Missouri

General Contractor McCarthy Relocates to New Headquarters in St. Louis

by Kristin Harlow February 18, 2021

ST. LOUIS — St. Louis-based general contractor McCarthy has relocated its headquarters to a new space that is nearly 30,000 square feet larger than its previous office. McCarthy Holdings Inc. will occupy the building’s third floor and staff members of the central region of McCarthy Building Cos. Inc. will occupy the second floor. The building is located at 12851 Manchester Road. McCarthy collaborated with building owner Franklin Partners to complete extensive interior and exterior renovations prior to its move-in. The buildout features a central staircase connecting the two floors as well as conference and training facilities, flex space, a fitness center and micro café. A construction technology suite features smart screens and three-dimensional virtual reality technology. In response to COVID-19, the building’s existing HVAC system was upgraded to an air treatment system designed to neutralize pathogens. Workspaces have been arranged to incorporate social distancing. Divider screens separate individuals and panel heights between workstations were increased by 16 inches. Christner Architects served as project architect. The building was originally constructed in 1996 for AT&T.

February 18, 2021

Kansas Market Reports Midwest Midwest Market Reports Missouri Multifamily Single-Family Rental

Kansas City Multifamily Market Poised for More Growth in 2021

by Kristin Harlow February 18, 2021

By Gabe Tovar, John Duvall and Kyle Tucker of NorthMarq The Kansas City multifamily market has proved it is more than resilient in the face of adversity. Throughout 2020, the market ranked consistently in the top 10 of 30 markets tracked by Yardi. It logged higher occupancies and rent growth, all while welcoming a record level of new supply. That stellar performance is likely to attract even more capital to the market in 2021. The story dominating the Kansas City market in recent years has been its booming development pipeline. Despite shutdowns and delays caused by the pandemic, developers delivered nearly 5,900 new units in 2020. That volume represents a record-high growth rate of 4.1 percent added to Kansas City’s market-rate inventory, compared with an annual average rate of 2 to 3 percent throughout the past decade. Looking ahead, that supply wave has crested, and the pipeline is shifting to the suburbs. NorthMarq forecasts completions over the next two years to average closer to 4,000 units with 70 to 75 percent of those opening across the suburban submarkets. In recent years, between 40 and 50 percent of total deliveries were concentrated in the urban core, so while this data supports …

February 18, 2021

Industrial Leasing Activity Midwest Missouri

Sunpro Solar Signs 20,380 SF Industrial Lease in Riverside, Missouri

by Kristin Harlow February 17, 2021

RIVERSIDE, MO. — Sunpro Solar has signed a 20,380-square-foot industrial lease at Belgium Business Park Building 2 in Riverside, just north of Kansas City. The Class A property spans 100,000 square feet and is fully leased. Mark Long and John Hassler of Newmark Zimmer represented the landlord, a subsidiary of Green Bay Packaging. Nick Tinnel of True North Industrial Realty LLC represented the tenant, which is a solar panel installation company.

February 17, 2021

Development Midwest Missouri Multifamily

St. Louis Board of Aldermen Approves $104M Project to Transform Historic Jefferson Arms Building

by Kristin Harlow February 15, 2021

ST. LOUIS — The St. Louis Board of Aldermen has approved the $104 million project to transform the historic Jefferson Arms building in downtown St. Louis into a residential and commercial development. Construction is expected to begin in 2022 and be completed in mid-2025. Alterra Worldwide is the developer. The project has received $20 million in tax-increment financing to assist with environmental remediation and rehabilitation costs. Constructed in 1904 in anticipation of the first World’s Fair, the Jefferson Arms building is located within walking distance of the Cardinals Busch Stadium, America’s Center Convention Complex, Kiener Plaza and Arch Grounds. The building has been vacant since 2006. St. Louis-based Kwame Building Group is serving as construction manager. Merriman Anderson Architects Inc. is the project architect. When the transformation is complete, the development will feature historic elements such as exposed brick and original flooring. Amenities will include a fitness and yoga studio, business center, game room, media room, music room and art room. The project now has complete approval.

February 15, 2021

Acquisitions Midwest Missouri Multifamily

Berkadia Negotiates $24.9M Sale of Apartment Community in Suburban St. Louis

by Kristin Harlow February 12, 2021

FENTON, MO. — Berkadia has negotiated the sale and financing of Turtle Creek, a 128-unit apartment community in the St. Louis suburb of Fenton. Built in 2018, the garden-style property is located at 201 Turtle Drive. Amenities include a pool, clubhouse, dog park and storage space. Ken Aston and Andrea Kendrick of Berkadia arranged the $24.9 million sale on behalf of the seller, Highgate Capital Group LLC. Mitch Sinberg and Matthew Robbins of Berkadia arranged $18.9 million in acquisition financing on behalf of the buyer, RM Communities. The Freddie Mac Green loan features a 10-year term and a fixed rate. The buyer plans to make capital improvements, including eco-friendly upgrades. RM Communities is the acquisition arm of RealtyMogul, an online real estate investing platform.

