STL Real Estate News

Category - Commercial Real Estate

Microbrewery coming to the Ellisville area

Microbrewery coming to Ellisville, MO

Microbrewery coming to Ellisville, MO

ELLISVILLE, MO/January 14, 2017 (STLRealEstate.News) A microbrewery is coming to the Ellisville, MO area according to local sources.  Apparently, the project has taken longer than expected, but from the appearance of the property located at 16050 Manchester Road in Ellisville progress is being made.

Chris Greer, the owner, is planning on producing 750 barrels yearly.  They have parking for 45 vehicles and capacity for 120 guests.  There will be a tasting room, but there will not be outdoor seating, televisions or entertainment.

The facility has been vacant for 10 years.  There is a loading dock in the back of the building making it a great property for a brewery.  The city approved it’s license approximately one year ago and now re-configuring and renovating the building is in progress.

There has been concern from the local residents about traffic.  Just half a mile east there is a new QT, Popeye’s Louisiana Kitchen, and Arby’s that will bring additional traffic to an already busy intersection.

We recently published an article titled “Construction projects in Ellisville, MO” describing the various building projects around the community.  Certainly the city took the increase in traffic into consideration, but lets keep our fingers crossed that their estimates are correct.

This will be the first microbrewery in the Ellisville area.  While it is always good to see new construction it is equally satisfying to see preservation in progress as well.  The city of Ellisville is excited to see this property finally occupied after 10 years.  But will they have good beer?  Stay tuned!

Contact information:

Greer Brewery

16050 Manchester Road

Ellisville, MO 63011

Phone: N/A

Email: N/A

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Copyright 2016 K Amant, LLC d.b.a. STLRealEstate.News.  All rights reserved.  This material may not be published, broadcast, rewritten or redistributed.

Cortex expansion on hold

ST LOUIS, MO/January 14, 2017 (STLRealEstate.News) Officials behind the development and construction of the Cortex innovation district have this week announced they are placing two components of its planned third phase of development on hold at this time.  The items that have been paused include a 200-unit apartment development and a 1,100-space parking garage.  The team behind the development did not elect to disclose what exactly has put them on hold at this time.

Nonetheless, the district’s first hotel, an Aloft boutique hotel by Starwood; a new 180,000-square-foot technology and lab building; and an approximately 13,500-square-foot innovation hall are still slated for the Cortex innovation district project.  With the announcement of the two component drops, the project is now expected to cost close to $100 million, reported Cortex CEO Dennis Lower.  Previously, the price tag was a lofty $170 million before the scale back.

Lower provided limited information, stating that the numbers for the garage and residential component just didn’t add up for their spending budget.  They are expecting the district to revive plans, in some iteration, later this year.

“The two developers on the projects continued to drill down on the design and cost and came to the conclusion that it was no longer financial feasible,” Lower said.  “So what we did was we un-bundled the entire project.  So now we’re looking at all options right now (for the parking and residential component) — everything from sites and funding mechanisms.  We’re sort of starting anew with it.”

St. Louis’ city Tax Increment Financing Commission last week approved a $9.5 million in TIF allocation to help pay for Cortex’s planned third phase.  This is not TIF money, however, as Cortex was approved for $167.7 million in TIF incentives back in 2012.  The $9.5 million for this project is coming out of that previous pot.  To date, Cortex has used about $75 million of the approved $167.7 million for previous projects.

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Contributing Editor: Alexandra R. Fasulo

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Picture courtesy of FUSE – Washington University in St. Louis

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Copyright 2016 K Amant, LLC d.b.a. STLRealEstate.News.  All rights reserved.  This material may not be published, broadcast, rewritten or redistributed.

Clayton home to a female-only co-working space

female-only co-working space

Female-only co-working space in Clayton, MO

CLAYTON, MO/January 12, 2017 (STLRealEstate.News) Clayton will soon be home to a hip and hot women-only co-working space, following the national trend started in New York City.  Co-working spaces, a place for startups and entrepreneurs to rent out cheaper, more innovative spaces and work with other members of their co-working ecosystem, are sweeping the nation, and Clayton wanted to be part of the trend.

RISE Collaborative, which will open at 8820 Ladue Road later this quarter, will include 11 private offices, 3,000 square feet of open and flexible work-space, three conference rooms, a classroom, and free parking to go along with a coffee and snack bar.  Sounds pretty millennial, no?

