ST. LOUIS — Hanley Investment Group Real Estate Advisors has negotiated the sale of a single-tenant property occupied by Raising Cane’s Chicken Fingers in St. Louis for $5 million. The 2,913-square-foot restaurant, located at 805 S. Vandeventer Ave., opened in August. Jeff Lefko and Bill Asher of Hanley, along with John Shuff of Pace Properties, represented the seller, Creve Coeur-based Noles Properties. A Newport Beach, Calif.-based private investor purchased the asset. The property sold at a cap rate of 5.97 percent.
KANSAS CITY, MO. — Linwood Investors LLC has broken ground on its $8 million redevelopment of Linwood Square, a blighted retail strip center in the Linwood-Prospect corridor on Kansas City’s east side. The project complements the redevelopment of the Linwood Shopping Center, which the company completed in 2017. Linwood Square is a 55,000-square-foot property originally built in 1992. Project plans call for new exterior facades and roofing as well as energy-efficient HVAC, LED lighting and an interior redesign. Project funding comes from public incentives and private financing. The public improvements include funding from the Central City Economic Development Sales Tax Fund, Tax-Increment Financing Commission and Public Improvements Advisory Committee. Led by UMB Financial Corp., private financing partners include Bank of Blue Valley, Community America Credit Union and Arvest Bank. The project team includes architect Hoefer Wysocki and general contractor Centric. Completion is slated for summer 2020.
ST. LOUIS — The St. Louis Cardinals and The Cordish Cos. have unveiled three new tenants at the $260 million expansion of Ballpark Village — Sports & Social St. Louis, Davio’s Northern Italian Steakhouse and Baseballism. The 75,000-square-foot retail portion within the second phase expansion is now 92 percent leased. Sports & Social will occupy 9,000 square feet and anchor the base of the three-story retail pavilion overlooking the new infield plaza and Busch Stadium. In addition to a full dining and beverage menu, guests will enjoy a variety of games. Davio’s is an upscale restaurant that originated in Boston. It currently has 12 locations around the country. Baseballism is a baseball apparel retailer with nine stores across the country. Office tenants PricewaterhouseCoopers and ButcherJoseph moved into the PwC Pennant Building last week. It is the first new-construction Class A office tower in downtown St. Louis in more than 30 years. Onelife Fitness expects to open within the retail pavilion in January. The project also includes a Live! by Loews hotel slated to open in the first quarter and a 29-story residential tower slated to open in the second quarter.
KANSAS CITY, MO. — Berkadia has brokered the sale of The Kings, a 408-unit garden-style property in Kansas City. The sales price was not disclosed. Built in 1973 and located at 11330 Colorado Ave., the multifamily community features studio, one-, two- and three-bedroom floor plans. Amenities include a clubhouse, barbecue area, laundry facilities and two swimming pools. Alex Blagojevich, Michael Sullivan and Brett Meinzer of Berkadia represented the seller, a joint venture between Sundance Bay and Drake Real Estate Partners. Florida-based Stoneweg US LLC was the buyer. Stoneweg has been active in the Kansas City market, acquiring more than 1,000 units in the last three months, according to Berkadia.
LIBERTY, MO. — LANE4 Property Group has unveiled plans to develop a three-building, speculative industrial project in Liberty known as Liberty Logistics Center. Situated on a 68-acre tract of land at Missouri Highway 69 and Liberty Parkway, the project is adjacent to the Ford assembly plant and visible from I-35. Construction is expected to begin within a month and the first building, spanning 741,000 square feet, is slated for completion in late 2020. The two smaller buildings will measure 80,000 and 132,000 square feet. The project will also include a retail portion known as Liberty Parkway Plaza, containing eight pad sites fronting I-35 and the industrial buildings. LANE4 serves as developer for the entire project and leasing agent for the retail component. Joe Orscheln of CBRE will market the industrial portion for lease. Davidson Architecture & Engineering is providing architectural and engineering services.
KANSAS CITY, MO. — Academy Bank, a full-service community bank and wholly owned subsidiary of Dickinson Financial Corp., has completed its merger with Kearney, Mo.-based KCB Bank. The merger bolsters Academy Bank’s presence in Kansas City’s Northland communities, including Kearney, Liberty and Gladstone, Mo. It also expands the bank’s presence in Bonner Springs, Kan. Clients will now have access to 25 Academy Bank locations throughout the Kansas City metro area. The five KCB Bank locations will be officially transitioned to Academy Bank by Monday, Oct. 21.
KANSAS CITY, MO. — Petros PACE Finance LLC has provided an $8 million Commercial Property Assessed Clean Energy (C-PACE) loan on behalf of Pedersen Development Co. to finance energy-efficiency measures in the construction of a 13-story Hyatt House hotel in downtown Kansas City. Pedersen will use the funds to incorporate sustainable design features, including energy-efficient roofing, windows, HVAC equipment, hot water heaters and LED lighting. The 153-room hotel will be located at the southwest corner of Ninth and Broadway streets. C-PACE is a relatively new financing tool for energy- and water-efficiency projects. It is a low-cost, long-term financing product secured as a property tax assessment. Over the 20-year life of the loan, energy-conserving features are expected to generate more than $7 million in utility and maintenance savings as well as a carbon dioxide reduction of 1,159 metric tons. Completion of the hotel is slated for January 2021. Brinkmann Constructors is the general contractor.
ST. LOUIS — Lux Living and Big Sur Construction have sold Tribeca, a 160-unit luxury apartment community in the Central West End of St. Louis, for $44 million. Built in 2018 and located near Washington University and Barnes-Jewish Hospital, the six-story asset includes an outdoor pool, concierge robot, self-pour bar, fitness center, pet park and outdoor lounge. Will Mathews, Tyler Hague, Bob Galamba and Gregory Russell of Colliers International represented the buyers, Hamilton Zanze and an affiliate of Cantor Fitzgerald LP. Management of the property has been transitioned to Hamilton Zanze affiliate, Mission Rock Residential.
MANHATTAN, KAN., ST. PETERS, MO. AND OMAHA — Knoebel Construction has completed new veterinary hospitals within existing Petco locations in Manhattan, Kan., St. Peters, Mo. and Omaha. Each 1,500 to 2,000-square-foot veterinary clinic features a reception area, four examination rooms, an x-ray room, surgery room and waiting room. SBLM and GPD Group served as the architects. Knoebel has also been selected to add veterinary hospitals within three additional Petco stores in the Las Vegas area.
KANSAS CITY, MO. — Kadean Construction has purchased the 5,250-square-foot building at 1821 McGee St. in Kansas City that the company has been leasing since January 2018. The purchase price was not disclosed. Kadean plans to immediately commence renovations to finish out approximately 2,700 square feet of existing shell space into new office space. The construction firm expects to fully occupy the space beginning in January. Headquartered in St. Louis, Kadean has been active in the Kansas City market since 2015.