Missouri

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

Acquisitions Midwest Missouri Retail

Mid-America, Pace Properties Arrange $20.9M Sale of Shopping Center in Ballwin, Missouri

by Kristin Harlow October 4, 2019

BALLWIN, MO. — Mid-America Real Estate Corp. and Pace Properties have arranged the $20.9 million sale of Ballwin Plaza in Ballwin, about 20 miles west of St. Louis. The 204,859-square-foot shopping center is situated on Manchester Road. Schnucks Supermarket anchors the property, which is 93 percent leased. Other tenants include Hobby Lobby, Marshalls and Buffalo Wild Wings. Joe Girardi of Mid-America and Scott Seyfried of Pace Properties represented the seller, Cincinnati-based Viking Partners. Cincinnati-based Select Strategies Realty purchased the asset.

October 4, 2019

Acquisitions Midwest Missouri Retail

Hanley Investment Group Negotiates $3.9M Sale of Michaels-Occupied Property in Kansas City

by Kristin Harlow October 1, 2019

KANSAS CITY, MO. — Hanley Investment Group Real Estate Advisors has negotiated the sale of a single-tenant property occupied by Michaels in Kansas City for $3.9 million. The 22,810-square-foot building is situated on 1.9 acres at 8551 Prairie View Blvd. Renovated in 2012, the property serves as a pad site to Zona Rosa, a 1 million-square-foot retail center. Jeff Lefko and Bill Asher of Hanley represented the seller, Texas-based N3 Real Estate. Steve Maynard of Maynard Group represented the buyer, a private partnership from Southern California and Missouri.

October 1, 2019

Illinois Leasing Activity Michigan Midwest Missouri Retail

Metro Commercial Brokers New Midwest Locations for Edge Fitness Clubs

by Kristin Harlow September 30, 2019

ILLINOIS, MICHIGAN AND MISSOURI — Metro Commercial Real Estate has brokered several leases on behalf of The Edge Fitness Clubs for new locations across the Midwest. The properties include: Windmill Plaza in in Sterling Heights, Mich.; West River Centre in Farmington Hills, Mich.; an unnamed center at Avon and Rochester roads in Westland, Mich.; Cave Springs in St. Peters, Mo.; Mackenzie Point in Shrewsbury, Mo.; and Westridge Court in Naperville, Ill. There are also three new locations in Pennsylvania. The fitness centers are all expected to open later this year or in 2020. Brandon Anapol and Scott Benson of Metro led the leasing team. With these new leases, Metro has brokered 16 locations totaling approximately 640,000 square feet for Connecticut-based Edge over the last 12 months. Edge currently operates 25 locations across Connecticut, Delaware, Pennsylvania and New Jersey.

September 30, 2019

Market Reports Midwest Midwest Market Reports Missouri Office

Multiple Office Developments Proposed for St. Louis County

by Kristin Harlow September 26, 2019

The office market in St. Louis has remained very active over the past year. With very little speculative development, the St. Louis County vacancy rate for Class A office space has experienced little change but remains at a historic low of 11.1 percent. Demand remains for large blocks of space in the more desirable submarkets such as Clayton and West County, as there are limited options for existing space. This has created an opportunity for new, proposed office developments gaining securing commitments from large occupiers. Most, if not all, proposed multi-tenant office developments around St. Louis County are contingent upon significant leasing commitments before construction can commence. A few key trends have played a major role in why developers now have the ability to attract large tenants to new developments. Tenants searching for office space in excess of 25,000 square feet have been struggling to find contiguous and efficient options. Rental rates are at all-time highs, with some of the top-tier buildings achieving rents well over $30 per square foot. Lastly, tenants are using office space differently than before and new office developments are providing more efficient floor plates with multiple on-site amenities that tenants highly value today. Project examples …

September 26, 2019

Leasing Activity Midwest Missouri Retail

Two Retail Tenants Open at Streets of St. Charles in Suburban St. Louis

by Kristin Harlow September 25, 2019

ST. CHARLES, MO. — Two new retail tenants have opened at the Streets of St. Charles, a mixed-use property in suburban St. Louis. Both Narwhal’s Crafted and YogaSix are located in the development’s newest building at 1450 Beale St. This is Narwhal’s second location. The bar serves a variety of frozen cocktails in addition to beer and wine. YogaSix offers yoga classes seven days a week. Each class has a specific focus. Cullinan Properties Ltd. owns and manages the 27-acre Streets of St. Charles.