According to a Bloomberg article published this past Wednesday, female-focused co-working spaces have become a niche in the greater co-working industry.  They are a place for women to network, collaborate, and share resources for further solidifying their prominence in the professional and working world.  RISE founder Stacy Taubman, on speaking to Bloomberg, stated that women are “craving community, connection, and confidence, and that’s exactly what we’re going to give them here in Clayton.”

Other female-only co-working spaces can be found in New York, Phoenix, southern California, Washington D.C., and Stockholm, making St. Louis a very trend-setting city at this time.

RISE has been having a good year so far, being named one of three finalists for the Business Journal’s Catapult Competition sponsored by MasterCard, a contest that aims to jump-start the winner’s idea through coaching and $10,000 in technology services from MasterCard.

RISE is also anticipating new funding that could come at some point this year and is also expected to help Taubman expand her co-working concept beyond just St. Louis.

“Our goal is to keep growing and spreading our co-working commitment to fostering female growth and collaboration both on a personal and professional level,” said Taubman.

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Contributing Editor: Alexandra R. Fasulo

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Picture courtesy of Philadelphia Magazine

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Copyright 2016 K Amant, LLC d.b.a. STLRealEstate.News.  All rights reserved.  This material may not be published, broadcast, rewritten or redistributed.

St. Louis industrial construction continues

St. Louis industrial construction

ST LOUIS, MO/January 10, 2017 (STLRealEstate.News) The St. Louis industrial market is poised to have an historical comeback after decades of stagnated growth and industrial construction demand. As witnessed by many market players in the St. Louis economy at this time, “big bombers” – industrial facilities 500,000 square feet and larger – are coming out of the ground at record pace at this time. Even better, before these projects are completed, they are being leased and pre-leased at a record pace.

What is the reason for this sustainable industrial spur? Many attribute the new e-Commerce phenomenon with major players like Amazon taking nearly 1.5 million square feet in the Metro East submarket. The two major developments in this submarket are Gateway Commerce Center, developed by TriStar, and the adjacent Lakeview Commerce Center, developed by Panattoni.

In addition to Amazon, the Gateway Commerce Center contains a host of big box users such as P&G, Unilever, and Saddle Creek Corp. In neighboring Lakeview Commerce Center, Amazon occupies space along with World Wide Technologies, occupying 769,500 feet in the Center.

The overall vacancy rate in metro St. Louis dropped to 6.5 percent at the end of the third quarter this year. Absorption year-to-date has totaled more than 3.5 million square feet now, and the velocity of these developments has captured the attention of local, established St. Louis developers, as well as brand new names to the great region. The industrial construction has been nothing but good for St. Louis residents, whom now have thousands more jobs to peruse in 2017.

It’s important to note, not all development in the St. Louis market is speculative at this time. Boeing is completing a 367,000-square-foot expansion of its tooling center near the company’s north St. Louis County campus. All of this new construction by local, national, and international developers points to St. Louis as a serious contender in the rapidly expanding distribution center arena.

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Contributing Editor: Alexandra R. Fasulo

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Copyright 2016 K Amant, LLC d.b.a. STLRealEstate.News.  All rights reserved.  This material may not be published, broadcast, rewritten or redistributed.

World Wide Technology New Corporate Headquarters in WestPort Plaza

World Wide Technology New Corporate Headquarters

World Wide Technology, Inc. New Corporate Headquarters

MARYLAND HEIGHTS, MO/January 6, 2017 (STLRealEstate.News) On December 22, 2015 World Wide Technology, Inc. (WWT) and Lodging Hospitality Management announced their plans to help revitalize Westport Plaza by constructing a new headquarters for World Wide Technology, Inc.

In one year an impressive amount of progress has been made and the target of mid-2017 appears to be reasonable.  The structure is a beautiful addition to the Westport Plaza area, which is a business and entertainment district that attracts more than 300,000 visitors annually.

The new building is 210,000 square feet and will be home to more than 1,000 employees of World Wide Technology, Inc. at a cost of $95 million.

Building design was provided by M+H Architects and is being built by TW Contractors and Clayco, all St. Louis based companies.

