LEE’S SUMMIT, MO. — Kadean Construction has broken ground on Lee’s Summit Commerce Center, a three-building speculative industrial development totaling 781,000 square feet. Located in the Kansas City suburb of Lee’s Summit, the 75-acre project will feature clear heights ranging from 32 to 36 feet. Scannell Properties is the developer and Newmark Zimmer is marketing the project for lease. An undisclosed tenant has preleased 215,730 square feet of Building A, which will span 430,000 square feet and is slated for completion by the end of this year. Building B will total 238,000 square feet, while Building C will span 113,000 square feet. Completion of all buildings is scheduled for the first quarter of 2023.
ST. CHARLES, MO. — Hot Box Cookies has opened at Streets of St. Charles in suburban St. Louis. The store at 650 Beale St. is the sixth metro St. Louis location for Hot Box Cookies, which specializes in freshly made cookies in a dozen flavors. Customers can take home a box or have it delivered. Hot Box also offers ice cream sandwiches, cookie cakes and catering services. Owned and managed by Cullinan Properties Ltd., Streets of St. Charles is a 27-acre mixed-use development featuring retail, dining, entertainment, hospitality, multifamily and office space.
LEE’S SUMMIT, MO. — The Rainier Cos. has acquired SummitWoods Crossing in Lee’s Summit within metro Kansas City for an undisclosed price. The 545,204-square-foot, Class A shopping center opened in 2001. Some of the tenants include T.J. Maxx, Bed Bath & Beyond, Old Navy, Kohl’s, Petco and Ulta. The transaction marks Rainier’s 13th shopping center acquisition in the last five years and grows its retail portfolio to more than 5 million square feet nationally. Sunny Sajnani of Institutional Property Advisors, a division of Marcus & Millichap, arranged a five-year acquisition loan. Rainier will provide property management and leasing services for SummitWoods Crossing.
NORTH KANSAS CITY, MO. — Hanley Investment Group Real Estate Advisors has brokered the sale of a single-tenant property occupied by Starbucks in North Kansas City for $2.3 million. The newly constructed building, which features a drive-thru, is located at 1930 Diamond Parkway near I-35. Jeff Lefko and Bill Asher of Hanley, in association with ParaSell Inc., represented the seller and developer, Omaha-based Woodsonia Real Estate Inc. A Warrensburg, Mo.-based private investor was the buyer.
KANSAS CITY, MO. — Northmarq has arranged a $3 million loan for the refinancing of the Shops at Shoal Creek in Kansas City. The 14,238-square-foot retail center, built in 2015, is located at 8250-8260 N. Booth Ave. The property is situated near a larger shopping center that is home to Target, Sam’s Club, Walmart Supercenter and The Home Depot. Bob Harrington of Northmarq arranged the fixed-rate loan, which features a 10-year term, two years of interest-only payments and a 30-year amortization schedule. A life insurance company provided the loan for the undisclosed borrower.
ST. CHARLES, MO. — Contegra Construction has completed a 70,000-square-foot headquarters and manufacturing facility for Diode Dynamics at Fountain Lakes Commerce Center in St. Charles, a northwest suburb of St. Louis. Diode Dynamics, an automotive LED lighting manufacturer, is relocating from Earth City and plans to add 36 new positions over the next five years. The company currently employs 90 people. The new property in St. Charles features a showroom, two drive-in engineering bays, an electronics manufacturing area, engineering laboratory, two-story office space and a warehouse with a clear height of 30 feet. Joining Contegra on the project were Remiger Design, BAX Engineering, SSC Engineering, Kaemmerlen Electric, O.J. Laughlin Plumbing Co. Inc., Wiegmann Associates and Bi-State Fire Protection Corp. Bank of Franklin County provided project financing. James Delgado of Cozad Commercial Real Estate and David Zobel of Danna McKitrick PC represented Diode Dynamics.
MISSOURI AND ILLINOIS — Berkadia has arranged the sale of The Saint Louis Five, a five-property multifamily portfolio totaling 716 units in Missouri and Illinois. The sales price was undisclosed. The properties include: the 360-unit Norwood Court Redfield Apartments in St. Louis; the 120-unit Delrado Apartments in Florissant, Mo.; the 100-unit Senate Square in St. Louis; the 112-unit Caroline Place Apartments in St. Louis; and the 24-unit Chesapeake Apartments in Marion, Ill. Andrea Kendrick, Ken Aston and Bobby Mills of Berkadia represented the seller, Missouri-based Baumann Property Co. Inc. New York-based David Stern Management was the buyer.
KANSAS CITY, MO. — Flaherty & Collins Properties has received a $46.8 million HUD 223(f) loan for the refinancing of The Yards, a luxury apartment complex in the Stockyards District of Kansas City that opened in May 2020. The Yards consists of 232 apartment units, 3,150 square feet of commercial space and more than 9,500 square feet of amenity spaces. Kevin Muesenfechter and Ali Rode of Gershman Investment Corp. originated the loan. The HUD financing replaces the construction debt provided by Citizens Bank, Equity Bank and First National Bank of Omaha. Flaherty & Collins plans to build a second phase of the development.
KANSAS CITY, MO. — Ready Capital has closed a $39.6 million loan for the acquisition, renovation and stabilization of a 258-unit multifamily portfolio in Kansas City’s central business district. The undisclosed borrower plans to implement a capital improvement plan to renovate unit interiors, exteriors and common areas at each of the four properties. The nonrecourse, floating-rate loan features a three-year term, two extension options and is inclusive of a facility to provide future funding for capital expenditures.
FENTON, MO. — U.S. Capital Development has selected IMPACT Strategies to build two new speculative industrial buildings at Fenton Logistics Park in Fenton, a southwest suburb of St. Louis. Building 6A will span 125,000 square feet, while Building 6B will total 160,000 square feet. Completion of both buildings is slated for the fourth quarter of this year. IMPACT is also handling site development for earthwork, utilities, parking lots and landscaping. Fenton Logistics Park is the redevelopment of a former Chrysler plant that will span more than 2.5 million square feet upon full buildout.