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DevelopmentMidwestMissouriRetail

Academy Bank Opens Flagship Retail Banking Center in Kansas City’s Crossroads Arts District

by Kristin Harlow

KANSAS CITY, MO. — Academy Bank, a full-service community bank and wholly owned subsidiary of Dickinson Financial Corp., has opened its new flagship retail banking center and home office in the Crossroads Arts District of Kansas City. The 4,214-square-foot branch is located at 1881 Main St. It occupies the first floor of the standalone building adjacent to Corrigan Station. The bank shares an outdoor courtyard space with neighboring businesses, including The Roasterie and WeWork. In addition to ATM and mobile services, Academy Bank in the Crossroads features walk-up video banking, enabling customers to speak with a video banker during extended hours. Academy Bank plans to open two more Kansas City-area locations this year. In August, it opened an Overland Park branch.

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AcquisitionsIndustrialMidwestMissouri

NGZ Brokers Sale of 275,162 SF Industrial Building in Kansas City

by Kristin Harlow

KANSAS CITY, MO. — Newmark Grubb Zimmer (NGZ) has brokered the sale of a 275,162-square-foot industrial building located at 2095-2383 Front St. in Kansas City. The sales price was not disclosed. The multi-tenant property was 58 percent leased at the time of sale to tenants including Cargill, Suburban Industrial Packaging and Grupo Antolin. David Zimmer, Michael VanBuskirk and Chris Robertson of NGZ represented the institutional seller. California-based Industrial Realty Group purchased the building.

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Leasing ActivityMidwestMissouriOffice

WeWork Signs 60,000 SF Lease for First Location in St. Louis

by Kristin Harlow

ST. LOUIS — Coworking giant WeWork has signed a 60,000-square-foot lease at One Metropolitan Square in downtown St. Louis. The office will serve as the company’s first location in St. Louis. WeWork will occupy space on the 22nd and 23rd floors. One Metropolitan Square, owned by an affiliate of 601W Cos., is the tallest building in St. Louis at 43 stories. It comprises 1.5 million square feet of office and ground-floor retail space. David Steinbach of JLL represented 601W Cos. in the lease transaction with WeWork.

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AcquisitionsHospitalityMidwestMissouri

Marcus & Millichap Brokers $3.6M Sale of 89-Room Hotel in Missouri

by Kristin Harlow

FESTUS, MO. — Marcus & Millichap has brokered the $3.6 million sale of a Comfort Inn hotel in Festus, about 40 miles south of St. Louis. The 89-room property is located at 1303 Veterans Blvd. and recently underwent a renovation. Ebrahim Valliani, Michael Klar, Allan Miller and Chris Gomes of Marcus & Millichap represented the undisclosed buyer and seller.

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Leasing ActivityMidwestMissouriRetail

Fields Foods Opens 8,200 SF Store at Apartment Building in St. Louis

by Kristin Harlow

ST. LOUIS — Fields Foods has opened an 8,200-square-foot grocery store at the Lofts@Euclid, an apartment building in the Central West End of St. Louis. Cullinan Properties owns the building, which is located at the intersection of Euclid and Delmar streets. Fields Foods now shares the ground floor of the 87-unit property with The Medicine Shoppe. A grand opening took place on Thursday, Aug. 15. Many products offered at Fields Foods come from small- and mid-sized farmers and local vendors within 300 miles of St. Louis. Chris Goodson is the owner of Fields Foods.

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LoansMidwestMissouriRetail

NorthMarq Arranges $3.8M Acquisition Loan for Preschool in O’Fallon, Missouri

by Kristin Harlow

O’FALLON, MO. — NorthMarq has arranged a $3.8 million loan for the acquisition of Little Sunshine’s Playhouse in O’Fallon. The 9,726-square-foot preschool is located at 4220 State Highway K. Dan Baker and Jeff Chaney of NorthMarq arranged the 10-year loan, which features a fixed rate and a 25-year amortization schedule. Chez II Sunshine LLC was the borrower. A life insurance company provided the loan.

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DevelopmentIndustrialMidwestMissouri

Melton Machine to Occupy New 367,000 SF Headquarters in Missouri

by Kristin Harlow

WASHINGTON, MO. — Melton Machine & Control Co. (MMCC) will celebrate its 50th anniversary early next year and move into a new headquarters and manufacturing facility in Washington, about 50 miles west of St. Louis. Contegra Construction Co. is building the 367,000-square-foot project, which will more than double the size of MMCC’s current operations and include a 74,000-square-foot corporate office, training and conference space. The facility is located on a 42-acre site in Heidmann Industrial Park. Joining Contegra on the project team are Gray Design Group, 21 Design Group, Case Structural Engineering, RJP Electric, Wiegmann Associates, Heggemann Plumbing, Bi-State Fire Protection and Washington Engineering & Architecture. Founded in 1970, MMCC designs and builds automated welding systems for a variety of industries, including automotive. The employee-owned company, which moved to Washington, Mo. in 1976, employs 132 workers and plans to add another 20 employees at the expanded operation.

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DevelopmentKansasMidwestMissouriMultifamilySeniors Housing

LANE4 Begins Development of Two Senior Living Communities in Metro Kansas City

by Kristin Harlow

OVERLAND PARK, KAN. AND BLUE SPRINGS, MO. — LANE4 Property Group has begun development of two senior living communities in metro Kanas City. Both facilities, expected to open in summer 2020, will be branded as Novel Place. One property will be situated at 95th Street and Metcalf Avenue in Overland Park, while the other will be located at Highway 40 and Highway 7 in Blue Springs. Each location will include 134 independent living units across three stories. Community amenities will include common areas, outdoor courtyards and fitness studios. Omaha-based NewStreet Properties LLC has joined LANE4 as an investment partner on both Novel Place properties. Davidson Architecture + Engineering and Centric General Contractors make up the project team. Academy Bank is providing construction financing for the Blue Springs location, while Security Bank is providing financing for Overland Park. Monthly rental rates are expected to start at $1,800, according to the Shawnee Mission Post.

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LoansMidwestMissouriMultifamily

NorthMarq Arranges $54.5M Construction Financing for Multifamily Property in Chesterfield, Missouri

by Kristin Harlow

CHESTERFIELD, MO. — NorthMarq has arranged debt and joint venture equity financing for the construction of Wildhorse, a 188-unit multifamily property in Chesterfield. Located at Wildhorse Creek Road and I-64, the $80 million development will also include 12,500 square feet of retail space and 10,500 square feet of restaurant space. Construction is set to begin this month with completion slated for early 2021. Brinkmann Constructors is the contractor. NorthMarq arranged the $38 million debt financing with a three-year term on behalf of the developers, Pearl Cos. and Great Lakes Capital. Canadian Imperial Bank of Commerce (CIBC) provided the financing. ReCap Real Estate Investment, on behalf of Reinsurance Group of America Inc., served as the joint venture partner for the remaining $16.5 million.

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AcquisitionsIowaMidwestMissouriRetail

Disney Investment Group Brokers Sales of Five Retail Centers in Missouri, Iowa

by Kristin Harlow

MISSOURI AND IOWA — Disney Investment Group (DIG) has brokered the sales of five retail centers in Missouri and Iowa. Sales prices were not disclosed. The properties total 438,861 square feet and are 91 percent occupied on average. Major tenants include Aldi, Gerbes, County Market, Orscheln, Fresenius Medical, Dollar Tree and Dollar General. David Disney and Adam Crockett of DIG brokered the sales on behalf of the seller, a private investment partnership. The team also procured the buyers for each property.

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