World Wide Technology New Corp HQ

The state-of-the-art digitally enabled facility was designed to foster collaboration and interactivity among WWT employees, customers and partners.  The building will provide remote and local WWT teams the tools and facilities to share data, interact with content, work collaboratively to solve problems and make better business decisions.

The building will feature:

  • Ten video-enabled rooms, including three with SMART boards
  • Cisco TelePresence® high definition conferencing
  • An open office layout featuring collaboration areas, huddle rooms, working cafes and conference rooms
  • 150-seat auditorium with state-of-the-art audio and video technology
  • Digital signage to effectively and efficiently communicate with employees and guests
  • State-of-the-Art Executive Briefing Center to host customers and partners

WWT is one of the largest privately held firms in the country and a four-time recipient of Fortune Magazine’s 100 Best Places to Work.

WWT is a systems integrator with nearly $7 billion in annual revenue that provides innovative technology and supply chain solutions to large public and private organizations.  The company brings to market a powerful blend of knowledge, infrastructure and technology to help its customers discover, evaluate, architect and implement technology products and solutions.

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Contributing Editor: MWS

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Picture courtesy of St. Louis Media, LLC

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Copyright 2016 K Amant, LLC d.b.a. STLRealEstate.News.  All rights reserved.  This material may not be published, broadcast, rewritten or redistributed.

Popeyes dealing with labor dispute in Ellisville

labor dispute

Popeyes dealing with labor dispute at new location in Ellisville, MO

ELLISVILLE, MO/January 3, 2017 (STLRealEstate.News) There is a new Popeyes Louisiana Kitchen being built on Manchester Rd/Clarkson Rd intersection in Ellisville, MO.  However, the St. Louis – Kansas City Carpenters Regional Council, a labor union, is alleging a labor dispute.

Visited with the union employees on site and they were reluctant to offer much information.  One member didn’t really know what the dispute was about.  They offered me the contact information for their union representative.  We called the representative, but there was no answer.  We left a message, but we did not get a return phone call.

St. Louis – Kansas City Carpenters Regional Council is placing employees onsite daily to educate the community of the differences they have with the project.  The Regional Council represents more than 20,000 members in 34 locals across the Missouri, Kansas and southern portion of Illinois.  The Regional Council works for its members by negotiating fair wages and benefit packages.  According to their website they have invested more than $250 million in re-development projects to create jobs.

Additionally, we called Popeyes corporate offices in Atlanta, GA, but nobody was available for comments.  We did leave a message asking for a call, but we never heard back from anybody.

This is the second building project in recent months that St. Louis – Kansas City Carpenters Regional Council claimed that there was a labor dispute in the Ellisville community.  Just east on Manchester at the Aventura Centre apartment complex they were present daily for several months, but now appear to have changed locations to protest Popeyes.

If we get a call back from either party and obtain additional information we will publish another article.  We encourage either or both parties to call so we can present both sides of the argument.

Contact information for both parties are:

St. Louis – Kansas City Carpenters Regional Council

1401 Hampton Avenue

St.Louis, MO 63139

Phone: (314) 603-2650

and

Popeyes Louisiana Kitchen 

400 Perimeter Center Terrace, Suite 1000

Atlanta, GA 30346

Phone: (404) 459-4450

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Contributing Editor: MWS

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Picture courtesy of St. Louis Media, LLC

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Copyright 2016 K Amant, LLC d.b.a. STLRealEstate.News.  All rights reserved.  This material may not be published, broadcast, rewritten or redistributed.

 

Cushman & Wakefield named No. 1 Largest Commercial Real Estate Firm

Cushman & Wakefield

Cushman & Wakefield – No. 1 Largest Commercial Real Estate Firm in St. Louis

ST LOUIS/January 2, 2017 (STLRealEstate.News) Cushman & Wakefield (CW) was recently named by the St. Louis Business Journal as the No. 1 Largest Commercial Real Estate Firm in St. Louis.

A worldwide commercial real estate firm with offices in 250 cities around the world.  Locally, they have more than 206 active agents, total staff of 977, 27 local sales transactions, leasing more than 6.03 million square feet with revenues more than $464 million.

