouri

Leasing ActivityMidwestMissouriOffice

FSL to Move Headquarters to 75,000 SF Office at Crown Center in Kansas City

by Kristin Harlow

KANSAS CITY, MO. — Fidelity Security Life Insurance Co. (FSL) has unveiled plans to move its headquarters to Crown Center in Kansas City. FSL and its affiliate, Forrest T. Jones & Co., will occupy three-and-a-half floors and about 75,000 square feet at the 14-story office building at 2600 Grand Blvd. The Kansas City-based specialty insurance company will relocate from its current office one mile away at 3130 Broadway Blvd., a six-story building that it has occupied since 1969. FSL expects to take occupancy of its new office by January 2026 upon completion of a new design and renovation of the space. Nearly 340 employees will occupy the office. FSL has expanded in recent years with the formation of Fidelity Security Life Insurance Co. of New York and Fidelity Security Assurance Co. (FSAC), a property and casualty insurer. FSAC is licensed in 33 states, eyeing nationwide licensure in the coming years. These developments have made it the right time to move offices, according to Brad Jones, FSL vice chairman. Crown Center is an 85-acre complex that serves as the international headquarters of Hallmark Cards and offers more than 1.2 million square feet of office space across four buildings. Crown Center is …

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AcquisitionsIllinoisIowaMidwestMissouriMultifamilySeniors Housing

Arrow Senior Living Acquires Eight Communities in Midwest Region

by Kristin Harlow

ILLINOIS, IOWA, MISSOURI AND ARKANSAS — St. Charles, Mo.-based Arrow Senior Living has acquired eight seniors housing communities across Illinois, Iowa, Missouri and Arkansas. Acquired in June, CedarStone Senior Living and PrairieStone Senior Living, both located in Cedar Falls, Iowa, were developed by Nelson Construction and Development. CedarStone consists of 120 units, including 88 assisted living apartments and 32 memory care residences. PrairieStone consists of 111 units, including 79 assisted living apartments and 32 memory care residences. Arrow also acquired six independent living communities in partnership with Welltower in early July, adding 654 units to its portfolio. The Cambridge Senior Living in Springfield, Mo., features 115 units. The Gardens at Arkanshire in Springdale, Ark., consists of 80 units. The Montvale Senior Living in Springfield, Ill., features 121 apartments. Curtis Creek Senior Living in Quincy, Ill., totals 120 units. Lastly, Mallard Point Senior Living in Cedar Falls, Iowa, features 114 units, while Walden Place Senior Living in Iowa City totals 104 units.

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DevelopmentIndustrialLoansMidwestMissouri

Bayview PACE Provides $20.5M Loan for Construction of $72M Headquarters for Master’s Transportation in Kansas City

by Kristin Harlow

KANSAS CITY, MO. — Bayview PACE has provided a $20.5 million C-PACE loan for the construction of a $72 million headquarters facility for Master’s Transportation in Kansas City. Bayview says the C-PACE financing provided a complementary role in the capital stack of the development, which is now under construction and slated to open in 2025. Other financing includes a $31 million construction loan and $20 million in sponsor equity. Master’s is a bus and transportation fleet operator serving 26 states. The 324,000-square-foot facility will consolidate eight other area locations. C-PACE financing offers favorable and cost-effective terms for qualified improvements in energy, lighting, water systems, building envelope and other resiliency components. It can be applied to new construction or renovations. In this transaction, PACE financing was used in place of a participant bank. Kansas City-based Miller Stauch Construction Co. is the general contractor, and Eskie & Associates is the owner’s representative. Kansas City-based Finkle + Williams Architecture is the project architect.

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DevelopmentMidwestMissouriMultifamily

Developer Begins Pre-Leasing Efforts for $90M Avenir Luxury Apartment Complex in Metro St. Louis

by Kristin Harlow

UNIVERSITY CITY, MO. — Developer Charles Deutsch has begun pre-leasing efforts for Avenir, a $90 million luxury apartment complex in University City, an inner-ring suburb of St. Louis. Residents are expected to move in toward the end of August. The 262-unit development features one-, two- and three-bedroom floor plans ranging from 640 to 1,620 square feet. Monthly rents start at $1,800. Amenities include pickleball courts, bocce ball, a resort-style pool, dog park, fitness center, business center, game room and coffee bar. Avenir marks Deutsch’s first luxury apartment community that isn’t geared toward seniors. He is one of the original co-founders and owners of The Gatesworth Communities, a collection of luxury seniors housing properties in University City and Creve Coeur. Holland Construction Services is the general contractor, and Gray Design Group served as architect. First Bank provided financing.

