STL Real Estate News

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St. Louis office included in commercial real estate merger

commercial real estate merger

Commercial real estate merger

ST. LOUIS/December 31, 2016 (STLRealEstate.News) Commercial real estate merger – A Chicago-based real estate firm has made a big merger acquisition this week that includes an agency affiliate in the St. Louis region.  JLL, an expanding Chicago real estate firm, has officially acquired the Chicago affiliate of Integra Realty Resources, a network of independent U.S. commercial real estate valuation, counseling, and advisory firms.  This deal, which includes Integra’s St. Louis headquarters and eight employees, did not disclose terms or deadlines as of this week.

This acquisition follows two other deals to buy Integra affiliates, the first one in Houston in late October, and the other one in Dallas earlier this month.  The firm is hot on the “popular” real estate markets in the country at this time, including Texas cities, St. Louis, Minneapolis, and more.

The senior managing director of Integra in St. Louis, Ryan McDonald, this week assured current and future clients that the hard work and professionalism they bring to the table will endure the merger.  “Our clients in the St. Louis region and nationally have always been pleased with our local market expertise, high quality work, and professionalism – and we plan to continue to impress them even more under the JLL banner,” said McDonald earlier this week.

The merger will bring in an additional 50 employees at JLL to merge with the current 8 in the St. Louis Integra office. JLL has had an excellent last few years, with a reported 2015 revenue of $6 billion and has more than 280 offices and now 70,000 employees worldwide currently.  They have completed $138 billion in sales, acquisitions, and finance transactions in 2015.  Even more impressive, as of September 30, 2016, their investment management business, LaSalle Investment Management, has $59.7 billion of real estate assets under the management.

What will JLL’s next move be looking forward? Time will tell.

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Contributing Editor: Alexandra R. Fasulo

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Picture courtesy of http://jllapsites.com/

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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  This material may not be published, broadcast, rewritten or redistributed.

Kranzberg Arts Foundation to renovate Grandel Theatre

Kranzberg Arts Foundation

Kranzberg Arts Foundation

St. Louis, MO/December 09, 2016 (STLRealEstate.News) The Kranzberg Arts Foundation, a local philanthropic organization run by philanthropists Ken and Nancy Kranzberg, this week announced they will renovate and then subsequently operate the historic Grandel Theatre, located at 3610 Grandel Square.  The historic space is slated to become home to a new theatre, dance, and concert venue, with performances to be scheduled in the late spring or early summer of 2017.  The foundation did not disclose the investment amount at this time.

The Kranzberg Arts Foundation is working closely with district and community partners to ensure the Grandel Theatre is a true example of diversity in audience, programming, and organizational use.  Once the Grandel Theatre is completed, it will host five visual art exhibits annually, as well as resident-offered dance classes and educational programs.  Additionally, it will be home to Kranzberg Arts Foundation resident organizations that include Dance St. Louis, Ashleyliane Dance Co., Karlovsky & Co. Dance, and the Metro Theatre Co.

The Dark Room Wine Bar & Photo Gallery will move into the newly renovated space at the Grandel Theatre as well, and leave its current location on Grand Avenue.  The Dark Room’s photography and music are programmed and sponsored by the Kranzberg Arts Foundation.  The Dark Room, in its new location, will feature ongoing photography exhibitions and nightly live music.

The Grandel Theatre building is currently owned by the Grand Center Inc.  The Kranzberg Arts Foundation is working closely with the Grand Center to ensure the project creates a place where people can fully and peacefully connect with the arts.

For the official build-out and design of the new space, the Kranzbergs selected SPACE Architecture + Design to handle the rollout. The firm announced the first part of the project, slated to be completed by February 2017, will include a remodel of the lobby and common areas, which will turn into the new rooms for the Dark Room gallery, stage, and restaurant.

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Contributing editor: Alexandra R. Fasulo

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Picture courtesy of Kranzberg Arts Center

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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.

ARE TAX BREAKS BEING AWARDED TO NEW HOMEOWNERS IN ST LOUIS COUNTY?

Tax Breaks

Tax breaks for new homeowners in St. Louis County?

ST. LOUIS, MO: (STLRealEstate.News) Tax Breaks – After some comparative calculations and noticeable tax rate reductions in home purchases so far in 2016, there is an unexpected benefit to buying a home in St. Louis County today: eight out of 10 buyers get a property tax break. Their homes are technically appraised for taxes at less than they paid for them. Is this fair to other homeowners in the area, and should it be disputed? Local communities are in some agreement and disagreement on the issue.

