Missouri

Knoebel Construction Breaks Ground on $5M Grocery Store in St. Peters, Missouri

by Kristin Harlow September 20, 2017

ST. PETERS, MO. — Knoebel Construction has broken ground on a new Fresh Thyme Farmers Market in St. Peters, about 30 miles west of St. Louis. The $5 million project is slated for completion in winter 2018. Approximately 95 people will work at the 28,720-square-foot store. InSite Real Estate is developing the property. NORR is providing architectural services. Fresh Thyme is a specialty grocer rapidly expanding in the Midwest with other St. Louis-area stores in Kirkwood, Ballwin and O’Fallon, Mo.

September 20, 2017

Midwest Missouri

Great Rivers Greenway to Accept Design Submissions for Greenway in St. Louis

by Kristin Harlow September 19, 2017

ST. LOUIS — Great Rivers Greenway is developing the Chouteau Greenway in the core of St. Louis. The public agency is now accepting submissions for the greenway design. The conceptual plan will connect Forest Park and Washington University to the Gateway Arch grounds. Design qualifications must be submitted by Nov. 21. Four finalists will be offered a stipend to work on the design, which will be reviewed by the public and presented to a jury in late April 2018. The winning team will finalize its design in June 2018. The greenway will likely stretch five to seven miles, connecting area neighborhoods, employment centers, parks, transit and dozens of cultural and educational institutions. The Chouteau Greenway will be part of the overall network of greenways being built by Great Rivers Greenway and partners. The first segment of the Chouteau Greenway is currently under construction as part of the Transportation Investment Generating Economic Recovery (TIGER) grant project to build a new MetroLink station at the Cortex Innovation Community. The competition and resulting conceptual design will help partners determine a plan and schedule for designing and building additional portions of the overall greenway.

September 19, 2017

Loans Midwest Missouri Multifamily

Dwight Capital Provides $63.1M Refinancing for Apartment Property in St. Louis

by Kristin Harlow September 18, 2017

ST. LOUIS — Dwight Capital has provided a $63.1 million loan for the refinancing of Park Pacific Apartments in St. Louis. The property is an adaptive reuse of the historic Missouri Pacific Railroad building located downtown. Originally built in the 1920s, the property was rehabilitated into a mixed-use development in 2011. Park Pacific now features 230 luxury apartments, 48,000 square feet of Class A office space, 28,000 square feet of ground-floor retail space and a 585-space parking garage. Adam Sasouness and Josh Hoffman of Dwight Capital originated the 40-year loan. The borrower, The Lawrence Group, will use about $300,000 of the funds to improve the energy efficiency of the property.

September 18, 2017

Kansas Market Reports Midwest Midwest Market Reports Missouri Office

Myriad Factors Help Explain Why Kansas City Office Market Has Not Reached Full Altitude

by Kristin Harlow September 14, 2017

The Kansas City office market is poised for increasing rental rates and decreasing vacancy rates for the remainder of 2017 and into 2018. Kansas City has realized its 14th consecutive quarter of increased rental rates (through March 2017), while vacancy has decreased in the overall metro area due to lack of new office construction and a steady pace of absorption. Several factors contribute to the complexity of why the market is good but not great, steady but not dynamic, with no one factor driving the steady upward climb. It has been like a plane taking off but never reaching full altitude. A contradiction of sorts is contributing to the rental rate increases and vacancy decline, while there is still a lack of newly constructed space. Bread-and-butter leasing absorption and a lack of new speculative development have been the main ingredients in the overall solid market for office activity. The velocity in the market is doing its job of generating positive absorption each quarter while rates inch up. The lack of large blocks of space has created a few new construction projects, but not as many as experts had predicted and hoped for. Costs on the rise Higher construction costs and …

September 14, 2017

Industrial Midwest Missouri

Hilliker Arranges $7M Sale of Two Industrial Buildings in St. Louis

by Kristin Harlow September 12, 2017

ST. LOUIS — Hilliker Corp. has arranged the sale of two industrial buildings in St. Louis for approximately $7 million. Serioplast, a plastic manufacturer based in Italy, purchased a 132,000-square-foot building located at 4400 Planned Industrial Drive. Service Metals Inc., an industrial valve distributor, purchased the property located at 4300 Planned Industrial Drive. Madison Warehouses built both properties in the 1990s. Hal Ball and Chris Taff of Hilliker Corp. represented the tenants in the transactions.

