Missouri

Two New Tenants Sign Leases at Fenton Logistics Park in Missouri

by Kristin Harlow December 6, 2018

FENTON, MO. — Two new tenants have signed industrial leases totaling just under 100,000 square feet at Fenton Logistics Park in Missouri. Skin Specialty Solutions Inc. has leased the remaining 48,080 square feet in Fenton Logistics Park I. The first speculative building within the park totals 159,950 square feet. The online skincare company expects to move into its space in February 2019 and create 100 new jobs. Nexius Solutions Inc. has leased 51,772 square feet within Fenton Logistics Park III. The 169,543-square-foot building is now 77 percent leased. The technology company plans to occupy the space in February 2019 and create 50 new jobs. Jon Hinds and Katie Haywood of CBRE represented the landlord, US Capital Development, in both lease transactions. Hal Ball of Hiliker Corp. represented Skin Specialty Solutions, while Jeff Hawley and Brandon Duncan of Block Hawley represented Nexius Solutions. Fenton Logistics Park is a $250 million redevelopment of the former Chrysler plant in Fenton, Mo. Upon full build-out, the development will span 2.5 million square feet.

December 6, 2018

Acquisitions Midwest Missouri Office

KCP Acquisition Purchases 86,778 SF Office Building in Gladstone, Missouri

by Kristin Harlow November 28, 2018

GLADSTONE, MO. — KCP Acquisition LLC has purchased the Northland Innovation Campus in Gladstone, a northern suburb of Kansas City. The purchase price was not disclosed, but the Kansas City Business Journal reports that the property was valued at $20 million as of March 2017. The Class A building features collaborative office space and an education center. The five-story, 86,778-square-foot office building is 92 percent leased to the North Kansas City School District, Northwest Missouri State University and Edward Jones. Gary Carr, Gina Anderson and Robert Hill of CBRE represented the seller, Gladstone Capital LLC.

November 28, 2018

Acquisitions Midwest Missouri Multifamily

Marcus & Millichap Arranges $5.4M Sale of Apartment Property in Lee’s Summit, Missouri

by Kristin Harlow November 21, 2018

LEE’S SUMMIT, MO. — Marcus & Millichap has arranged the sale of Summit Oak, a 94-unit apartment property in Lee’s Summit, for $5.4 million. The property is located at 805 SW Mill St. and consists of eight buildings on nearly six acres. The unit mix includes 20 one-bedroom, 54 two-bedroom and 20 three-bedroom units. Bradley Barham and Max Helgeson of Marcus & Millichap represented the undisclosed buyer and seller.

November 21, 2018

Acquisitions Midwest Missouri Office

Marcus & Millichap Arranges Sale of FBI-Occupied Office Building in St. Louis

by Kristin Harlow November 19, 2018

ST. LOUIS — Marcus & Millichap has arranged the sale of an 89,564-square-foot office building occupied by the regional field office of the Federal Bureau of Investigation (FBI) in St. Louis. The sales price was $21 million, according to the St. Louis Business Journal. The two-story building was completed as a build-to-suit for the FBI in 1999 and was expanded by approximately 15,000 square feet in 2008. Geoff Ficke of Marcus & Millichap represented the buyer, a government-focused real estate fund. The buyer plans to retain ownership through the end of the nine years left on the lease. The seller was not disclosed.

November 19, 2018

Acquisitions Industrial Midwest Missouri

Mid-States Distributing Purchases Former Toys ‘R’ Us Facility in Lee’s Summit, Missouri

by Kristin Harlow November 14, 2018

LEE’S SUMMIT, MO. — Mid-States Distributing LLC has purchased the former Toys ‘R’ Us Kansas City distribution facility located in Lee’s Summit. Mid-States, which is a U.S. and Canadian farm and ranch retail store cooperative, plans to commence operations at the site by the end of the year. The company also plans to hire between 30 and 35 additional employees. Mid-States plans to invest more than $35 million for the 725,769-square-foot facility, which will serve as a centralized distribution point. Toys ‘R’ Us ceased operations earlier this year.

November 14, 2018

Acquisitions Industrial Midwest Missouri

Marcus & Millichap Brokers $14.8M Sale of Industrial Building in Hazelwood, Missouri

by Kristin Harlow November 13, 2018

HAZELWOOD, MO. — Marcus & Millichap has brokered the $14.8 million sale of a 261,380-square-foot industrial building in Hazelwood, a northwest suburb of St. Louis. Located at 8840-8850 Pershall Road, the property was originally built as a Pillsbury baking facility before being converted to a food production facility housing two different tenants. Claire Roberts of Marcus & Millichap secured the buyer, St. Paul Properties. Bradley Barham assisted in closing the transaction. The seller was not disclosed.

November 13, 2018

Acquisitions Midwest Missouri Multifamily

CAPREIT Purchases Two Apartment Communities in Suburban St. Louis

by Kristin Harlow November 9, 2018

O’FALLON AND WENTZVILLE, MO. — CAPREIT has purchased two apartment communities in St. Charles County within suburban St. Louis. The purchase price was $45 million, according to the St. Louis Business Journal. The properties include the 256-unit Peine Lakes in Wentzville and the 266-unit O’Fallon Lakes in O’Fallon. Peine Lakes is home to 205 affordable housing units and 5 market-rate units. Both properties feature units that range in size from 802 to 1,157 square feet. The seller was not disclosed.

November 9, 2018

Acquisitions Midwest Missouri Multifamily

Marcus & Millichap Brokers $18.5M Apartment Portfolio Sale in Independence, Missouri

by Kristin Harlow November 6, 2018

INDEPENDENCE, MO. — Marcus & Millichap has brokered the $18.5 million sale of a 455-unit apartment portfolio in Independence, about 10 miles east of Kansas City. The three properties include the 193-unit Cimmaron, the 108-unit Hillside Apartments, and the 154-unit Sterling 24 Apartments. The portfolio was more than 95 percent occupied at the time of sale. Bradley Barham and Logan Weaver of Marcus & Millichap brokered the 1031 tax-deferred exchange. Neither the buyer nor the seller was disclosed.

November 6, 2018

Development Midwest Missouri Multifamily

Pinnacle Contracting to Complete $9M Apartment Conversion in St. Louis

by Kristin Harlow October 26, 2018

ST. LOUIS — Pinnacle Contracting Inc. has been selected by St. Louis-based developer Pier Property Group to complete the $9 million historic renovation and conversion of the Steelcote Manufacturing Co. paint factory in St. Louis. Pinnacle will transform the 42,000-square-foot property into 33 apartment units. The original five-story building will house 31 units. A second adjoining structure will house the leasing office and bike storage. A third building will be home to two additional units. Steelcote, a rubber enamel coating company, opened the building in 1922. The facility has been vacant since 2006. Architect Trivers Associates and structural engineer KPFF Consulting Engineers make up the project team. Completion is slated for spring 2019.

October 26, 2018

Development Hospitality Midwest Missouri

Midas Opens Dual-Branded Marriott Hotel in Western Suburb of St. Louis

by Kristin Harlow October 26, 2018

WEST COUNTY, MO. — Midas Hospitality has opened a dual-branded Residence Inn and Courtyard by Marriott in West County near St Louis. Midas will manage both the 101-room Residence Inn and the 110-room Courtyard by Marriott. The four-story, 136,000-square-foot hotel is located at the intersection of Manchester Road and I-270. Developer Commercial Development Co. Inc. will own the property. MC Hotel Construction built the hotel. Amenities include a fitness center, indoor pool, meeting rooms and outdoor gathering space. The Courtyard Bistro features a variety of dining options.

October 26, 2018

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