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AcquisitionsIndustrialMidwestMissouri

Stan Johnson Co. Brokers $14M Sale of Industrial Facility in Fenton, Missouri

by Kristin Harlow

FENTON, MO. — Stan Johnson Co. has brokered the sale of Cassens Business Center in Fenton for $14 million. The multi-tenant industrial facility spans 132,279 square feet and is located at 2391 Cassens Drive. At the time of sale, the property was fully leased to two national tenants as well as a regional company. Zach Harris and Brad Pepin of Stan Johnson represented the seller, Green Street St. Louis, a Missouri-based developer. RCRL LLC, a New Jersey-based individual investor, purchased the building.

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AcquisitionsMidwestMississippiMissouriRetailSoutheastTop Stories

Twin River Worldwide Agrees to Acquire Two Casinos from Eldorado Resorts for $230M

by Alex Tostado

LINCOLN, R.I. — Twin River Worldwide Holdings Inc. (NYSE: TRWH) has entered into an agreement to acquire Isle of Capri Casino Kansas City in Missouri and Lady Luck Casino Vicksburg in Mississippi for $230 million. Eldorado Resorts Inc. (Nasdaq: ERI) is the seller. Isle of Capri is located near downtown Kansas City, overlooking the Missouri River. The property offers 40,000 square feet of casino space, 939 gaming machines, 13 table games and two dining venues. Lady Luck Casino Vicksburg is situated along the Mississippi River. The property features 25,000 square feet of casino space, 603 slot machines, eight electronic table games, three dining venues and an 89-room hotel. “Isle Kansas City and Lady Luck Vicksburg expand our geographic footprint with assets in attractive markets,” says George Papanier, president and CEO of Lincoln, R.I.-based TRWH. “We believe these assets are a great fit for our portfolio and see the opportunity to increase the net cash flow from these properties by our redevelopment and operating plans.” Eldorado Resorts expects to use the proceeds from the sale for general corporate purposes, including its proposed $17.3 billion acquisition of Caesars Entertainment Corp. Papanier says TRWH will redevelop Isle of Capri, though he did not …

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Leasing ActivityMidwestMissouriOffice

Law Organizations to Share Office Space in Kansas City’s Country Club Plaza

by Kristin Harlow

KANSAS CITY, MO. — Kirkendall Dwyer LLP and Law Tigers have jointly signed a long-term office lease for 1,474 square feet at the Skelly Building in Kansas City’s Country Club Plaza. The organizations will occupy Suite 208 on the second floor. The building, located at 605 W. 47th St., is now 97 percent occupied. Other tenants include Panera Bread, Bo Lings Chinese restaurant, Footlocker, Roth Living, McDowell Rice Smith & Buchanan, House Park & Dobratz, Block & Co. Inc. Realtors and MegaStar Financial. Alex Block of Block & Co. handled the lease transaction on behalf of property ownership. Kirkendall Dwyer specializes in automotive personal injury. Law Tigers is a national network of motorcycle accident attorneys that focuses more specifically motorcycle personal injury. Block & Co. is the property manager for the Skelly Building.

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DevelopmentIndustrialMidwestMissouri

US Capital Development Breaks Ground on $20M Industrial Build-to-Suit for 1st Phorm in Fenton, Missouri

by Kristin Harlow

FENTON, MO. — US Capital Development has broken ground on a $20 million industrial build-to-suit for 1st Phorm at Fenton Logistics Park in Missouri. The sports nutrition products manufacturer expects to occupy the 182,400-square-foot facility by early next year. Upon completion, the property will house more than 400 employees and feature an auditorium, gym, podcast room, basketball court, kitchen and media rooms in addition to office and warehousing space. With the addition of the new 1st Phorm facility, US Capital Development will have invested more than $111 million in developing Fenton Logistics Park and delivered 50 percent of the industrial space planned within the park. The developer continues to breathe new life into the site of the former Chrysler Plant, which now features 648,411 square feet of completed space, with 88 percent of those buildings occupied. M+H Architects is serving as the architect on the 1st Phorm project, while Stock & Associates is the consulting engineer and Alper Audi Inc. is the structural engineer. CBRE’s Jon Hinds and Katie Haywood represented US Capital Development while Noel Fehr of NAI Desco represented 1st Phorm.

