KANSAS CITY, MO. — Colliers International has brokered the sale of two office buildings within the Ward Parkway Corridor of Kansas City. One of the properties, 8080 Ward Parkway, is a 41,034-square-foot multi-tenant building that was 64 percent occupied at the time of sale. The other property, 9140 Ward Parkway, is a 33,687-square-foot building that was 76 percent occupied at the time of sale. Both assets were built in 1970. Mike Yeggy and Ross Simpson of Colliers represented the seller, Asset Management Group. The buyers, two private investors, plan to redevelop the properties.
BELTON, MO. — The city of Belton has approved development plans for a 95-room Avid Hotel by IHG. The four-story hotel is expected to be the first Avid property to open in the Kansas City area. Completion is slated for the end of 2020. The property will include a fitness room and lobby with “grab-and-go” breakfast. The project team includes developer Liberty Hotel Group, general contractor Genesis Construction Management, architect B+A Architecture and civil engineer Renaissance Infrastructure Consulting.
The St. Louis industrial market is in the middle of a significant construction boom. Total square footage under construction is at a record-high 6.3 million square feet, with 2.8 million square feet of activity completed in 2018. The last two years have experienced historically high levels of overall net absorption with 4 million square feet in 2017 and 5.6 million square feet in 2016. These absorption levels are significantly higher than pre-recession market numbers. The expected 3 million square feet of positive absorption in 2018 is 1 million square feet higher than what had ever been recorded prior to 2014. A significant portion of this absorption is due to several large transactions in newly constructed, and often tax-abated, parks. Whether or not this level of construction and sizable deals is sustainable remains to be determined, but many trends within the economy indicate that this can continue. The vacancy rate for the St. Louis industrial market dropped to 6.21 percent in the third quarter of 2018, the lowest rate since 2006. This drop in available space bumped average direct asking rates up to $4.58 per square foot, the highest level since before the recession. Earth City and North …
KANSAS CITY, MO. — WürthBaer Supply Co. has signed a 66,448-square-foot industrial lease at 1758 N. Topping Ave. in Kansas City. Founded in 1950, the company is a specialty wholesale distributor to the woodworking industry. The Vernon Hills, Ill.-based company will relocate from its facility at 7440 E. 12th St. in Kansas City. Steven Podolsky of Podolsky Circle CORFAC International represented the tenant, which will take occupancy of the new space in June. Karbank Real Estate Co. assisted Podolsky Circle.
KANSAS CITY, MO. — Copaken Brooks and Burns & McDonnell have broken ground on Reverb, a 14-story apartment building in the Crossroads Arts District of Kansas City. Completion is slated for summer 2020. The property’s 132 units will sit atop a two-story parking garage. The design also calls for 2,000 square feet of retail space, which will be situated on the ground level, as well as space for food trucks and a sidewalk park. About 10 percent of the units will meet Kansas City’s affordability standards. CP Real Estate Capital is the investment partner for the project. Total investment is expected to be approximately $40 million. The name Reverb comes from the reverberation.
ST. LOUIS — Guardian Pharmacy Services, a long-term care pharmacy company, has opened a new location in St. Louis. The opening enables Guardian Pharmacy of Missouri to expand its footprint to serve assisted living, skilled nursing, memory care and independent living communities across eastern Missouri. The 6,500-square-foot facility will house technology/automation and an education center to provide in-service and nursing instruction courses for pharmacy employees as well as community staff members. With the new St. Louis location and the existing Springfield location, the company has been able to sign 12 new communities serving approximately 1,000 residents.
TOWN AND COUNTRY, MO. — Ten Capital Management (TCM) has acquired 575 Maryville, a Class A office building in Town and Country, a suburb of St. Louis. The 258,441-square-foot building includes a fitness center, two conference rooms, on-site dining and parking. The property is currently 97 percent leased to four tenants, including anchor Cushman & Wakefield. Neither the seller nor the sales price was disclosed.
KANSAS CITY, MO. — Berkadia has arranged $30 million in acquisition financing for 909 Walnut, a high-rise apartment building in Kansas City. Located at 909 Walnut St., the property includes 152 apartment units. The bottom four floors consist of office space. Amenities include a rooftop garden and fitness center. The purchase included both the office and apartment portions of the property as well as the parking garage. John Schorgl of Berkadia arranged the financing on behalf of the borrower, Worcester Investments. Fannie Mae provided the 12-year permanent financing, which features an interest-only period and a 30-year amortization schedule. Daniel Burkons, Michael Barron, Joshua Wintermute and Max Helgeson of Marcus & Millichap’s Institutional Property Advisors represented the seller, a Dallas-based private investor.
KANSAS CITY, MO. — The LCP Group LP and Blue Vista Capital Management have acquired the Hilton Kansas City Airport hotel for an undisclosed price. The 347-room hotel is located less than three miles from the Kansas City International Airport. The hotel recently underwent renovations to its guest rooms, public spaces and meeting rooms. In addition to a fitness center and pool, the property features an on-site restaurant, Asado Urban Grill. HEI Hotels & Resorts will manage the hotel.
LIBERTY, MO. — Block & Co. Inc. Realtors has negotiated the sale of a 19,900-square-foot retail building in Liberty, a northeastern suburb of Kansas City. The sales price was not disclosed. The property is located on a one-acre pad site in front of Liberty Commons shopping center. The building is fully leased to Blaze Pizza, Phone Medic, Evolve Juicery & Paleo Kitchen, Chic Nails & Spa, Orange Theory Fitness, Joplimo Mattress and McAlister’s Deli. David Block and Alex Block of Block & Co. represented the buyer, Liberty Commons 2018 LLC. Legacy Liberty LLC was the seller. Block & Co. will handle leasing and property management for the building.