September 25, 2019

Acquisitions Midwest Missouri Office

Copaken Brooks, Square Deal Investments Acquire Former Kansas City Public School Building

by Kristin Harlow September 18, 2019

KANSAS CITY, MO. — Copaken Brooks and Square Deal Investments have acquired the former Kansas City Public Library and Board of Education Building for an undisclosed price. The building is located at 1211 McGee St. in downtown Kansas City. The 11-story, 261,800-square-foot property has been vacant since the Kansas City Public Schools district moved to its current location at 2901 Troost in 2016. Aaron Mesmer and Matt Levi of Block Real Estate Services represented the seller, the school district.

September 18, 2019

Development Midwest Missouri Multifamily

265-Unit Apartment Community Opens in St. Peters, Missouri

by Kristin Harlow September 17, 2019

ST. PETERS, MO. — A new apartment community known as 5300 Centre Apartments has opened in St. Peters, about 30 miles west of St. Louis. Developed by Propper Construction Services, the four-story property features 265 units across two buildings. The community includes two rooftop garden areas, one of which is designed for recreation areas while the other is designated for quiet areas with hammocks and outdoor yoga classes. Other amenities include a pool, rooftop lounge, fitness center, business center, covered parking, electric vehicle charging stations and bicycle storage. Renters will be able to choose from fully furnished or unfurnished units. Monthly rental rates range from $920 for studios to $2,585 for three-bedroom suites. 2B Residential is the management and leasing company. Zwick + Gandt Architecture served as architect while S.M. Wilson & Co. was the general contractor. A grand opening celebration will take place this Thursday, Sept. 19.

September 17, 2019

Industrial Market Reports Midwest Midwest Market Reports Missouri

Myriad Factors at Play for St. Louis Industrial Market Activity

by Kristin Harlow September 12, 2019

The St. Louis industrial market continues to rally after posting 22 straight quarters of positive absorption. Record leasing activity and historically low vacancy have put the region on pace to deliver another 6.5 million square feet of Class A industrial space in 2019. This is in a market that averages deliveries of approximately 2.5 million square feet annually. Current drivers engendering this industrial activity include the following. Discipline Developers in St. Louis have long been known for their disciplined approach to building. Vacancy in a stable market hovers near 7 percent for the region. The vacancy rate for industrial space leading into the third quarter was 5 percent, up slightly from the previous quarter, according to CoStar. Continued speculative development, particularly in the Metro East, added to the increase. This, coupled with a large vacancy left in Lakeview Commerce Center by World Wide Technologies as it shuffles into a new 2 million-square-foot facility in Gateway Commerce Center East, were the most evident culprits. Expect vacancy to uptick slightly again in the third quarter as speculative deliveries by NorthPoint Development at Gateway Tradeport along with Exeter in Gateway Commerce Center come online. E-commerce No discussion surrounding the industrial market would be …

September 12, 2019

Leasing Activity Midwest Missouri Office

Digital Marketing Agency Signs 10,000 SF Office Lease in Clayton, Missouri

by Kristin Harlow September 11, 2019

CLAYTON, MO. — Anvil Analytics + Insights, a branding and digital marketing agency, has signed a multi-year lease to occupy 10,000 square feet at 7730 Carondelet in Clayton. The new space more than doubles the size of the agency’s previous location in Chesterfield. Anvil expects to occupy the new space beginning this month. Blaise Tomazic of JLL represented the tenant in the lease transaction. The landlord was not disclosed.

September 11, 2019

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