Missouri

Tight Industrial Market Encourages Large-Scale Construction in St. Louis

by Kristin Harlow February 22, 2018

With what appears to be a never-ending stream of construction, the biggest source for excitement coming into 2018 for the St. Louis industrial market is new, speculative development. According to research from Colliers International, construction completions exceeded 4 million square feet in 2017. This is the second-highest year of recorded construction volume for the market due to last year’s Goliath delivery of 6 million square feet. Currently, over 2 million square feet is under construction, with more slated for groundbreaking in 2018. One of the larger projects recently announced is NorthPoint Development’s proposed 300-acre industrial park in Hazelwood, situated in North St. Louis County. According to the St. Louis Post-Dispatch, NorthPoint plans to develop over 3 million square feet focused on logistics and light industrial warehouse space. The big question, it seems, is how long can developers continue to find new tenants for their large, modern bulk developments in St. Louis? Even with high, positive absorption in both 2016 and 2017, expectations for continued growth may be tempered as we move forward in 2018. Looking back at 2017, we see the industrial vacancy rate for metro St. Louis dropped to 6.7 percent at the end of the year. This rate …

February 22, 2018

Loans Midwest Missouri Multifamily

NorthMarq Arranges $20M Construction Loan for Apartment Property in St. Louis

by Kristin Harlow February 15, 2018

ST. LOUIS — NorthMarq Capital has arranged a $20 million construction loan for Hibernia Apartments in the Dogtown neighborhood of St. Louis. The 100-unit apartment property will include 16,000 square feet of retail space to be occupied by a local grocer. David Garfinkel and Dan Baker of NorthMarq arranged the loan through The Bank of Washington. Indianapolis-based Pearl Cos. is developing the project. Completion is slated for the end of this year, according to the St. Louis Post Dispatch. Fields Foods is expected to fill the grocery space.

February 15, 2018

Midwest Missouri Office

Gershman Brokers $8.9M Sale of Two Office Buildings Near St. Louis

by Kristin Harlow February 15, 2018

CLAYTON AND MARYLAND HEIGHTS, MO. — Gershman Commercial Real Estate has brokered the sale of two office buildings near St. Louis. Tim Balk of Gershman represented the seller, CUNA Mutual Financial Group Inc., in both transactions. BMO-1 The Westport LLC purchased a 91,131-square-foot building located at 11960 Westline Industrial Drive in Maryland Heights for $6.2 million. The property was 78 percent leased at the time of sale to tenants such as Kantar Health, YOH Services and Lindenwood University. VAD Realty LLC purchased a 20,838-square-foot building located at 222 S. Meramec Ave. in Clayton for $2.7 million. The Class B property is situated next to Two Twelve Clayton, a newly completed multifamily development.

February 15, 2018

Midwest Missouri Retail

Hanley Investment Group Arranges $2.4M Sale of Retail Building in Arnold, Missouri

by Kristin Harlow February 7, 2018

ARNOLD, MO. — Hanley Investment Group Real Estate Advisors has arranged the sale of a 3,500-square-foot retail building occupied by Aspen Dental in Arnold, a southern suburb of St. Louis, for $2.4 million. The newly constructed building is situated on slightly less than one-half acre at 1200 Big Bill Road. An 80-foot billboard enhances the property’s visibility from the highway. Jeff Lefko and Bill Asher of Hanley represented the seller, DLJ Properties LLC. Robert Gamzeh of Triple Net Investment Group represented the buyer, a Chicago-based private investor.

February 7, 2018

Midwest Missouri Retail

CBL & Associates to Renovate Mid Rivers Mall in St. Peters, Missouri

by Kristin Harlow January 30, 2018

ST. PETERS, MO. — CBL & Associates Properties Inc. will renovate its Mid Rivers Mall in St. Peters, about 30 miles west of St. Louis. A new H&M store will open at the property this fall, requiring three other retailers to relocate to different spaces within the mall. H&M is a women’s and men’s apparel store. Claire’s will move to a 1,250-square-foot store on the lower level. Justice will relocate to a 4,100-square-foot space on the lower level near Dillard’s and Lane Bryant will move to a 5,000-square-foot space on the lower level in the Dillard’s wing. Next month, a pop-up shop will open at the mall, enabling local boutiques to try their business in a mall setting for one week at a time. Other interior projects at the mall include replacing the escalators, improving the elevators and installing new digital directories. All interior projects are slated for completion by this summer. As for exterior improvements, the parking lot will be upgraded to include LED lighting and 24 more poles will be installed. The majority of the lot will be resurfaced this year and the remaining portion will be completed in 2019.

