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Missouri

MidwestMissouriMixed-Use

Cullinan Properties Unveils Plans for Second Phase of Streets of St. Charles in Missouri

by Kristin Harlow

ST. CHARLES, MO. — Cullinan Properties Ltd. has unveiled plans for the next phase of construction at Streets of St. Charles, which is located about 25 miles northwest of St. Louis. Phase II will include a 60,000-square-foot, three-story building designed to accommodate more retail and office tenants. Construction is slated to begin in spring 2018. The building, located at the northeast corner of Beale and Lombard streets, will incorporate 20,000 square feet of ground-floor retail space and 40,000 square feet of office space. Cullinan Properties will handle leasing efforts for the retail space, while Balke Brown Transwestern will market the office space. Streets of St. Charles, which opened in 2012, features tenants such as Prasino, Tucanos Brazilian Grill, Firebirds Wood Fired Grill, Leopard Boutique, Olivino Tasting Bar and Sole & Blues.

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LoansMidwestMissouriMultifamily

NorthMarq Arranges $7.6M Refinancing for Apartment Property in Arnold, Missouri

by Kristin Harlow

ARNOLD, MO. — NorthMarq Capital has arranged a $7.6 million Freddie Mac loan for the refinancing of Richardson Place Apartments in Arnold, about 18 miles south of St. Louis. The 162-unit apartment property is located at 105 Richardson Place Drive. David Garfinkel of NorthMarq arranged the 10-year loan. The borrower was not disclosed.

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MidwestMissouriRetail

Block & Co. Negotiates $3M Sale of Shopping Center in Lee’s Summit, Missouri

by Kristin Harlow

LEE’S SUMMIT, MO. — Block & Co. Inc. Realtors has arranged the sale of Chapel Ridge Retail Center in Lee’s Summit for $3 million. The 35,000-square-foot shopping center is located at 3680 Akin Drive. The property is 90 percent occupied by tenants including Total Body Fitness, Allstate Insurance, Foxy Nails, Quilter’s Station, KC Salt Mines and Jimmy John’s. William Glasgow of Block & Co. negotiated the sale on behalf of the seller, Rocky Top Holdings LLC. VAAP Chapel Ridge LLC purchased the property. Block & Co. will continue to handle leasing efforts for the new owners.

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MidwestMissouriSelf-Storage

SkyView Advisors Arranges Sale of 440,059 SF Self-Storage Portfolio in Metro St. Louis

by Kristin Harlow

ST. LOUIS — SkyView Advisors has arranged the sale of ACE Storage portfolio in metro St. Louis. The sales price was not disclosed. The portfolio spans six properties and 440,059 square feet. The buildings feature a total of 750 climate-controlled units and 2,246 non-climate-controlled units as well as 331 parking spaces. Ryan Clark of SkyView Advisors represented the undisclosed seller. National Storage Affiliates purchased the portfolio.

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MidwestMissouriMultifamilyStudent Housing

Brinkmann Completes Construction of 415-Bed Student Housing Property in Columbia, Missouri

by Kristin Harlow

COLUMBIA, MO. — Brinkmann Constructors has completed the Rise on 9th, a 178-unit student housing property in Columbia, home of the University of Missouri. The 232,000-square-foot, 10-story property features 178 luxury apartment units. Floor plans range from studios to four-bedroom units with a total of 415 beds. Amenities include a pool and entertainment deck, fitness center, penthouse lounge and private study lounges. CA Student Living developed the property, while ACI Boland provided architectural services.

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HospitalityMidwestMissouri

Salina Hotel Corp. to Develop 83-Room Hotel in Belton, Missouri

by Kristin Harlow

BELTON, MO. — Salina Hotel Corp. will develop an 83-room Fairfield Inn & Suites in Belton, about 20 miles south of Kansas City. The 48,000-square-foot hotel, located between Mullen Road and I-49, is slated for completion by the end of 2018. The project includes construction of a new road, which will be funded by a newly established Community Improvement District (CID). Project partners include the City of Belton and Belton Economic Development Corp.

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IndustrialMarket ReportsMidwestMidwest Market ReportsMissouri

St. Louis Industrial Market Is a Force to Be Reckoned With

by Kristin Harlow

The St. Louis industrial market has enjoyed robust growth in recent years in part because of a growing economy, the rise of e-commerce and 3PL activity, favorable tax incentives and abatement packages and a movement to quality from existing users. With a population of 37.5 million in a 300-mile radius and over 96 million in a 500-mile radius, St. Louis is a distribution force to be reckoned with. Over the past five years, vacancy has dropped from 9 percent to 4.1 percent as of the second quarter of 2017. This number, paired with asking lease rates rising 9 percent during that same time frame, illustrate the health of the market. With more than 2.7 million square feet of space absorbed already this year, the 4.2 million square feet currently under construction will be absorbed quickly. Low vacancies have spurred the need for speculative space, which has increased at a rate not seen before in this market. Recent ongoing or completed projects include a 548,850-square-foot space at Aviator Business Park, 158,000 square feet at Fenton Logistics Park and two 100,000-square-foot buildings at Hazelwood Logistics Center. Having spec product on the market places St. Louis on the radars of users that require …

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MidwestMissouriRetail

Hilliker Corp. Arranges $3.3M Sale of Retail Property in St. Louis

by Kristin Harlow

ST. LOUIS — Hilliker Corp. has arranged the sale of a 28,840-square-foot retail property in St. Louis for $3.3 million. The center is located on 3.6 acres at 5228 and 5240 South Lindbergh Blvd. Outback Steakhouse is the primary tenant at the property. Frank Yocum of Hilliker Corp. represented the seller, NICO Properties I LLC. Stephen F. Bahn Commercial Real Estate represented the buyer, DLJ Lindbergh LLC.

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IndustrialMidwestMissouri

Universal Windows Direct Signs 8,250 SF Industrial Lease in Maryland Heights, Missouri

by Kristin Harlow

MARYLAND HEIGHTS, MO. — Universal Windows Direct has signed an 8,250-square-foot industrial lease in Maryland Heights. The property is located at 11993 Borman Drive. This is the first Missouri location for the Cleveland-based window installation and home improvement company. Scott Martin of Hilliker Corp. represented the tenant in the five-year lease transaction. Pace Properties represented the undisclosed landlord.

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KansasMarket ReportsMidwestMidwest Market ReportsMissouriRetail

National Retail Tenants Enter, Expand Into Kansas City Market

by Kristin Harlow

The greater Kansas City area retail market remains solid as a rock, despite CoStar Group’s mid-year report showing a slight decline in the average asking rental rate and a slight increase in vacancy. The retail vacancy rate in the second quarter of 2017 stood at 5.7 percent, up slightly from the previous quarter’s 5.5 percent. The average asking rental rate for retail is $13.05 per square foot, down from $13.07 in the previous quarter. Local, regional and national restaurant chains continue to expand with strong success throughout all areas of the Kansas City market, and “new-to-market” users continue to open their doors. Currently, there is approximately 570,000 square feet of retail space under construction in the Kansas City area and various mixed-use projects under development. Additionally, several new shopping center projects have recently been announced and are quickly gaining traction with restaurant and retail users. One of the major catalysts for the widespread retail and mixed-use boom throughout greater Kansas City is the various incentives that have been made available to developers including tax increment financing, community improvement districts, transportation development districts, tax abatement and other incentives. On both sides of the state line, as sites become more expensive and …

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