The Post-Dispatch analyzed records for the 2015 assessment and found that of the 10,171 homes that sold in 2014, 8,137 were appraised for taxes at less than what they sold for. Of those, 3,305 were valued at 90 percent or less of the sale price. And of the rest, 1,562 were appraised for more than the sale amount, while 447 were appraised at the same as the sale amount.

What’s surprising here is that tax appraisals are supposed to reflect the market value of a home, and home prices were definitely on the rise in 2014. Take this unusual case in Clayton in which a five-bedroom mansion sold for $1.24 million in June of 2014, and had a tax appraisal at $991,000 in January 2015. These results “disturb” a lot of individuals in the industry today.

Contributing Editor: Alexandra R. Fasulo

FASTEST GROWING BUSINESSES INDICATED STRONG REAL ESTATE YEAR FOR 2017

fastest growing businesses

Fastest Growing Businesses Indicate Strong Real Estate Year

ST. LOUIS, MO: (STLRealEstate.News) – Fastest Growing Businesses – With 21 companies based out of St. Louis making Inc. 5000’s “Fastest Growing’ list this past month, the variation and spread indicates a strong year for prospective businesses and residents to come settle down in St. Louis. More and more startups and small businesses are eyeing St. Louis as a place for them to found their business. With friendly business regulations, moderate taxes, and a community that supports innovation, St. Louis is positioning itself for another strong year both in the business realm and real estate realm.

In order for people to take part in these businesses and buy from them, they’re going to consider settling down in the area for the increased job opportunities and consumerism. Local real estate agencies have linked the increasing business sector prosperity to another prosperous real estate market heading into 2017. Not phased by the upcoming months in which home typically sales slump, industry participants are confident they’re in for another great real estate year.

Contributing Editor: Alexandra R. Fasulo

WOMEN-LED STARTUPS IN ST LOUIS GETTING INVESTMENTS

women-led startups

Women-led Startups in St. Louis

ST. LOUIS, MO: (STLRealEstate.News) With the active and highly lucrative St. Louis real estate market today, thousands of businesses and blossoming entrepreneurs are eyeing St. Louis as a potential hub for launching their small businesses and startups. As an up-and-coming city with a growing tech sector, many St. Louis business success stories have been had in 2016.
It was announced this week that six women-led startup companies, including three from St. Louis, have been brought into the Prosper Women Entrepreneurs accelerator program. The new classes include companies that are developing cloud-based service platforms, a fitness tracker for mental health, ways to target online consumers without tracking cookies, and an all-natural cookie dough maker.

Sound like quite the spread? It accurately represents all of the different facets and activity common in St. Louis today.

Each company will receive a $50,000 investment from Prosper Women Entrepreneurs (PWE) in exchange for an equity stake in the startup. To date, PWE has invested nearly $1.5 million into about 20 women-led startups.

Contributing Editor: Alexandra R. Fasulo

ST LOUIS STARTUPS FLOURISHED IN 2013, CENSUS DATA SHOWS

st louis startups

St Louis Startups Flourished in 2013

ST. LOUIS, MO: (STLRealEstate.News) St Louis Startups – Numerical confirmation of what most St. Louis residents already knew came forward this week. Data released from the U.S. Census Bureau has officially showed that St. Louis saw a bigger spike in startup companies between 2013 and 2014 up 14.3 percent) than any other city in the nation. In other words, 2013 was the year of pinnacle innovation for the Midwestern metropolis, and with it came expanded communities, education, and a booming real estate market.

Missouri, too, fared well among states, trailing only Nevada and Florida as having the highest share of startups out of all firms. The data, though indicative of events that happened two years ago, confirms that 2013 was St. Louis’ breakout year in terms of startup growth – startups being founded at a record pace, lots of venture capital invested in those companies, and new and out-of-town entrepreneurs joining the scene.

Due to this growth, money and investments nationwide have been steadily pouring into St. Louis, undoubtedly spurring the hot and active real estate market today.

From November 2013 to October 2014, money invested in St. Louis tech financings grew 1.221 percent compared with November 2012 to October 2013, according the Census insights. That was the fastest growth rate of any city during that time.

