Missouri

St. Louis College of Pharmacy Opens $50M Recreation and Student Center

by Kristin Harlow August 28, 2017

ST. LOUIS — The St. Louis College of Pharmacy has opened its new $50 million recreation and student center. The 193,000-square-foot building marks the end of a two-phase construction project that has added more than 400,000 square feet of space to the campus. Features of the new building include a 10,000-square-foot recreation center, a 350-seat dining hall and a 220-bed residence hall for first- and second-year students. The additional residence hall will double the amount of living space on campus. The building will also house the college’s intercollegiate athletic programs, giving student athletes access to a 1,100-seat competition gymnasium and training facilities. The building also features a recreation gymnasium, a 200-meter track, meeting rooms and a student center with student support offices. St. Louis-based Forum Studio designed the building. Paric Corp. managed the project construction.

August 28, 2017

Market Reports Midwest Midwest Market Reports Missouri Office

Dramatic Rise in Tech Jobs Propels Growth in St. Louis Office Market

by Kristin Harlow August 24, 2017

Rapid growth in the tech sector is dramatically impacting the St. Louis office market. The city boasted an increase of 6,220 high-tech jobs during the last four years, over 2,000 of which were generated in the past year alone. Given the total number of tech jobs in St. Louis is 57,300, this amounts to a healthy growth rate of 10.9 percent. From well-known companies like Square Inc., Yurbuds and Answers.com to newer ones such as LockerDome, Aisle411 Inc. and MediBeacon Inc., the St. Louis region is a growing hot spot for innovative, new and expanding companies. These companies include leaders in the areas of plant and life sciences as well as financial services, information technology, advanced manufacturing and even rapidly growing pet care industries. Significant healthcare and biotechnology institutions in the region include Pfizer, Donald Danforth Plant Science Center, Solae Co. and Sigma-Aldrich. As capital injections slow in the coastal markets, St. Louis’ startup scene is thriving, attracting talent, new companies and investors from across the globe. According to Forbes, the city was named the fastest-growing metropolis for startups in 2016. Analytical website fivethirtyeight.com reaffirmed St. Louis’ increased appetite for startups, attributing the uptick in part to a combination of …

August 24, 2017

Midwest Missouri Retail

First Tenants at The Shoppes at Mid Rivers Near St. Louis to Open in September

by Kristin Harlow August 18, 2017

ST. PETERS, MO. — Developer GBT Realty Corp. is nearing completion of The Shoppes at Mid Rivers, a 270,000-square-foot shopping center in St. Peters, a suburb of St. Louis. The project is the largest retail development in the St. Louis metro area in nearly a decade, according to GBT. Burlington, Marshalls, HomeGoods and Aspen Dental are set to open at the property in September. Academy Sports + Outdoors and Famous Footwear will open in October. Ross, OshKosh B’gosh, Five Below and Nail Lounge will open in the first quarter of 2018. Approximately 30,000 square feet of space remain available for lease. Knoebel Construction Inc. served as general contractor.

August 18, 2017

Midwest Missouri Net Lease Retail

Pinnacle Brokers Sale of 9,100 SF Property Net Leased to Dollar General in Gravois Mills, Missouri

by Kristin Harlow August 10, 2017

GRAVOIS MILLS, MO. — Pinnacle Real Estate Advisors LLC has brokered the sale of a single-tenant retail property net leased to Dollar General in Gravois Mills, located in central Missouri. The sales price was not disclosed. The 9,100-square-foot property was constructed this year on a 4.4-acre site at 25568 Highway 5. The property is located on the Lake of the Ozarks, a Midwest lake resort destination. Dollar General has signed a 15-year lease, which features 10 percent rental escalations in each of the renewal option periods. Zach Wright and Jeff Johnson of Pinnacle represented the seller, a Midwest-based developer. Kevin Calame and Matt Lewallen of Pinnacle represented the purchaser, a Colorado-based 1031 exchange investor.

August 10, 2017

Industrial Midwest Missouri

Contegra Builds 1.1 MSF Logistics Center in Wentzville, Missouri

by Kristin Harlow August 9, 2017

WENTZVILLE, MO. — Contegra Construction Co. has completed a 1.1 million-square-foot logistics center in Wentzville, about 40 miles west of St. Louis. The multi-million dollar facility, which serves as a logistics optimization center for the nearby General Motors Corp. assembly plant, is located on a 132-acre site at 201 Wentzville Industrial Drive. TVS Supply Chain Solutions operates the center. The building features 32-foot clear heights, 168 dock doors and six drive-in doors. The project is among 14 logistic facilities in the metro St. Louis area that Contegra is currently building or has completed in 2017. NorthPoint Development was the project developer.