Services offered by CW are:

  • Account Management
  • Agency/Landlord Leasing
  • Corporate Finance & Investment Banking
  • Equity, Debt & Structured Finance
  • Facilities Management
  • Global Hospitality Group
  • Global Supply Chain Solutions
  • Industrial Services
  • Investment Sales & Acquisitions
  • Lease Administration
  • Office Leasing
  • Project Management
  • Property Tax Services
  • Asset Services
  • Global Retail Services
  • Risk Management Services
  • Senior Housing
  • Sustainability Services
  • Tenant Representation
  • Valuation
  • Workplace Strategy

CW has four locations in the St. Louis area according to their website:

CW, 721 Emerson Rd, St. Louis, MO 63141 – Phone: (314) 862-7100

CW, 55 West Port Plaza, Suite 500 and 600, St. Louis, MO 63146 – Phone: (314) 862-7100

CW, 7700 Forsyth Boulevard, 1210, Clayton, MO 63105 – Phone: (314) 862-7100

CW, 4678 World Parkway Circle, St. Louis, MO 63134 – Phone: (314) 813-2500

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Source: St. Louis Business Journal – Cushman & Wakefield website

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Contributing Editor: MWS

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Copyright 2016 K Amant, LLC d.b.a. STLRealEstate.News.  All rights reserved.  This material may not be published, broadcast, rewritten or redistributed.

Construction projects in Ellisville, MO

QT, Ellisville, MO - West St. Louis County

Ellisville is a hopping community with Manchester and Clarkson being the hot spot

ST. LOUIS, MO/December 31, 2016 (STLRealEstate.News) Ellisville is a hot community for building projects right now.  The intersection at Manchester Rd and Clarkson appears to be the hottest spot.  The intersection is already home to McDonald’s, AT&T Store, Jimmy John’s, CVS Pharmacy and in a few weeks, QT and Popeyes will be open, making it the hottest intersection in Ellisville.

The QT is anticipated to open around the end of January 2017 according to sources onsite, but that date has not been confirmed by QT.

At 15909 Manchester Rd, just west of the McDonald’s, will be the new location of Popeyes Louisiana Kitchen, which according to the appearance shouldn’t be more than a few weeks to a couple of months from completion.

 

 

Popeyes, Ellisville, MO - West St. Louis County

Popeyes, Ellisville, MO – West St. Louis County

Just a few blocks to the east is a new Arby’s located at 15909 Manchester Rd and Children’s Learning Center across the street.  Perfect for dropping the kids, picking them up, grab some fast food and everybody is happy.

A few blocks north on Clarkson is a new Chick-Fil-A that appears to be close to its completion.  It appears that it will be opening in a few weeks, but no confirmation has been obtained.

If you live in Ellisville and like fast food, you will soon have plenty of new choices.  Don’t forget that QT has some great food as well.

Chick-Fil-A, Ellisville, MO

Chick-Fil-A, Ellisville, MO

Further west is a new apartment complex called Aventura at Towne Centre Apartments with what appears to be hundreds of apartments right off Manchester Rd at 16318 Truman Rd, Ellisville, MO.  While the economy is still sluggish, Ellisville, MO certainly appears to have done a few things right to attract all of this building that has brought millions of dollars to the community.  We have one concern relating to the Manchester Rd and Clarkson intersection; traffic!  Manchester Road is a very busy street now, but when all of these new locations are open, will it be too much traffic for Ellisville?  I’m certain that all of this was taken into consideration at the time.  Let’s hope their estimates were correct.

Aventura at Towne Centre Apartments, Ellisville, MO

Aventura at Towne Centre Apartments, Ellisville, MO

Aventura at Towne Centre Apartments, Ellisville, MO

Aventura at Towne Centre Apartments, Ellisville, MO

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Contributing Editor: MWS

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Pictures courtesy of St. Louis Media, LLC

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Copyright 2016 K Amant, LLC d.b.a. STLRealEstate.News.  All rights reserved.  This material may not be published, broadcast, rewritten or redistributed.

Peabody staying in downtown St. Louis offices

Peabody, St. Louis, MO

Peabody staying downtown St. Louis

St. Louis, MO/December 18, 2016 (STLRealEstate.News) Peabody Energy renewed their downtown St. Louis office leases through 2023 this year, making a sustainable commitment to their longtime St. Louis residency.  The energy agency’s world headquarters is based out of the downtown St. Louis offices, and they made the official lease extension announcement this past Wednesday.  The announcement extends the current lease on the company’s 701 Market Street office by two years as well.