September 12, 2017

Midwest Missouri

McCarthy Completes Interim Science Building at Saint Louis University

by Kristin Harlow September 11, 2017

ST. LOUIS — McCarthy Building Cos. Inc. has completed the conversion of a former charter elementary school into an interim science building for Saint Louis University (SLU) in St. Louis. Located on SLU’s south campus, the building is now home to research, teaching and office space for the biology department while the University renovates Macelwane Hall, which experienced a fire and subsequent water damage in May of this year. The 50,000-square-foot renovation was completed in time for the fall 2017 semester. McCarthy reworked the mechanical and electrical systems to accommodate advanced research and teaching labs.

September 11, 2017

Industrial Midwest Missouri

Alkem Laboratories, Beckwood Press Co. Sign Leases at Fenton Logistics Park in Missouri

by Kristin Harlow September 11, 2017

FENTON, MO. — Alkem Laboratories and Beckwood Press Co. have signed industrial leases totaling 87,966 square feet at Fenton Logistics Park in Fenton. Alkem Laboratories, a pharmaceutical company, signed a 32,086-square-foot lease in the park’s first speculative building located at 2050 Fenton Logistics Blvd. Beckwood Press Co., a hydraulic equipment supplier, signed a 55,880-square-foot lease at the park’s second speculative building, which is currently under construction. Jon Hinds and Katie Haywood of CBRE represented the landlord and developer, KP Development. JLL and NAI Desco represented Alkem and Beckwood Press, respectively.

September 11, 2017

Industrial Midwest Missouri

Dejana Truck & Utility Signs 90,000 SF Industrial Lease in Kansas City’s SubTropolis

by Kristin Harlow September 1, 2017

KANSAS CITY, MO. — Dejana Truck & Utility Equipment has signed a 90,000-square-foot industrial lease in SubTropolis within Kansas City. The automotive equipment manufacturer will run a new Ford Transit and Ford F-150 upfitting operation at the underground business complex. The New York-based subsidiary of Douglas Dynamics Inc. (NYSE: PLOW) will also lease two additional acres in SubTropolis for vehicle staging. Dejana manufactures van partitions, racking systems and hauling systems for aftermarket installation on commercial vans and trucks. Hunt Midwest owns the property.

September 1, 2017

Healthcare Midwest Missouri

McGrath Completes Construction of NICU at Hospital in O’Fallon, Missouri

by Kristin Harlow August 31, 2017

O’FALLON, MO. — McGrath & Associates has completed construction of a neonatal intensive care unit (NICU) within the Childbirth Center at Progress West Hospital in O’Fallon. The eight-bed NICU will allow the hospital to care for premature babies born as early as 32 weeks after pregnancy. The NICU features eight newborn intensive care beds throughout a special care nursery, procedure room and baby nursery. Fox Architects was the project architect.

August 31, 2017

Midwest Missouri Retail

Block & Co. Brokers Sale of 65,000 SF Shopping Center in Raytown, Missouri

by Kristin Harlow August 30, 2017

RAYTOWN, MO. — Block & Co. Inc. Realtors has brokered the sale of Raytown Crossing shopping center in Raytown, a suburb of Kansas City. The sales price was not disclosed. The 65,069-square-foot center is located at 6715-6731 Blue Ridge Blvd. Tenants include Extreme Grand Prix Indoor Go Karting and Lonnie Bush Fitness. Bill Maas and Jay Friedman of Block & Co. negotiated the sale on behalf of the seller, CTA Properties LLC. The buyer was not disclosed.

August 30, 2017

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