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IndustrialLeasing ActivityMidwestMissouri

Dive Bomb Industries Signs 128,000 SF Industrial Lease at Hazelwood Business Park in Missouri

by Kristin Harlow

HAZELWOOD, MO. — Dive Bomb Industries has signed a 128,000-square-foot industrial lease at Hazelwood Business Park in Hazelwood, a northern suburb of St. Louis. The outdoor sporting goods company is relocating its headquarters from Westport. Dan Lesinski and Billy Spence of Colliers represented the landlord, Industrial Commercial Properties (ICP). Jake Corrigan of Sansone Group represented the tenant. Hazelwood Business Park, redeveloped by ICP, spans 147 acres and includes a mix of light industrial, tech, office and retail spaces.

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AcquisitionsMidwestMissouriRetail

Cohen & Steers, Phillips Edison Acquire 121,000 SF Des Peres Corners Shopping Center Near St. Louis

by Kristin Harlow

DES PERES, MO. — Cohen & Steers Income Opportunities REIT Inc. (CNSREIT), in partnership with Phillips Edison & Co. Inc. (PECO), has acquired Des Peres Corners in the western St. Louis suburb of Des Peres. The 121,000-square-foot, open-air shopping center was built in 2009. The property is 90 percent occupied and is anchored by a 74,000-square-foot Schnucks grocery store. The companies completed the acquisition through a joint venture targeting $300 million in equity that is owned 80 percent by CNSREIT and 20 percent by PECO. The joint venture will focus on acquiring open-air, grocery-anchored shopping centers.

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DevelopmentMidwestMissouriMultifamilyRetail

Mia Rose Holdings Breaks Ground on $90M Apartment, Retail Development in Suburban St. Louis

by Kristin Harlow

DARDENNE PRAIRIE, MO. — St. Louis-based developer Mia Rose Holdings has broken ground on The Prairie Encore, a $90 million apartment and retail development in the northwest St. Louis suburb of Dardenne Prairie. The property will include 190 luxury apartment units along with a 3,000-square-foot, standalone Sugarfire Smokehouse with sand volleyball and pickleball courts. There will also be a Small Sliders restaurant, an 11,000-square-foot building for Mac-A-Doodles Fine Wine, Beer & Spirits, a Starbucks with a drive-thru, a Circle K convenient store and a 7,500-square-foot animal hospital. Sugarfire and Mac-A-Doodles are scheduled to open late this fall. Starbucks is slated to open in mid-2025, with the multifamily and animal hospital following in fall 2025. The four-story apartment building will feature two interior courtyards, a 3,000-square-foot lobby with a leasing office, coffee bar, kitchen, bar and fitness center and various coworking spaces. Outside, there will be surface parking, a large dog park, resort-style pool and community gathering spaces. Rosemann & Associates was the consulting architect, and Hurford Architects was the project architect. The property manager will be 2B Residential.

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AcquisitionsMidwestMissouriMultifamily

Hamilton Zanze Acquires 222-Unit Crossroads Westside Apartment Complex in Downtown Kansas City

by Kristin Harlow

KANSAS CITY, MO. — Hamilton Zanze has acquired Crossroads Westside, a 222-unit apartment complex in downtown Kansas City. The purchase price was undisclosed. Mission Rock Residential, an affiliate of Hamilton Zanze, has assumed management of the property. Crossroads Westside was built in 2018 and features one- and two-bedroom units ranging in size from 614 to 1,252 square feet. Amenities include a saltwater pool, dog spa, fitness center, sundeck, private art garden, business center, coworking spaces, fire pit and entertainment lounge. The property is situated within the historic Crossroads Art District. The transaction marks Hamilton Zanze’s fourth acquisition in 2024.

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DevelopmentMidwestMissouriRetail

IMPACT Strategies Breaks Ground on Pre-Owned Car Dealership for Clement in Suburban St. Louis

by Kristin Harlow

ST. CHARLES, MO. — IMPACT Strategies Inc. has broken ground on a new pre-owned car dealership for Clement Auto Group in St. Charles, a northwest suburb of St. Louis. Clement will be able to stay operational throughout the project. IMPACT will manage the demolition of the existing sales building and construction of a new building at 3621 Veterans Memorial Parkway off I-70. The project consists of an 11,700-square-foot building featuring a showroom, celebration bay, service drive and new sales lot. Completion is slated for spring 2025. Clement maintains four new car dealerships and two pre-owned dealerships in metro St. Louis.

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Leasing ActivityMidwestMissouriRestaurantRetail

Napoli Group to Open New Restaurant at The James Apartment Complex in Kirkwood, Missouri

by Kristin Harlow

KIRKWOOD, MO. — The Napoli Group has signed a lease to open its sixth location at The James apartment complex in Kirkwood, a western suburb of St. Louis. Napoli Kirkwood, which will feature the restaurant group’s signature wood-fired pizza, is slated to open during the fourth quarter. The restaurant will occupy the 4,684-square-foot, ground-floor retail space and will also feature a 1,000-square-foot outdoor patio. High Street Residential, the residential subsidiary of Trammell Crow Co., opened The James in March. Greystar is handling leasing and management for the apartment units.

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