Missouri

Downtown Kansas City Office Market Rebounds, While Suburbs Continue to Shine

by Kristin Harlow December 22, 2016

Kansas City’s central business district (CBD) has received a great deal of media attention over the past two years for good reason. With over 3,000 new residential units delivered, the new KC Streetcar and the national trend of Millennials moving to urban areas, there has been plenty of momentum for the area and much discussion of the “live-work-play” environment. After a long period of decline, the urban core of Kansas City is experiencing a powerful revitalization. In all the excitement surrounding the CBD, however, another trend may be getting overlooked. Through the first three quarters of 2016, absorption in the CBD (the Downtown, Crossroads and Crown Center submarkets) was more or less flat after accounting for the conversion of office space to residential use and a unique listing in the Crown Center complex. Meanwhile, the suburban office market posted 580,000 square feet of positive absorption during the same period. Yes, Kansas City is in the process of rediscovering and reinventing the CBD, but the performance of the suburban market remains strong. Construction Boom The first indicator that tenants are still attracted to key suburban submarkets is the number of recent construction projects. Earlier this year, Burns & McDonnell completed a …

December 22, 2016

Midwest Missouri Retail

Olivino Signs 1,585 SF Lease at Streets of St. Charles in Suburban St. Louis

by Kristin Harlow December 20, 2016

ST. CHARLES, MO. — Olivino has signed a 1,585-square-foot lease at The Streets of St. Charles near St. Louis. Olivino is a specialty shop and tasting bar offering olive oils, balsamic vinegars and more cooking items. Other recent additions to the 27-acre mixed-use property include Orangetheory Fitness, Think Pink Nail & Spa and Firebirds Wood Fired Grill. Construction on the new Drury Hotel is underway, with completion slated for summer 2017. Additional tenants will be announced in the coming months.

December 20, 2016

Industrial Midwest Missouri

Operation Food Search Moves to New Headquarters in Overland, Missouri

by Kristin Harlow December 19, 2016

OVERLAND, MO. — Operation Food Search has moved to its new headquarters in Overland, about 15 miles northwest of St. Louis. The 67,000-square-foot building is located at 1644 Lotsie Blvd and will serve as the hunger relief organization’s food distribution center. The property was formerly a window factory that had been vacant for years. OFS purchased the building for $2.3 million and invested an additional $2.5 million in renovations. A fundraising campaign began in January of this year. PARIC Corp. served as the project’s general contractor, and M + H Architects was the building’s architectural firm. OFS was previously located in a 25,000-square-foot building at 6282 Olive Blvd in University City.

December 19, 2016

Loans Midwest Missouri Multifamily

Dwight Capital Provides $8.6M Loan for Refinancing of Apartment Property in St. Louis

by Kristin Harlow December 19, 2016

ST. LOUIS — Dwight Capital has provided an $8.6 million loan for the refinancing of The Gotham Apartments in St. Louis. The property consists of 72 apartment units and is located at the corner of Delmar Boulevard and Hamilton Avenue. The 40-year loan was financed through HUD’s 223(a)(7) program at an interest rate of 3.3 percent. The Gotham Buildings LLC was the borrower. Keith Hoffman and Josh Sasouness of Dwight Capital originated the loan.

December 19, 2016

Midwest Missouri Retail

Flex Build Finishes Renovation of 40,000 SF Retail Center in Kansas City, Missouri

by Kristin Harlow December 15, 2016

KANSAS CITY, MO. — Flex Build has finished the renovation of Watts Mill Shopping Center in Kansas City. The 40,000-square-foot center, located at 103rd Street and State Line Road, has tenant spaces ranging from 1,400 square feet to 11,933 square feet. Current tenants include Jasper’s Italian restaurant, Ugly Joe’s Bar & Grill, Goodyear Tires and more. The renovation included a new façade, parking lot, LED lighting, landscaping elements and a remodeled sign. Mirason Properties LLC is the longtime owner of the center, while Block & Co. Inc. is handling management and leasing.

