CLAYTON, MO. — JVM Realty Corp. has acquired Ceylon Apartments, a 121-unit luxury apartment community in Clayton, a suburb of St. Louis. The purchase price was undisclosed. Built in 2017, the transit-oriented property features 13,421 square feet of ground-floor retail space. This is the first acquisition for JVM in the St. Louis area. JVM Management Inc. will manage the asset.
BELTON, MO. — The Belton City Council has approved NorthPoint Development’s $44 million redevelopment of a long-vacant site at 163rd St. and Turner Road in Belton, about 20 miles south of Kansas City. Plans call for a six-building, 322-unit luxury apartment property. Amenities will include a kitchen, coffee bar, fitness room, cycling studio, massage studio, conference room, outdoor patio and pool. Construction is expected to begin in 2021. Monthly rents are projected to range from $850 to $1,600. On June 8, the Belton Planning Commission voted to approve rezoning of the 11.6-acre site from commercial use to residential. The project is to receive tax abatement with issuance of Chapter 100 bonds to finance the cost of the project.
ST. LOUIS — Tarlton Corp. is serving as the general contractor for the reimagining of Tower Tee in St. Louis. Plans call for a 27-acre golf and recreation complex. Originally opened in 1963, Tower Tee was home to batting cages, an 18-hole golf course, a driving range and miniature golf. In 2018, the owners closed the business. Steve Walkenbach of Scottrade purchased the site in May 2019. The new Tower Tee Golf Complex will feature a 6,000-square-foot clubhouse, two single-level driving ranges, a two-story driving range, covered practice tee boxes, a nine-hole golf course, an outdoor training area, concession area and two outdoor pavilions. Non-golfers can enjoy a miniature golf course, bocce courts and batting cages. Construction is expected to begin in July with completion slated for next year. FGM Architects is the project architect. Art Schaupeter, a member of the American Society of Golf Course Architects, designed the new nine-hole course.
ST. LOUIS — Midas Hospitality has opened the St. Louis region’s first Aloft hotel in the heart of the 200-acre Cortex Innovation Community. The Aloft by Marriott hotel is located at 4245 Duncan Ave. and offers 129 rooms. Amenities include a fitness center, indoor pool, bar and two meeting rooms. The fitness center is closed until June 15 per St. Louis guidelines for the coronavirus. The five-story hotel is the 12th hotel Midas will manage in the greater St. Louis region, bringing its total hotel count nationwide to 40. The Aloft brand “caters to today’s modern traveler who craves jet-setting style and a vibrant social scene at an affordable price,” says Midas. The Cortex Innovation Community is a technology and science-driven district in the Midtown neighborhood of St. Louis. It serves as the main location for many of the city’s technology startups.
KANSAS CITY, MO. — Grand Place is slated to be the first WELL-certified project in Kansas City. Similar to how the LEED building rating system measures sustainability and energy efficiency, the WELL standard measures a building’s health and wellness performance for its occupants. 3D Development, the developer of Grand Place, is also seeking LEED certification for the project, which involves the redevelopment of the former headquarters for The Kansas City Star newspaper. Building systems will be actively monitored for WELL standards. A third-party company will test and analyze the building’s air quality. The entire building will be equipped with a water filtration system. Upon completion, Grand Place will include 300,000 square feet of office space and a European-style market and grocery store. Floor plates will range from 5,000 to 40,000 square feet. The International WELL Building Institute, based in New York City, administers the WELL standard, which launched in October 2014.
AFFTON, MO. — Hanley Investment Group Real Estate Advisors has arranged the $1.7 million sale of a single-tenant property net leased to 7-Eleven in Affton, which is about 10 miles south from downtown St. Louis. Built in 1989, the 2,845-square-foot property is located at 703 Union Road. Jeremy McChesney of Hanley represented the seller, Hermosa Beach, Calif.-based Equitas Investments. A Los Angeles-based private investor purchased the asset.
KANSAS CITY, MO. — Superior Moving & Storage has signed an 86,363-square-foot industrial lease at Copaken Brook’s Downtown Business Park in Kansas City. The property is located at 3177 Mercier St. A local moving company founded in 1914, Superior began leasing 35,000 square feet at the building in 2014 for storage purposes. The company sold a separate facility and consolidated all operations at the Mercier Street property.
ARNOLD, MO. — Love Funding has provided a $12.9 million FHA loan for The Woodlands of Arnold, an assisted living, memory care and skilled nursing complex in Arnold, nearly 20 miles south of St. Louis. The loan will replace bridge financing on the property. The Woodlands of Arnold is part of a larger healthcare campus, offering a full continuum of care including independent living, assisted living, memory care and skilled nursing. The subject credit facility included financing for a 178-bed skilled nursing facility and a 24-unit assisted living facility that is being converted into a memory care facility. Midland States Bank provided the original bridge loan for the undisclosed borrower. Eric Forguson of Love Funding arranged the nonrecourse, 35-year HUD loan.
KANSAS CITY, MO. — Pharmaceutical company Nostrum Laboratories and online retailer FarmFoods have increased their footprint in Kansas City’s SubTropolis, a massive underground business complex. New Jersey-based Nostrum has expanded from 10,000 to 32,000 square feet, while FarmFoods has expanded from 6,000 to 36,000 square feet. Hunt Midwest owns SubTropolis. There is more than 6.5 million square feet of leasable space within the property.
CHICAGO AND KANSAS CITY — Berkadia’s Mid-Markets Group has arranged the sales of six multifamily properties totaling 945 units for $72.6 million. The communities are located in secondary and tertiary markets across Illinois, Kansas, Missouri, Oklahoma, Arkansas and Idaho. Of the 945 units, 451 are located in the Midwest region. The properties include: Bowen Tower in Raytown, Mo.; Village Woods in Milan, Ill.; Brickstone at Woodland in Wichita, Kan.; Wilmington Apartments in North Little Rock, Ark.; London Square in Tulsa, Okla.; and Central Pointe in Boise, Idaho. Alex Blagojevich, Michael Sullivan, Ralph DePasquale, Patrick Jordan, Chris Bruzas, Parker Stewart, Brett Meinzer, Chris Gentry and Dominic Martinez of Berkadia brokered the sales. The team also arranged $38.4 million in acquisition financing for four of the properties.