The renewal of the entity’s lease comes at a frustrating and difficult time for the international company, still trying to determine how to course its way out of Chapter 11 bankruptcy.  Local news stations took special interest to the announcement, speculating that the business has a plan for climbing out of their economic woes in 2017.

“We took a decent amount of time to speculate the future of Peabody in many different ways,” said Vic Svec, a spokesperson for Peabody.  “Though we’re not entirely sure where we see ourselves five years from now, we do know one thing: that downtown St. Louis is our home, and we’re pleased to call it the home of our global headquarters.”

Svec went on to say that the decision is an enormous announcement of Peabody’s commitment to the greater St. Louis community, and their contributions in the form of job development and economic growth.  Additionally, the spokesperson confirmed that the lease renewal is a “testament to the sustainability of Peabody” as it emerges from bankruptcy.

Peabody was forced to file for Chapter 11 bankruptcy this past April.  The onslaught came from a disruption to coal markets and debt from recent purchases of mining companies overseas.  Svec acknowledged in her statement that development, along with the “industry headwinds,” sparked outside speculation about the fate awaiting its block of downtown real estate, as well as the company, overall.

Peabody currently employs about 380 people in its St. Louis headquarters.

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Picture courtesy of CleanTechnica

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Copyright 2016 K Amant, LLC d.b.a. STLRealEstate.News.  All rights reserved.  This material may not be published, broadcast, rewritten or redistributed.

Corporate Hill offices sold

Corporate Hill

Corporate Hill offices

St. Louis, MO/December 10, 2016 (STLRealEstate.News) The Corporate Hill offices in St. Louis officially have a new owner, sources reported this week. SARA Investment Real Estate, a commercial real estate investment company based in Madison, Wisconsin, has made its fourth office acquisition in the St. Louis area this month. Bent on being part of the building and real estate revival happening in St. Louis presently, the real estate company keeps snatching off office listings on the market, and expanding their St. Louis real estate portfolio.

SARA Investments last Thursday reported they had closed on the purchase of the Corporate Hill Buildings I, II, and III in west St. Louis County. SARA did not disclose the deal’s terms at this time, however. The Wisconsin firm entered the St. Louis real estate market in 2015 with subsequent purchases of properties in Fenton, Chesterfield, and O’Fallon, Missouri. The company proceeded to set up shop in Chesterfield, and now has a small office in the St. Louis suburb.

The Corporate Hill office buildings now apart of SARA Investments at 1610, 1630, and 1650 Des Peres Road, have a combined 289,380 square feet of space. Current tenants in the buildings include Charter Communications, Bethesda Health Group, KPFF Consulting Engineers, and Gallagher Basett. It is unsure what the new building owner plans to do with their new office acquisition.

SARA Investments is not the first out of state real estate firm to start buying up property and buildings for sale in the greater St. Louis metro region. Residential and professional construction rates are finally back up to pre-recession levels, making real estate prices affordable and soon-to-be-abundant. Out-of-staters are taking notice, and getting in on the action before the inexpensive buildings are off the market. Regardless of who’s buying up the real estate, it’s nothing but a good sign for St. Louis residents for what’s ahead in 2017.

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Contributing editor: Alexandra R. Fasulo

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Copyright 2016 K Amant, LLC d.b.a. STL.Properties and STLRealEstate.News.  All rights reserved.  This material may not be published, broadcast, rewritten or redistributed.

Cardinals release new Ballpark Village layout drawings

Ballpark Village

Ballpark Village

St. Louis, MO/December 8, 2016 (STLRealEstate.News) The St. Louis Cardinals last month confirmed they are revamping and constructing a new village complex right in St. Louis. This week, the team published two new renderings of what the $220 million second phase of Ballpark Village is likely to look like. The “official phase two plans” call for construction of a 29-story, 230-foot-tall luxury high-rise apartment tower, as well as what officials said will be the “Class A” building – the first new one built downtown since 1989. The construction project, therefore, is momentously historic and exciting for all St. Louis residents.

One of the renderings released this week shows an aerial view of the site that includes a generic mock-up of what to expect from a third possible renderings release. The other rendering available at this time showed the complex will include a rooftop pool on one of the buildings.

Construction is set to begin in the second half of 2016, with some areas that will be available for public use as soon as 2018. The entire second phase addition is slated to be completed by 2019, reported officials.

