KANSAS CITY, MO. — The Parking REIT Inc. has sold two adjacent surface parking lots in Kansas City for a combined price of $4 million. The sale included 1130 Holmes St., a 1.2-acre lot with 164 spaces; and 1101 Cherry St., a half-acre lot with 84 spaces. Block 66 LLC acquired the assets. The Parking REIT, formerly known as MVP REIT II Inc., had acquired the surface lots for approximately $2.8 million in December 2017.
CHESTERFIELD, MO. — L5 Investments and BH Equities have acquired Schoettler Village Apartments in Chesterfield, a western suburb of St. Louis. The purchase price was not disclosed. The new ownership plans to embark on an $8.4 million capital improvement program over the next three years to upgrade unit interiors. Built in 1978 and located at 15480 Elk Ridge Lane, the property is situated on 26 acres and includes 46 three-story buildings. There are 255 two-bedroom units and 45 three-bedroom units. Community amenities include a business center, pool, clubhouse, fitness center, fenced dog park, playground and picnic areas. Andrea Kendrick and Ken Aston of Berkadia brokered the transaction on behalf of the buyers and the undisclosed seller.
HOLLAND, MO. — NorthMarq Capital has arranged a $3 million loan for the refinancing of a retail building occupied by D&W Fresh Market in Holland in southeastern Missouri. The 62,139-square-foot retail property is located at 50 Douglas Ave. Susan Branscome of NorthMarq arranged the 20-year loan, which is fully amortized. A life insurance company provided the loan.
KANSAS CITY, MO. — Rainbow 73 Wornall LLC, a local investment group headed by David Block of Block & Co. Inc. Realtors, has acquired a retail building and .58-acre land site in Kansas City for an undisclosed price. Pride Cleaners currently occupies the 3,000-square-foot building, which is located at 7300 Wornall Road. Block & Co. plans to redevelop the site as a multi-tenant retail center or freestanding restaurant. Pride Cleaners plans to relocate to the corner of 75th Street and Wornall Road. David Block and Marshal Blount of Block & Co. brokered the sale. SNSC Properties LLC was the seller.
ST. LOUIS — Ridgehouse Capital has acquired PW Shoe Loft Apartments in midtown St. Louis for $8.4 million. The property features 34 lofts and is located at 3433 Locust St. adjacent to St. Louis University. The property is fully occupied. Bobby Mills, Mike Hanrahan and Paul Hilton of Cushman & Wakefield represented the seller, PW Shoe Lofts LP.
ST. LOUIS — The renamed McKnight Place Assisted Living & Memory Care in St. Louis has undergone a $32 million renovation. The project’s first phase included a three-story, 102,000-square-foot expansion featuring 90 apartment units. The second phase included a 74,000-square-foot renovated space with 18 additional assisted living suites and 27 separate memory care suites. Amenities include a main-floor dining room, café bistro, fitness center, chapel, billiard room, beauty salon, art room and greenhouse. The property is located on the 15-acre care campus at The Gatesworth, which now totals more than 1 million square feet of space for seniors. GateCo Development was the general contractor for the project. Greystone provided financing.
ST. LOUIS — S.M. Wilson has begun construction of Phase I of the City Foundry STL mixed-use project in St. Louis. Plans call for the construction and renovation of six buildings, improvements to the 10-acre site and the construction of more than 60 tenant spaces. The $185 million Phase I includes 122,000 square feet of restaurant and entertainment space, 105,000 square feet of retail space and 110,000 square feet of office space. Steve Smith and London-based Caparo are the developers. Lawrence Group is the architect. Tenants are expected to begin opening at the property in mid-2019. The tenants disclosed by the developer include Alamo Drafthouse Theaters, Punch Bowl Social and McNellies Group. The project is the adaptive reuse of the former Century Electric Foundry complex.
FENTON, MO. — Hubbell-Killark, a provider of integrated electrical industrial products, and BASF, a chemical producer, have signed leases at Fenton Logistics Park in suburban St. Louis. Hubbell-Killark will occupy a 160,000-square-foot building, while the agricultural services division of BASF will occupy 80,000 square feet at another building. The tenant spaces are slated for delivery by the end of this year. KP Development has invested nearly $75 million in the development of Fenton Logistics Park at the former Chrysler site. Nearly one-third of the park is now leased.
KANSAS CITY, MO. — Lingerfelt CommonWealth Partners LLC, in a joint venture with CrossHarbor Capital Partners LLC, has acquired a 28-story, 538,741-square-foot office tower in Kansas City. The purchase price was not disclosed. The seller was Franklin Street Partners, according to the Kansas City Business Journal. Gina Anderson, Gary Carr, Robert Hill and Russell Ingrum of CBRE arranged the transaction on behalf of the seller. The Class A property, located at 2345 Grand Blvd., includes a parking garage and an adjacent four-story annex building. Architect Mies van der Rohe designed the property, which was developed by Shorenstein Co. in 1977. Anchored by law firm Lathrop Gage, the tower is approximately 73 percent occupied. Lingerfelt plans to make a capital investment in the building with a renovation of the lobby and common areas, as well as a reconfiguration and renovation of the ground-floor retail portion of the annex building. Upgrades are planned for the fitness center, locker room, conference center and tenant lounge. Commonwealth Commercial Partners, the company’s property management affiliate, will handle all aspects of the day-to-day asset and property management. Miles McCune, Jeff Winters and Travis Helgeson of Cushman & Wakefield will handle the leasing and marketing of the building’s available …
ST. LOUIS — The Cordish Companies, the St. Louis Cardinals and Loews Hotels & Co. have broken ground on the new $65 million Live! by Loews hotel in St. Louis. The hotel will be located inside the second phase of Ballpark Village, a mixed-use development surrounding the Cardinals’ Busch Stadium. The eight-story hotel will feature 216 rooms, including 19 suites. An outdoor terrace will feature a bar called “Gashouse Gang,” a nickname given to the Cardinals baseball team that ultimately won the World Series in 1934. The hotel will also include a wine bar, bourbon bar, second-level terrace bar and open display kitchen. The second level will include 17,000 square feet of meeting and event space. HKS Architects Hospitality Studio designed the hotel. The $260 million second phase of Ballpark Village also features a 29-story apartment tower, a Class A office tower anchored by PricewaterhouseCoopers and a three-story retail pavilion anchored by Onelife Fitness.