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LoansMidwestMissouriMultifamily

Berkadia Arranges $32.9M Financing for Apartment Conversion Project in Kansas City

by Kristin Harlow

KANSAS CITY, MO. — Berkadia has arranged a $32.9 million loan for the conversion of the former Commerce Bank executive office building in Kansas City into apartments. Known as Flashcube Apartments, the property will include 184 units. Construction began in January and is expected to take 12 to 18 months to complete. Community amenities will include a game room, basketball court, fitness center, pickleball court, lounge, dog run and bike storage. John Schorgl of Berkadia arranged the 2.5-year loan provided by Boston-based UC Funds. Missouri-based WI Flashcube LLC was the borrower. The developer plans to reserve 40 units for affordable housing. These units will rent for an average of $1,187 per month, according to CityScene KC. The building is nicknamed “flashcube” because of its reflective glass exterior. It has been vacant for more than a decade.

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LoansMidwestMissouriMultifamily

M&T Realty Capital Corp. Provides $3.9M Fannie Mae Loan for Acquisition of Apartment Property in Kansas City

by Kristin Harlow

KANSAS CITY, MO. — M&T Realty Capital Corp. has provided a $3.9 million Fannie Mae Green Rewards loan for the acquisition of Colony Court Apartments in Kansas City. The 80-unit, garden-style apartment community offers two-bedroom floor plans. Amenities include carports, a pool and complimentary Google Fiber high-speed internet access. The borrower, Prosperity CRE, plans to implement energy- and water-saving improvements as part of the Green Rewards program. The company also plans to rebrand the community as Hidden Hills Apartments and add a dog park, picnic area and community center. Units will be upgraded with new kitchens, bathrooms and flooring.

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AcquisitionsMidwestMissouriRetail

Block & Co. Arranges Sale of 33,340 SF Shopping Center in Lee’s Summit, Missouri

by Kristin Harlow

LEE’S SUMMIT, MO. — Block & Co. Inc. Realtors has arranged the sale of the 33,340-square-foot Raintree Village shopping center in Lee’s Summit for an undisclosed price. The property sits on eight acres at 817-899 SW Lemans Lane. Phil Peck of Block & Co. represented the seller, Compton Holdings LLC. The buyer was not disclosed. Block & Co. will continue to handle leasing for the center. Six spaces are currently available for lease, ranging from 1,139 to 3,626 square feet. Some of the tenants include Love Coffee, Envy Salon, Papa John’s, Snap Fitness and La Fuente Mexican restaurant.

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AcquisitionsIndustrialMidwestMissouriSelf-Storage

Bellomy & Co. Brokers Sale of Self-Storage Facility in Grain Valley, Missouri

by Kristin Harlow

GRAIN VALLEY, MO. — Bellomy & Co. has brokered the sale of Spare Garage Storage in Grain Valley, an eastern suburb of Kansas City. The sales price was not disclosed. The self-storage facility sits on 3.2 acres and includes 204 non-climate-controlled units. The property spans 39,700 square feet. Bill Bellomy and Michael Johnson of Bellomy & Co. represented the seller, Mid Central Title Inc. The team also procured the buyer, Kaup Properties LLC.

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CivicMidwestMissouri

USDA Selects Kansas City for Relocation of Two Divisions

by Kristin Harlow

KANSAS CITY, MO. — The U.S. Department of Agriculture (USDA) has selected the Kansas City region for the relocation of the Economic Research Service (ERS) and National Institute of Food and Agriculture (NIFA). U.S. Secretary of Agriculture Sonny Perdue cites affordability, easy commutes and quality of life for the site selection process. “The Kansas City region has proven itself to be a hub for all things agriculture and is a booming city in America’s heartland,” he says. “There is already a significant presence of USDA and federal government employees in the region, including the Kansas City Ag Bank Federal Reserve.” In August, USDA had announced that it would undertake the relocations largely to attract and retain staff. The organization says it has been difficult to recruit employees to the Washington, D.C. area given the high cost of living and long commutes. While 90 percent of USDA employees are located outside of the D.C. area, ERS and NIFA are the only USDA agencies that don’t have representation outside of the national capital region. Out of NIFA’s 315 positions, 294 will relocate while 21 will stay in D.C. Of the 329 ERS positions, 253 will relocate while 76 will stay in D.C. …

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AcquisitionsMidwestMissouriMultifamily

Timberland Partners Acquires 608-Unit Apartment Community in Hazelwood, Missouri

by Kristin Harlow

HAZELWOOD, MO. — Timberland Partners has acquired Knollwood Apartments in Hazelwood for an undisclosed price. The garden-style, 608-unit apartment community was built in two phases in 1980 and 1984. Amenities include two outdoor pools, two dog parks, a fitness center and clubhouse. Timberland plans to implement a capital improvement plan and rebrand the property as The Finn. Renovations will include new cabinet fronts, faux wood flooring, stainless-steel appliances, updated lighting fixtures and hardware. This is Timberland’s sixth property in the St. Louis market. The seller was not disclosed.

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