KANSAS CITY, MO. — Brennan Investment Group LLC has acquired a nine-building industrial portfolio in Kansas City. The portfolio spans 559,367 square feet within the Jackson County submarket. Neither the sales price nor the seller were disclosed. “Our new investment in Kansas City exhibits the key elements of our value-add investment criteria: an infill location, with modern functional attributes priced below replacement cost,” says Scott McKibben, chief investment officer and managing principal of Brennan Investment Group.
GRANDVIEW, MO. — Hanley Investment Group Real Estate Advisors has brokered the sale of an 8,000-square-foot retail building on a pad site in Grandview, 14 miles south of downtown Kansas City, for $3.4 million. The multi-tenant building is located at 12410 S. U.S. Highway 71 in Truman’s Marketplace shopping center. The building is 100 percent occupied by T-Mobile, McAlister’s Deli and KC Speed Nails. Jeff Lefko and Bill Asher of Hanley Investment Group represented the seller, a private developer based in Kansas City. John Stafford of Colliers International represented the buyer, a Thousand Oaks, Calif.-based private investor.
ST. JOSEPH, MO. — Time Equities Inc. (TEI) has acquired two multifamily properties in St. Joseph for $26 million. Both properties were formerly industrial facilities converted into residential buildings. Foutch Brothers LLC was the seller. St. Joseph is approximately 55 miles north of Kansas City. Mitchell Park Plaza, located at 1300 S. 11th St., consists of 301 units spanning 271,584 square feet. Located in the former Mead Paper Products Factory, the property offers studio, one-, two- and three-bedroom apartments. Amenities include an indoor pool, jogging track, outdoor movie theater, atrium and laundry facilities. Lofts at 415, located at 415 N. 3rd St., consists of 48 loft units spanning 52,612 square feet. Once home to a Pony Express warehouse, the property offers two- and three-bedroom units up to 1,300 square feet. Clifton Martin of TEI managed the transaction on behalf of TEI. Matt Ledom and Aaron Mesmer of Block Real Estate Services LLC brokered the transaction on behalf of Foutch.
MARYLAND HEIGHTS, MO. — Homewood Suites by Hilton St. Louis Westport has opened in Maryland Heights, a suburb of St. Louis. Developed and owned by Lodging Hospitality Management, the hotel consists of 121 suites. Amenities include complimentary breakfast, Wi-Fi, a grocery shopping service, outdoor patio, fitness center, indoor pool and putting green. The hotel is located at 2434 Old Dorsett Road and offers convenient access to Lambert-St. Louis International Airport.
CHICAGO — Blueprint Healthcare Real Estate Advisors, a Chicago-based brokerage firm, has negotiated the sale of 18 skilled nursing facilities located throughout the Midwest for $82 million. The portfolio included nine properties in Kansas, six in Missouri, two in Iowa and one in Nebraska. The specific names and locations of the properties were not disclosed. The regional portfolio comprises 1,843 total licensed beds and generated approximately $110 million in revenue on a trailing basis at the time of sale. Most of the facilities are situated in suburban neighborhoods, while several of the centers were in secondary markets within driving distance from Kansas City. The seller, a publicly traded owner-operator, was looking to exit the Midwest region to create a tighter geographic density for its properties, as well as focus on hospital partnerships. The buyer is Illinois-based Cascade Capital Group, which went through several rounds of bidding. The sale includes an undisclosed level of HUD mortgage debt and two leased assets. The sales price equates to $45,000 per bed. Ben Firestone, Christopher Hyldahl and Michael Segal of Blueprint structured the transaction.
RICHMOND HEIGHTS, MO. — Associated Bank has provided an $8 million loan for the redevelopment of the former Manhasset Village apartment complex in Richmond Heights, a suburb of St. Louis. The four-building property is located at 1351 McCutcheon Ave. The project, the second phase of redevelopment at the community, will update a total of 46 apartments including a mix of one-, two- and three-bedroom floor plans ranging in size from 762 to 1,465 square feet. Residents moved into the first phase of the project, EVO, in fall 2016. Phase II is slated for completion in late 2017 or early 2018. Edward Notz of Associated Bank managed the loan for the borrower, Draper and Kramer Inc./MV Two LLC.
ST. LOUIS — HREC Investment Advisors has arranged the sale of the Holiday Inn Airport West-Earth City in St. Louis. The sales price was not disclosed. The 155-room hotel is located less than eight miles from Lambert-St. Louis International Airport. Ted Anka and Tom Sommer of HREC represented the undisclosed seller in the transaction.
ST. LOUIS — JAB Holding Co., the private investment firm that purchased Krispy Kreme Doughnuts last year, has agreed to purchase Panera Bread Co. (NASDAQ: PNRA) in a transaction valued at approximately $7.5 billion. JAB will acquire Panera Bread for $315 per share in cash and will assume approximately $340 million of net debt. Panera Bread’s board of directors has unanimously approved the purchase agreement, which is expected to close in the third quarter of this year. “We strongly support Panera’s vision for the future, strategic initiatives, culture of innovation and balanced company versus franchise store mix,” says Olivier Goudet, partner and CEO of JAB. “We are excited to invest in, and work together with, Panera’s management team and franchisees to continue to lead the industry.” As of Dec. 27, 2016, there were 2,036 bakery-cafes in 46 states and in Ontario, Canada operating under the Panera Bread, Saint Louis Bread Co. or Paradise Bakery & Café names. Information about whether or not the transaction will affect Panera Bread’s restaurant locations was not disclosed. After 25 years operating as a publicly traded company, Panera Bread will become private and continue to be operated independently by its management team. Speaking to The …
ST. LOUIS — Dougherty Mortgage LLC has arranged a $5.2 million HUD loan for the refinancing of the Downtowner Apartments in St. Louis. Originally constructed as a hotel in 1963, the 95-unit affordable housing property was renovated and converted into apartment units in 2007. In addition to the rental units, there is approximately 5,652 square feet of retail and restaurant space on the first floor. Dougherty’s Minneapolis office arranged the loan, which includes a 35-year amortization schedule. Washington Avenue Apartments LP was the borrower.
WENTZVILLE, MO. — Hampton Inn St. Louis Wentzville has opened near St. Louis. The $12 million hotel features 64,000 square feet and 109 rooms. The hotel is located at 150 Wentzville Bluffs Drive in the new Wentzville Bluffs development. Amenities include a fitness center, indoor pool, meeting rooms and outdoor grill area. Midas Hospitality is managing the hotel. MC Hotel Construction, the sister company of Midas, was the general contractor.