Previous hints of what a third phase rendering could look like includes three rectangular parcels to the north of the current plans. Cardinals President Bill DeWitt III previously reported to the Business Journal that those blocks could be anything, but are set up strategically to lay the foundation for an office or something residential. “My dream would be a big company to come in and build a campus on three blocks and add some retail and add to the streetscape,” said DeWitt.

At the end of November, a St. Louis aldermanic committee advanced $65 million in subsidies for the project. The subsidies include allotments from tax increments, a community improvement district, and a transportation development district. The Ballpark Village bonds will expire in 2037.

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Contributing editor: Alexandra R. Fasulo

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Picture courtesy of St. Louis Ballpark Village

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Copyright 2016 K Amant, LLC d.b.a. STL.Properties and STLRealEstate.News.  All rights reserved.  This material may not be published, broadcast, rewritten or redistributed.

St. Louis Development Corp. getting federal tax credit

St. Louis Development Corp.

Federal tax credit given to St. Louis Development Corp.

St. Louis, MO/December 5, 2016 (STLRealEstate.News) The St. Louis Development Corp. this week announced they will be receiving a $75 million allocation of federal New Markets Tax Credits from the Treasury Department this year.  The announcement, which went live Thursday, was absolutely incredible news for the St. Louis-based corporation.

Also among recipients in the latest round of allocations were the MBS Urban Initiatives CDE, an entity that is part of the St. Louis-based McCormack Baron Salazar, and Advantage Capital Community Development Fund.  Advantage Capital, a New Orleans-based business, has a big office in the center of Clayton.  The Treasury Department was feeling even more generous with Advantage and awarded them $80 million in New Markets.  MBS Urban Initiatives came in at a $75 allocation, just like the St. Louis Development Corp.

New Markets are incredible tools for businesses looking to expand their reach into new markets.  These specific credits are used as an incentive to draw private investment into businesses and real estate projects in qualifying census tracts that cover much of St. Louis and part of St Louis County.  These awarded credits, amazingly, do not have to be invested back into the St. Louis region, although SLDC typically only awards entities that have future or ongoing projects planned for the city.  These New Market credits position themselves as a popular form of gap financing for real estate projects and of capital for growing small businesses.

These tax credits will then raise 39 cents on the dollar in equity and that investment is allocated to spread over seven years.

In total, the Treasury Department’s New Markets tax credit announcements awarded close to $7 billion in tax credits to 120 organizations in 36 states, the District of Columbia and Puerto Rico.  This was the largest award round ever approved since the program began in 2001, the department reported.

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Contributing Editor: Alexandra R. Fasulo

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Copyright 2016 K Amant, LLC d.b.a. STLRealEstate.News. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Wisconsin real estate firm buys St. Louis office complex

Wisconsin real estate firm

Wisconsin real estate firm buying St. Louis property

St. Louis, MO/December 5, 2016 (STLRealEstate.News) An up-and-coming full-service Wisconsin real estate firm has its eyes on real estate available in the greater St. Louis metro region.  Sara Investment Real Estate, a multi-faceted Midwestern real estate firm, this past week official acquired three West County office buildings in hopes to expand their reach on major metropolises in the central United States corridor.  The acquisition officially happened this past Wednesday, though terms of the deal were not disclosed at this time.

The properties, located in a complex that embodies 1610, 1630, and 1650 off of Des Peres Road, have a combined appraised value of $24.5 million, according to the St. Louis County records.

Corporate Hill Associates, a business entity tied to Anthony Sansone Jr., co-founder, chairman and CEO of a local real estate investment firm Sangita Capital Partners, sold the closing transaction.  TJ Redmond, a vice president of locally based CBRE, represented Corporate Hill Associates in the official closure.

The three buildings have a whopping 300,000-square-feet of Class A office space between them, are 68 percent occupied with tenants.  Current residents of the buildings include Charter Communications, Bethesda Health Group, KPFF Consulting Engineers, and Gallagher Bassett.

This isn’t the first acquisition by Sara in the great St. Louis region.  The real estate company is now on its fourth transaction, after having acquired the Chesterfield Exchange Building in Chesterfield Valley for about $15 million from the Danna brothers this past February.  In 2015, Sara acquired the Nortek Global HVAC building in Wing Haven, a property valued at $5 million, and a 50,000-square-foot industrial building at 1533 Larkin Williams Road, in the Fenton Industrial Park, for close to $5.3 million from TJC Partners.