August 9, 2017

Loans Midwest Missouri Multifamily

NorthMarq Arranges $4.3M Acquisition Loan for Apartment Property in Kansas City, Missouri

by Kristin Harlow August 7, 2017

KANSAS CITY, MO. — NorthMarq Capital has arranged a $4.3 million loan for the acquisition of The Devereaux Apartments in Kansas City. The 60-unit apartment property, built in 1967, is located at 3624 Warwick Blvd. Noah Juran of NorthMarq arranged the three-year loan. A bridge lender provided the loan for the undisclosed borrower.

August 7, 2017

Midwest Missouri Multifamily Seniors Housing

Wiegmann Completes HVAC Project for $17.5M Seniors Community in Suburban St. Louis

by Jeff Shaw August 1, 2017

CHARLES, MO. — St. Louis-based contractor Wiegmann Associates has completed the installation of the HVAC system at Cedarhurst of St. Charles, a new $17.5 million seniors housing community in the St. Louis metro of St. Charles. The 99,000-square-foot property features 76 assisted living units and 24 memory care units. Vermont-based Dover Development LLC developed the property, and Illinois-based IMPACT Strategies Inc. served as construction manager. The community officially opened June 25. Cedarhurst Living LLC will operate the facility.

August 1, 2017

Market Reports Midwest Midwest Market Reports Missouri Office

Specialty Practices Drive Growth in Kansas City Medical Office Market

by Kristin Harlow July 27, 2017

Kansas City is in the midst of an aggressive expansion of capital investment in medical office space that is consistent with national activity. A variety of factors drive these developments, including patients’ expectations for medical care, a change in how large-scale healthcare operators view their networks and the growth of specialty practitioners. The evolution of medical space created by these forces leads to an entirely new development approach. The most obvious evidence of this change in the Kansas City market is located along the Interstate 435 corridor between State Line Road and Metcalf Avenue. Every major healthcare operator in the metro area either has an established presence there, is in the midst of an expansion project, or both. Within that area, the new medical office building for St. Luke’s Health System at Mission Farms was completed in the second half of 2016. Further west, the 76,000-square-foot Quad Six medical office building, located at 6650 W. 110th St., delivered in June of this year. To the south, at 159th Street and Antioch Road, the first phase of the BluHawk project recently delivered for Shawnee Mission Health – Overland Park. The project includes a 75,000-square-foot medical office building, along with a separate …

July 27, 2017

Midwest Missouri Office

Hilliker Corp. Brokers $1.5M Sale of Office Building in St. Louis

by Kristin Harlow July 25, 2017

ST. LOUIS — Hilliker Corp. has brokered the sale of a 33,000-square-foot office building in St. Louis for $1.5 million. The Little Bit Foundation, a St. Louis-based nonprofit organization that provides basic needs for children living in poverty, purchased the property for its new headquarters. A commercial construction company previously occupied the building and will continue to occupy a portion of the property, located at 516 Hanley Industrial Court. Hal Ball and Brennan Gaffney of Hilliker Corp. represented the seller, Kraska Enterprises. Bahn Realty represented The Little Bit Foundation.

July 25, 2017

Midwest Missouri Retail

Christie Development Breaks Ground on $63M Phase II of Belton Gateway in Belton, Missouri

by Kristin Harlow July 24, 2017

BELTON, MO. — Christie Development has broken ground on the $63 million second phase of construction for the Belton Gateway in Belton, about 20 miles south of Kansas City. The retail property consists of more than 182,000 square feet of developable space. Infrastructure, pad site preparation and road reconstruction are underway, with the first restaurant slated to open later this year and five new retailers set to open in early 2018. The future home of Kneaders Bakery & Cafe is under construction on the southeast corner of the 47-acre, $136 million mixed-use development. Ross Dress for Less, Marshalls, Party City, Petco and Five Below will also open at the property. Phase I construction included a 58,000-square-foot Academy Sports + Outdoors, a 55,000-square-foot Hobby Lobby and two multiple-tenant retail buildings that are home to Belton Family Dental Care, Fazoli’s and Cricket Wireless.

July 24, 2017

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