Missouri

Berkadia Brokers Sale of 408-Unit Multifamily Community in Kansas City

by Kristin Harlow November 1, 2019

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.

November 1, 2019

Development Industrial Midwest Missouri

LANE4 to Break Ground on Three-Building Industrial Development in Liberty, Missouri

by Kristin Harlow October 28, 2019

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.

October 28, 2019

Acquisitions Kansas Midwest Missouri Retail

Academy Bank Completes Merger with KCB Bank, Expands to 25 Kansas City-Area Locations

by Kristin Harlow October 25, 2019

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.

October 25, 2019

Hospitality Loans Midwest Missouri

Petros PACE Finance Provides $8M C-PACE Construction Financing for Hyatt House Hotel in Kansas City

by Kristin Harlow October 25, 2019

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.

October 25, 2019

Acquisitions Midwest Missouri Multifamily

Lux Living Sells Luxury Apartment Community in St. Louis for $44M

by Kristin Harlow October 24, 2019

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.

October 24, 2019

Development Kansas Midwest Missouri Nebraska

Knoebel Constructs New Veterinary Hospitals at Multiple Petco Locations

by Kristin Harlow October 24, 2019

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.

October 24, 2019

Acquisitions Midwest Missouri Office

Kadean Construction Purchases 5,250 SF Building for Kansas City Office

by Kristin Harlow October 23, 2019

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.

October 23, 2019

Acquisitions Illinois Industrial Midwest Missouri Office

NAI Hiffman Negotiates $17.1M Sale-Leaseback of Young Innovations Properties in Illinois, Missouri

by Kristin Harlow October 18, 2019

ALGONQUIN, ILL. AND EARTH CITY, MO. — NAI Hiffman has negotiated the sale-leaseback of several properties occupied by Young Innovations Inc. for $17.1 million. Young Innovations is a manufacturer and distributor of consumable dental supplies and equipment. The assets include the company’s 95,000-square-foot headquarters at 2260 Wendt St. in Algonquin as well as the firm’s three manufacturing facilities totaling 117,400 square feet in Earth City, a suburb of St. Louis. Young Innovations will maintain operations at all properties under a 20-year lease with the buyer, New York-based New Mountain Net Lease. Pat Sullivan and Ryan Chambers of NAI Hiffman brokered the sale.

October 18, 2019

Development Midwest Missouri Retail

Confluent Completes Redevelopment of Historic Bank Property in St. Louis

by Kristin Harlow October 14, 2019

ST. LOUIS — Confluent Development has completed the redevelopment of the historic Southwest Bank property in the Southwest Garden neighborhood of St. Louis. The project is now home to BMO Harris Bank, which remained operational throughout the redevelopment process, and Walgreens, which recently celebrated its grand opening at the location. Confluent is donating a third building to local nonprofit Tower Grove Neighborhoods Community Development Corp. A fourth vacant site will be available for a future tenant. Confluent preserved the historical façade along the Kingshighway Boulevard portion of the project while redeveloping the remainder of the underutilized land. Rosemann & Associates served as architect and Paric Corp. was the general contractor. Pace Properties will market the available pad site for lease.

October 14, 2019

Leasing Activity Midwest Missouri Retail

Four New Retailers Join Tenant Lineup at Twin Creeks Center in Kansas City

by Kristin Harlow October 8, 2019

KANSAS CITY, MO. — AT&T, Starbucks, Furniture Deals and Spectrum have joined the tenant lineup at Twin Creeks Center in the Northland area of Kansas City. Negotiations are currently underway to add Chipotle, Altitude Trampoline Park and ReeceNichols, according to owner United Development Co. The Texas-based company purchased the 29-acre property formerly known as Barry Towne Center in February 2017. United, along with its development partner Falcon Realty Advisors, has invested $30 million in renovations. The companies plan to invest an additional $30 million in developing the remaining 13 acres on the east side of the center. Copaken Brooks Commercial Real Estate is the property manager, while LANE4 Property Group is the leasing agent.

October 8, 2019

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