KIRKWOOD, MO. — Howard Commercial has arranged the sale of a two-story, 4,000-square-foot office building in Kirkwood, a suburb of St. Louis. The sales price was not disclosed. The building, located at 108 N. Kirkwood Road, includes first-floor retail space. Howard represented the buyer, Bean Realty, which plans to open a specialty popcorn retail store within the retail space. A digital marketing company occupies the second floor.
ST. LOUIS — Franklin Partners has acquired the 174,965-square-foot Corporate Hill IV office building in St. Louis for an undisclosed price. The six-story building was constructed in 1984 and renovated in 2015. Amenities include a full-service cafeteria, one loading dock and exterior balconies on the fifth and sixth floors. A single tenant previously occupied the property. TJ Redmond of CBRE represented the undisclosed seller. Mark Palmer and Artie Kerckhoff of CBRE represented Franklin Partners. The duo will also market the property for lease.
SPRINGFIELD, MO. — Springfield Hospitality Inc. has purchased the 188-room Holiday Inn & Suites in Springfield for an undisclosed price. Located at 2720 N. Glenstone Ave., the hotel features amenities such as a heated indoor pool, fitness center, complimentary Wi-Fi and the Peppertree Restaurant and Cocktail Lounge. Nate Sahn, Pravin Boteju, James Foxx and Tom Adamson of CBRE Hotels represented the undisclosed seller in the sale.
TOWN AND COUNTRY, MO. — Lutheran Senior Services has started construction of an independent living expansion of Mason Point, a seniors housing community in the St. Louis suburb of Town and Country. The $70 million expansion will add 156 new units to the community, as well as new amenities. The project will include a three-story, 390,000-square-foot building with underground parking, a wellness center and an indoor pool. The new property will connect to an adjacent building that will be renovated to become a community center featuring dining venues, a media room, theater, game room, chapel, art studio, health clinic and meeting rooms. Nearly half of the new apartments have already been reserved, according to Lutheran Senior Services. BSI Constructors is the general contractor, and the project architect is Grubbs and Associates. The project is scheduled for completion in summer 2020. Lutheran Senior Services acquired the community, formerly known as Cedars of Town & Country, in February 2016. The new independent living units will convert the property into a continuing care retirement community, offering all levels of care. The additional 156 new beds will bring Mason Pointe’s total to 408 beds. This includes the existing 164 long-term care beds along with 43 …
MISSOURI — Griffin-American Healthcare REIT IV Inc., which is co-sponsored by American Healthcare Investors and Griffin Capital Co. LLC, has acquired a portfolio of skilled nursing facilities located throughout the state of Missouri for $88.2 million. The portfolio comprises eight facilities totaling 1,112 licensed beds and approximately 385,000 square feet. Affiliates of Reliant Care Management Group sold the properties, and will continue to operate them under a 15-year absolute net lease with two 10-year renewal options. (Under terms of an absolute net lease, the tenant is responsible for all expenses and repairs relating to the building, including the roof and structure.) The lease includes annual rent escalations tied to the consumer price index with a floor of 2 percent and a cap of 3 percent. Griffin-American Healthcare REIT IV financed the acquisition using cash on hand and borrowings under its revolving line of credit with Bank of America NA and Keybank NA. The specific names and locations of the properties were not disclosed.
CRESTWOOD, MO. — Architectural firm Remiger Design has unveiled a master plan for the redevelopment of the former Crestwood Mall in suburban St. Louis. Remiger is working with Chris Cedergreen, a commercial real estate design advisor. Plans call for more than 794,000 square feet of retail, office and residential space. The retail portion will feature 160,000 square feet, including a pharmacy, four outlots and a cinema. The office portion will include 240,000 square feet of office and medical space. The residential component will feature a four-story building with amenities such as a fitness room, pool and outdoor meeting area. Plans call for nearly 3,000 parking spaces. Known as Crestwood City Center, the development will connect to Grant’s Trail, a greenway. Crestwood Mall, which once housed more than 100 retailers in 1 million square feet, closed in September 2013. Owner UrbanStreet Group has completed the environmental remediation and demolition of the mall. Walpert Properties Inc. is the project developer. HBD is the general contractor. Pam Hinds and Christopher Zoellner of Balke Brown Transwestern will market the office and retail portions for lease. The target date for completion of the office portion is January 2020.
ST. LOUIS — Fields Foods is opening a store at the Lofts@Euclid in St. Louis. The grocer will occupy the remaining 8,186 square feet of commercial space on the ground floor of the 87-unit loft development, which opened in 2016. Fields Foods plans to be open for business later this year. The property originally opened in 1910 and served as the headquarters for the Langan & Taylor Co.
CREVE COEUR, MO. — NAI Desco has brokered the sale of Ballas Place in Creve Coeur for $5.5 million. The 78,252-square-foot office building is located at 425 N. New Ballas Road. Constructed in 1980, the property is 74 percent occupied by tenants such as Central Bank of St. Louis, Trileaf Corp., Brookdale Senior Living and Povaddo. Bamboo Equity Partners, the buyer, plans to invest $4 million in building upgrades over the next year. Plans call for the transformation of the two-story atrium into shared collaborative space. Carl Conceller and Stephen Gwinnup of NAI Desco represented the undisclosed seller. Intelica Commercial Real Estate represented Bamboo.
ST. LOUIS — Tarlton Corp. is constructing a new $12 million parking garage in the Cortex Innovation Community in St. Louis. The five-level garage will provide spaces for 678 vehicles. Completion is slated for May 2019. HOK is the architect. The project is the first of three parking garage projects planned for the district. The Cortex Innovation Community is home to 350 technology-related businesses.
BELTON, MO. — Furniture Deals, a family-owned furniture retailer, has opened a 50,000-square-foot showroom in the North Cass Shopping Center in Belton, located about 21 miles south of Kansas City. Furniture Deals replaces Price Chopper as the anchor tenant of the shopping center. The showroom doubles the size of the company’s original Belton location at 1737 E. North Ave. Founded in 2004, Furniture Deals now employs 100 people and offers a selection of furniture, mattresses and home decor.