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.
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.
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.
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 …
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.
KANSAS CITY, MO. — Academy Bank, a full-service community bank and wholly owned subsidiary of Dickinson Financial Corp., has opened its new flagship retail banking center and home office in the Crossroads Arts District of Kansas City. The 4,214-square-foot branch is located at 1881 Main St. It occupies the first floor of the standalone building adjacent to Corrigan Station. The bank shares an outdoor courtyard space with neighboring businesses, including The Roasterie and WeWork. In addition to ATM and mobile services, Academy Bank in the Crossroads features walk-up video banking, enabling customers to speak with a video banker during extended hours. Academy Bank plans to open two more Kansas City-area locations this year. In August, it opened an Overland Park branch.
KANSAS CITY, MO. — Newmark Grubb Zimmer (NGZ) has brokered the sale of a 275,162-square-foot industrial building located at 2095-2383 Front St. in Kansas City. The sales price was not disclosed. The multi-tenant property was 58 percent leased at the time of sale to tenants including Cargill, Suburban Industrial Packaging and Grupo Antolin. David Zimmer, Michael VanBuskirk and Chris Robertson of NGZ represented the institutional seller. California-based Industrial Realty Group purchased the building.
ST. LOUIS — Coworking giant WeWork has signed a 60,000-square-foot lease at One Metropolitan Square in downtown St. Louis. The office will serve as the company’s first location in St. Louis. WeWork will occupy space on the 22nd and 23rd floors. One Metropolitan Square, owned by an affiliate of 601W Cos., is the tallest building in St. Louis at 43 stories. It comprises 1.5 million square feet of office and ground-floor retail space. David Steinbach of JLL represented 601W Cos. in the lease transaction with WeWork.
FESTUS, MO. — Marcus & Millichap has brokered the $3.6 million sale of a Comfort Inn hotel in Festus, about 40 miles south of St. Louis. The 89-room property is located at 1303 Veterans Blvd. and recently underwent a renovation. Ebrahim Valliani, Michael Klar, Allan Miller and Chris Gomes of Marcus & Millichap represented the undisclosed buyer and seller.
ST. LOUIS — Fields Foods has opened an 8,200-square-foot grocery store at the Lofts@Euclid, an apartment building in the Central West End of St. Louis. Cullinan Properties owns the building, which is located at the intersection of Euclid and Delmar streets. Fields Foods now shares the ground floor of the 87-unit property with The Medicine Shoppe. A grand opening took place on Thursday, Aug. 15. Many products offered at Fields Foods come from small- and mid-sized farmers and local vendors within 300 miles of St. Louis. Chris Goodson is the owner of Fields Foods.