February 12, 2021

Kansas Market Reports Midwest Midwest Market Reports Missouri

Kansas City Industrial Market Slated to Continue Positive Momentum in 2021

by Kristin Harlow February 11, 2021

By David Zimmer, SIOR, Newmark Zimmer The industrial real estate market in the metropolitan Kansas City area ended 2020 on a high note. 2021 will pick up right where 2020 ended, with no outward or visible signs of a slowdown. New industrial construction is visible in every geographic sector of the metro area, with upwards of 2.5 million square feet of buildings under construction. Without exception, all these are high cube, modern distribution-type facilities intended to capture the ever-growing e-commerce, logistics and food and beverage sectors of the economy. With the one possible exception being the 880,000-square-foot office and distribution building for Urban Outfitters in Wyandotte County, all industrial construction underway is on a speculative basis with lease-up taking place before the buildings are placed into service. Development activity is being sponsored by both local development entities and regional and national developers who state that Kansas City’s geographical central location, coupled with a skilled workforce and extensive transportation infrastructure, are the primary reasons why Kansas City has attracted numerous companies to establish major distribution operations over the past decade. Investor appetite In addition to new development activities, the investor market for industrial properties has also reached record levels. In one …

February 11, 2021

Development Hospitality Midwest Missouri

Midas Construction Underway on $26.4M AC Hotel in St. Louis

by Kristin Harlow January 28, 2021

ST. LOUIS — Midas Construction is building an AC Hotel in the Central West End of St. Louis. The seven-story, 192-room hotel is located at 215 York Ave. Construction costs total $26.4 million. Completion is slated for the fourth quarter of this year. Project developers include Concord Hospitality, Koplar Properties and Homebase Partners. The hotel is being built on a site formerly occupied by the KPLR television station, which was demolished in December 2019. Midas is optimizing its construction process by using building information modeling and fabricating some components offsite. The project team includes ENGWorks, HDA Architects, Alper Audi, DeLuca Plumbing, McClure Engineering, Eisen Group and DLR Group. This is the first hotel project in the Central West End in nearly 20 years, according to Midas.

January 28, 2021

Industrial Leasing Activity Midwest Missouri

Logoplaste Leases 160,000 SF in Kansas City’s Executive Park

by Kristin Harlow January 28, 2021

KANSAS CITY, MO. — Logoplaste, a designer and manufacturer of plastic packaging products, has leased 160,000 square feet of industrial space in Kansas City’s Executive Park. The property is located at 6900 Stilwell St. Mark Long, David Zimmer and John Hassler of Newmark Zimmer represented the undisclosed landlord in the lease transaction. Daniel Jensen of Kessinger Hunter and Britt Casey of Cushman & Wakefield represented the tenant.

January 28, 2021

Industrial Market Reports Midwest Midwest Market Reports Missouri

St. Louis Market Poised to Capitalize on Industrial Demand

by Kristin Harlow January 28, 2021

By Jake Corrigan, Sansone Group As we reflect on the tumultuous year of 2020 and the COVID-19 restrictions that decimated the retail real estate sector, those of us on the industrial side of the equation are breathing a sigh of relief. While there have been small pockets of industrial users and owners that have been adversely affected, the industrial market has remained strong as a sector. We anticipate this trend to continue. Statistics continue to show the conversion of the brick-and-mortar shopper to online is on the fast track. In the last 10 years, the meteoric shift to online shopping has increased from 7 percent in 2010 to just under 25 percent at the end of 2020, according to the U.S. Census Bureau. COVID-19 has forced the otherwise reluctant online shopper to shop for goods they had never thought to have delivered to their door. As a result, online retailers have dramatically improved web-based interfacing and ease of shopping. Active development These realities have supply chain experts, third-party logistics (3PL) companies, owner/users, and of course, mega online retailers clamoring for blocks of vacant space to house their inventories. Developers active in the St. Louis metropolitan statistical area (MSA) …

January 28, 2021

Loans Midwest Missouri Multifamily

NorthMarq Arranges $24.7M Loan for Refinancing of Multifamily Asset in St. Louis

by Kristin Harlow January 20, 2021

ST. LOUIS — NorthMarq has arranged a $24.7 million loan for the refinancing of Spanish Cove Townhomes in St. Louis. The 784-unit rental townhome property, located at 1708 San Remo Court, was constructed in 1971. It underwent a significant renovation from 2015 to 2018. Amenities include a pool, clubhouse, fitness center, business center, recreation room, media room, playground and onsite laundry facility. Noah Juran and David Garfinkel of NorthMarq structured the 10-year loan, which features a 30-year amortization schedule. A national bank provided the fixed-rate loan. The borrower was undisclosed.

January 20, 2021

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