ST. LOUIS — Green Street Real Estate Ventures and its affiliate companies have moved into a new headquarters located at 4565 McRee Ave. in The Grove neighborhood of St. Louis. The move combines six companies and 80 employees under one roof to include Green Street, Green Street Building Group, Green Street Property Management, Emerald Capital Strategic Advisors, HDA and O’Toole Design Associates. Designed by HDA with interiors done by O’Toole, the building spans 46,000 square feet. Green Street’s new headquarters is part of a $21 million mixed-use development that includes the first St. Louis location of Bar K, a dog park and bar.
Missouri
KANSAS CITY, MO. — Northmarq has negotiated the sale of a 280-unit multifamily portfolio in Kansas City for $42.5 million. Built in 1985, Fountainhead consists of three-story apartment buildings. Three Fountains consists of a mix of one- and two-story townhomes. Both communities offer fitness centers and pools. Kyle Tucker and John Duvall of Northmarq secured acquisition financing through Freddie Mac. JB Partners sold the portfolio to Revitate Cherry Tree, a California-based investment company.
2021 was a historic year for Kansas City industrial real estate. The local market size eclipsed 300 million square feet of space, representing the 16th-largest industrial market in the U.S. Class A building inventory is nearly 44 million square feet, ranking 15th in the nation. Of the industrial building inventory, 14.4 percent is Class A, ranking ninth-highest in the country, suggesting the inventory that we have is quality compared with other U.S. markets. Capital markets are firm influencers with soft voices. Nationally, the amount invested is a record high. Rental rate growth is at an all-time high and investors are confident that this growth will sustain. While you may not read about where capital is being deployed, the institutional development and investment activity provide the output to see where institutions have comfort. Cap rates in the Kansas City area broke records and saw compression in the last year of 50 to 150 basis points depending on the asset class. This is a result of investors seeking return and believing in the long-term strength of tier II industrial markets and yield premium afforded in these markets compared with gateway cities. Well-positioned assets traded with cap rates in the low to …
ST. LOUIS — Cushman & Wakefield has arranged the sale of EDGE@BRDG in St. Louis for $92 million. The 151,829-square-foot life sciences building is fully leased and serves as the headquarters of Benson Hill Biosystems, a food technology company. Completed in 2020, the property features office and lab space as well as a test kitchen, sterilization station and walk-in refrigeration units. The building is located at 1001 N. Warson Road within 39 North, a 600-acre district anchored by the Donald Danforth Plant Science Center. Michael Hanrahan, Josh McGee and Josh King of Cushman & Wakefield represented the seller, Larson Capital Management. Chicago-based Harrison Street Real Estate Capital was the buyer.
KANSAS CITY, MO. — Newmark Zimmer has negotiated the sale of 4001 N. Norfleet Road in Kansas City for an undisclosed price. The 700,000-square-foot distribution center was built in 2007 as a build-to-suit for Musician’s Friend, which continues to occupy the property today. The facility sits on 68 acres near I-435. Mark Long, John Hassler, Jim Linn and Bret Hardy of Newmark Zimmer brokered the transaction. Buyer and seller information was not provided.
CHESTERFIELD, MO. — CRG has sold 4.9 acres within Wildhorse Village, an 80-acre, $500 million mixed-use community in Chesterfield, about 22 miles west of St. Louis. CRG sold the land to St. Louis-based developer Pier Property Group to build The Flats at Wildhorse Village, a four-story, 266-unit apartment building. Arcturis and LJC are the architects, while St. Louis-based Holland Construction Services will be the builder for the multifamily project. Construction will begin in the first quarter of 2022 and is slated for completion by the summer of 2023. David Garfinkel of Northmarq secured a $46 million construction loan for The Flats at Wildhorse Village. UMB Bank provided the loan to the borrower, Pier Property Group. The loan terms were not disclosed. Located at 350 Wildhorse Lake Blvd., The Flats at Wildhorse Village will feature studio, one-, two- and three-bedroom floorplans on four floors. The building’s exterior will resemble townhomes, with balconies and open terraces. The units will feature quartz countertops, stainless steel appliances, glass shower doors and custom flooring. Community amenities will include an interior courtyard, resort-style pool, deck with grilling stations, firepits, fitness center, dog park, dog spa, business center, resident lounges, bike storage and a 400-space parking structure. …
KANSAS CITY, MO. — Newmark Zimmer has negotiated the sale of Stadium Business Park in Kansas City for an undisclosed price. The Class A industrial park spans five buildings and 276,000 square feet. Tenants include Amazon, UPS, JB Hunt and Aramark. Mark Long and John Hassler of Newmark Zimmer represented the buyer, Sealy & Co. Mark Fountain of True North Industrial Realty represented the undisclosed seller.
To the surprise of many in the Kansas City retail sector, the end of 2021 looked much different than most anticipated when 2021 began. As uncertainty buzzed through the retail world, the flurry of 2021’s real estate activity was a welcome surprise. Retailers who embraced technology and adapted to the changing circumstances of today’s world were able to reap the benefits 2021 offered. As consumers took advantage of post-lockdown freedoms, brick-and-mortar retailers experienced a surge in sales volume. Throughout 2021, many national retailers and local Kansas City owners reported volumes exceeding 2019 pre-COVID levels. It’s comforting to report that retail leasing and sales continue to be strong, and overall Kansas City remains consistent in attracting retail business during these uncertain times. One of the most recognizable transformations in retail is the way in which technology seamlessly connects e-commerce and brick-and-mortar stores. Consumers can now use technology to satisfy their desire for the contactless fulfillment of their order, browse local inventory at grocery and retail stores for immediate pickup and grocery shop without entering the store. This list will continue to grow as acceptance of the technology accelerates. Another noticeable retail alteration is the addition of drive-thrus as well as …
ST. LOUIS — Midas Construction and HDA Architects have completed a new 192-room AC Hotel in the Central West End of St. Louis. The seven-story building, which spans 94,300 square feet, is the first AC Hotel within the St. Louis market. Amenities include a fitness center, meeting and event spaces and a curated food and beverage program.
CHAFFEE, MO. — NewLake Capital Partners Inc. has purchased a 70,000-square-foot cannabis cultivation and processing facility in the southeastern Missouri town of Chaffee. NewLake’s total investment in the property will be $21.1 million, which includes $16 million at closing and a $5.1 million commitment to fund tenant improvement allowances and building renovations. Organic Remedies is the tenant.