The Wisconsin realty firm said they are planning for $15 to $20 million in acquisitions in the coming year.  The entity is led locally by CFO Luke Wolf, and is looking to keep expanding their operation.

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Contributing Editor: Alexandra R. Fasulo

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Copyright 2016 K Amant, LLC d.b.a. STLRealEstate.News. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Pfizer to consolidate St. Louis offices

Pfizer

Pfizer St. Louis’ offices to consolidate

St. Louis, MO/December 5, 2016 (STLRealEstate.News) Pfizer had a big announcement for the St. Louis metro region this past week.  The mega-corporation laid out their plans to research and develop a massive, four to five-story, 460,000-square-foot facility and parking structure on the northwest corner of Olive Boulevard and Chesterfield Parkway.  Pfizer confirmed that the plans are already being set in motion to the St. Louis Business Journal this past Tuesday.

The new structure will absorb the two different Pfizer facilities functioning around the Chesterfield region.  Pfizer will consolidate the Monsanto Chesterfield Village Research Center and at their location at the Missouri Research Park in St. Charles County in the new facility.  The facility will accommodate 625 employees and contractors, and is expected to cost more than $200 million.

Even more impressed, the pharmaceutical conglomerate is planning on centralizing their biotherapeutics and pharmaceutical science groups out of the new facility.  Much of the work conducted in the building will involve developing biologics and vaccines for clinical trials.

Local real estate agencies, Clayco and CRG, will be handling the development team and operation.  CRG, a subsidiary of Clayco, will work alongside the real estate business for the oversight of the new building construction.  Pfizer is planning to lease the building, once it is completed, which is expected to happen at the beginning of 2020.

Pfizer, through their operation expansion, is expected to create hundreds of jobs for locals.  The state of Missouri is rewarding them with $5 million through the Missouri Works program and $800,000 through the Missouri Works Training program based on job creation goals.  Pfizer is still in talks with the city of St. Louis for landing additional subsidies for their pledge to spur the creation of jobs and accelerate the job growth rate in the city.  Sources report Pfizer will at least receive some sort of real estate tax abatement in the process.

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Contributing Editor: Alexandra R. Fasulo

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Picture courtesy of Missouri Business Alert

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Copyright 2016 K Amant, LLC d.b.a. STLRealEstate.News. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

St. Louis factory building to become loft high-rise

St. Louis factory building

Factory to become loft high-rise

St. Louis, MO: (STLRealEstate.News) A 100-year old St. Louis factory that once housed roaring printing machines in a dusky environment may now play home to eye-catching, lofty, high-rise apartments soon.  The Woodward & Tiernan Printing Co. building at 1519 Tower Grove Avenue this week announced conversion as housing is planning for the once bustling factory site.  Pier Property Group, a brand new St. Louis-based real estate company, announced they are in hopes to complete the purchase of the 250,000-square-foot building in March to begin the total renovation into 160 loft-style apartments.

The first units could be available for residents as early as late spring 2018.

Pier’s founder, Michael Hamburg, stated that the $30 million to $35 million project in total would be titled Woodward Lofts.  The project, he says, would help connect the rapidly growing Grove neighborhood to the north and areas to south, which include the likes of Botanical Heights and the Shaw neighborhood.  As Hamburg puts it, the project would “be an infill anchor between all those areas.”

A local St. Louis architectural firm, Trivers Associates, states that the early 20th century daylight factory design incorporated in the location will translate perfectly into designed Woodward Lofts’ modern apartments.  The daylight design also calls for heavy factory rehab, reinforced concrete floors, and columns permits to alter the huge window and clerestories that admit daylight deep into the building’s interior.

Rewind 100 years ago, Ford’s gigantic Model T that factory opened in 1910 in Highland Park, Michigan, epitomized the open daylight design, which quickly spread to all other industrial areas of the time.  The building at 1519 Tower Grove Avenue was no exception, and the central daylight inclusion design will make for incredibly beautiful and naturally lit high-rise apartments. Klipstein & Rathmann, a prominent St. Louis architectural firm, will design the total building conversion.

Contributing Editor: Alexandra R. Fasulo