January 30, 2018

Loans Midwest Missouri Multifamily

Walker & Dunlop Provides $9.2M Refinancing for Multifamily Property in Kansas City, Missouri

by Kristin Harlow January 29, 2018

KANSAS CITY, MO. — Walker & Dunlop Inc. has provided a $9.2 million Freddie Mac loan for the refinancing of Santa Fe Village in Kansas City. Built in 1965, the multifamily property includes 215 units. Jeff Schmidt and Tim Cotter of Walker & Dunlop originated the 10-year loan, which features a 30-year amortization schedule. The borrower, Alexander Forrest Investments LLC, completed extensive renovations at the property in 2007 and 2008.

January 29, 2018

Midwest Missouri Restaurant Retail

Copaken Brooks Completes Lease-up of Retail Space at Kansas City Office Building

by Kristin Harlow January 26, 2018

KANSAS CITY, MO. — Copaken Brooks has completed the lease-up of the retail space at its Town Pavilion office building in Kansas City. The property totals 840,642 square feet with 30,372 square feet of first-floor retail space. Three new tenants — Johnny C’s Deli & Pasta, Chick N Pie and Ruby Jean’s Juicery — have signed leases at the property. Johnny C’s is a local Italian deli that serves pastas, sandwiches and salads. Chick N Pie will occupy the space formerly home to Pizza Hut and KFC Express. The quick-service concept, from the same owners of Plowboys BBQ, serves chicken, burgers, pizza and salads. Ruby Jean’s Juicery specializes in smoothies, juices, performance shakes and snacks. The company has five other locations.

January 26, 2018

Loans Midwest Missouri Office

NorthMarq Arranges $13.2M Acquisition Loan for Office Building in St. Louis

by Kristin Harlow January 25, 2018

ST. LOUIS — NorthMarq Capital has arranged a $13.2 million loan for the acquisition of the Westview office building in St. Louis. The 125,645-square-foot property is located at 12312 Olive Blvd. near Highway 270. David Garfinkel of NorthMarq arranged the loan on behalf of the borrower, Diamond Income Fund Investors. A life insurance company provided the loan.

January 25, 2018

Midwest Missouri Ohio Retail

Hanley Investment Group Arranges $4.2M Sale of Properties Occupied by 7-Eleven in Missouri and Ohio

by Kristin Harlow January 25, 2018

VALLEY PARK, MO. AND LAKEWOOD, OHIO — Hanley Investment Group Real Estate Advisors has arranged the sale of three properties occupied by 7-Eleven for $4.2 million. One of the properties, a 2,193-square-foot building and gas station located in Valley Park, Mo., sold for $1.9 million. The property was built in 1998. Jeremy McChesney of Hanley represented the seller, Equitas Investments. Matt Lemon and Suheil Sahouria of The Trafton Group represented the buyer, a private investor. Built in 1975, the second building features 2,410 square feet and is located in Lakewood, Ohio. The property sold for $885,000. McChesney again represented the seller, Equitas Investments. Matt Waterman of Pegasus Investments represented the buyer, a private investor based in California. The sales transaction also included a third property located in Florida.

January 25, 2018

Market Reports Midwest Midwest Market Reports Missouri Office

Uptick in Speculative Development Bodes Well for Tenants in St. Louis Office Market

by Kristin Harlow January 18, 2018

Welcome to St. Louis, Missouri. Home to nine Fortune 500 companies and the 11-time world champion St. Louis Cardinals franchise. St. Louis currently lays claim to nearly 3 million residents in the metropolitan statistical area and has exemplified economic stability and consistent growth since the Great Recession. Herein we’ll explore one key indicator of the economic health of the region: the slow but steady growth of the St. Louis office market. Demand drivers With approximately 136 million square feet of space, St. Louis is one of the largest office markets in the Midwest, and it is getting larger. Increased demand in the local office market has been predominantly driven by job growth and the consistent decrease in unemployment since its high mark of 10.4 percent in the fourth quarter of 2009. As of November 2017, the region’s unemployment rate is down to a healthy 3.3 percent, compared to a national average of 4.1 percent. Consequently, this demand for office space has resulted in decreased vacancy, increased rental rates and, ultimately, new construction. At the end of the third quarter of 2017, the vacancy rate was 7.6 percent, down from 8.7 percent in 2016. Average asking rental rates were up to …

January 18, 2018

Newer Posts

Older Posts