December 15, 2016

Industrial Midwest Missouri Top Stories

CVS Pharmacy to Build $110M Distribution Facility in Kansas City

by John Nelson December 15, 2016

KANSAS CITY, MO. — CVS Pharmacy, the retail division of Woonsocket, R.I.-based CVS Health (NYSE: CVS), plans to build a 762,000-square-foot distribution center within Skyport Industrial Park in Kansas City. Development costs are estimated at $110 million. The 71-acre facility will be situated at 108th Street and North Congress near Kansas City International Airport and I-29. CVS Pharmacy expects to break ground on the project in January and begin operations in 2018. The new distribution center will support the service and fulfillment needs of more than 370 CVS Pharmacy stores throughout the Midwest. The new distribution center is expected to create more than 360 new jobs, as well as up to 100 additional jobs that will be outsourced to local businesses. The Kansas City Area Development Council (KCADC) worked closely with CVS Pharmacy in bringing the new distribution center to the Kansas City region. Other key members responsible for attracting CVS Pharmacy include the State of Missouri, The Missouri Partnership, Economic Development Corp. of Kansas City, Platte County Economic Development Council, Cushman & Wakefield, NorthPoint Development, KCP&L, Port KC, Metropolitan Community College, Focus Workforces, IMKO Workforce Solutions, QPS Employment Group, Full Employment Council, Missouri Division of Workforce Development, UPS, Scarbrough …

December 15, 2016

Midwest Missouri Multifamily

Draper and Kramer Oversees Lease-Up of EVO Luxury Apartment Property in Suburban St. Louis

by Kristin Harlow December 14, 2016

RICHMOND HEIGHTS, MO. — Draper and Kramer Inc. continues leasing up the first phase of EVO, a four-phase apartment development that will bring more than 800 luxury apartment units to suburban St. Louis. Located at 9015 Eager Road in Richmond Heights, EVO includes four planned apartment buildings that are scheduled to be completed by 2020. EVO’s first phase of construction, expected to be complete in early 2017, features a four-story apartment complex with 281 units, including studio, one- and two-bedroom residences. Rents start at $1,100 and floor plans measure from 572 to 1,210 square feet. Holland Construction Services Inc. has already broken ground on the second phase, which will include 46 townhome-style residences.

December 14, 2016

Midwest Missouri Restaurant Retail

The Roasterie Signs 1,538 SF Lease at Corrigan Station in Kansas City, Missouri

by Kristin Harlow December 13, 2016

KANSAS CITY, MO. — The Roasterie has signed a 1,538-square-foot retail lease at Corrigan Station, a mixed-use project under construction in Kansas City. Copaken Brooks and 3D Development are the project’s co-developers. The Roasterie Café, which offers coffee, tea and pastries, will be located on the first floor. Construction of the café is slated for completion in March 2017. This is the second retail tenant announced for the historic building since construction began on the project. Corvino Supper Club and Tasting Room, a new concept by chef Michael Corvino, was announced earlier this summer and will be the only other tenant occupying the first floor. The Corrigan Station project includes the redevelopment of the historic 10-story, 110,000-square-foot Corrigan Building and approximately 40,000 square feet of new office and retail space with an adjacent parking structure. The mixed-use property is located on 19th Street connecting Walnut and Main streets in the heart of the Crossroads, the city’s art district.

December 13, 2016

Hospitality Midwest Missouri

Midas Hospitality Acquires Staybridge Suites in Independence, Missouri

by Kristin Harlow December 12, 2016

INDEPENDENCE, MO. — Midas Hospitality has acquired the Staybridge Suites Kansas City-Independence for $9.8 million. The 102-room hotel is located at 19400 E. 39th Place South on I-70. Renovations totaling $1.6 million will begin in January and include a complete interior renovation along with exterior landscape updates. The hotel will remain open during renovation. Midwest Bank of Poplar Bluff is the lender for the renovation project.

December 12, 2016

Midwest Missouri Mixed-Use

Westcott Investment Group Receives Approval for Development of The Grove in Lee’s Summit, Missouri

by Kristin Harlow December 9, 2016

LEE’S SUMMIT, MO. — The Lee’s Summit City Council has approved the rezoning and preliminary development plan for The Grove at Lee’s Summit, a 1 million-square-foot, mixed-use project in Lee’s Summit, about 20 miles southeast of Kansas City. The project developer is Westcott Investment Group. Development on the site begins this month. The 73-acre land site will include retail, restaurant, entertainment, multifamily housing, commercial office, warehouse and light manufacturing space. The first phase of the project includes 500,000 square feet of industrial space near the southern portion of the business park. Klover Architects will serve as architect and BHC Rhodes will provide civil engineering services. Daren Fristoe is project manager and Aaron March of White Goss is the development attorney.

December 9, 2016

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