Contributing Editor: Alexandra R. Fasulo

HOUSEHOLD FINANCIAL CONDITIONS REMAIN STABLE, REPORTS FED

Federal Reserve Bank of St Louis

Household Financial Conditions Stable

ST. LOUIS, MO: (STLRealEstate.News) In their third quarter Burgundy Book, the Federal Reserve Bank of St. Louis tossed out their findings this past Wednesday in a series of reports and summaries. Overall concluding that St. Louis is on a trend towards prosperity and socioeconomic activity, the Fed reported that household financial conditions remained stable, as mortgage, credit card, and automotive loan delinquency rates remained lower in the zone than the nation in the second quarter. Their findings are undoubtedly directly related to why the real estate industry in the St. Louis region is doing so well today.

In addition to their household findings, the Fed also reported that leisure and hospitality saw a near 7 percent increase. Professional and business services, a category that includes law, engineering, and accounting firms, as well as waste management, showed a 5 percent increase as well. As the Fed put it, “St. Louis is creating jobs, buying cars, and buying houses.”

As jobs are added, people are buying homes and cars. The report noted “rapidly” rising home sales around St. Louis. Sales were up 7.4 percent as of mid-year. Home prices in the metro area were up 3.4 percent, according to the real estate data firm CoreLogic.

The Fed’s regional report assembles statistics as well as reports form business people around the state.

Contributing Editor: Alexandra R. Fasulo

ALCARA TECHNOLOGIES MOVING HEADQUARTERS TO WESTPORT PLAZA

alcara technologies

Alcara Technologies is moving to Westport Plaza

MARYLAND HEIGHTS, MO: (STLRealEstate.News) Aclara Technologies officials said that they plan to relocate their Hazelwood headquarters to Westport Plaza by the end of spring 2017. Aclara officially signed a lease to occupy 63,000-square-feet at 77 Westport Plaza. The technology company’s research, development, and testing lab will also move to Westport when the official move ensues in half a year. Upon discovery, terms of the lease were not disclosed.

Our new corporate headquarters at Westport Plaza will provide the space, flexibility, location, and collaborative environment that reflect our needs as an innovative company with an increased global presence,” Kurt Bruenning, Aclara CFO, said in a statement. “With a total of 900,000 square feet in the complex, Westport Plaza also provides access to additional space should our continued growth require expanded facilities.”

Office space in West County goes between $20 and $26 per square foot, according to Newmark Grubb Zimmer research. Aclara’s current headquarters at 945 Hornet Drive, are estimated at $5.4 million and owned by GT/MM Property LLA (whose registered agent is Samuel Toumayan of Meridian Enterprises).

Evident of St. Louis’ incoming technology expansion, Aclara is not the first firm to set their sights on moving to Westport. In 2015, World Wide Technology, announced it would build a new $95 million headquarters in Westport.

Contributing Editor: Alexandra R. Fasulo

WOMEN’S CO-WORKING SPACE SIGNS LEASE CLAYTON

women's co-working space

Women’s Co-Working Space

CLAYTON, MO: (STLRealEstate.News) Women’s Co-Working Space – RISE Collaborative, a co-working office space devoted solely to women entrepreneurs looking to setup shop and collaborate with other female business owners, this week officially singed a lease to occupy 6,500 square feet at Ladue Place, an office building in downtown Clayton. RISE was founded last year by CEO Stacy Taubman, an educator who passionately turned into an entrepreneur and founded Girls Dreaming Big, an organization with a nine-month, research-based curriculum program and a mission to empower and build a strong community that supports girls in reaching their potential.

The building plan will include 11 private offices, 3,000 square feet of open and flexible work-space, three conference rooms, a classroom, and a free parking lot to go along with the coffee and snack bar. Additionally, like other co-working spaces available in the area, like Downtown T-REX or the Cambridge Innovation Center, programming for entrepreneurs will be offered.

So how will RISE distinguish itself from the competition? The space will set itself apart from other spaces by its location and its clientele, which is expected to be all women.

“The central corridor is where a lot of women want to work,” she said. “There are more than 50,000 female­-owned businesses in this community with only one employee: themselves. Many of these women are currently working from noisy coffee shops or feeling isolated and uninspired in home offices. RISE Collaborative Work-space is the place for them to work, connect and succeed.”

Contributing Editor: Alexandra R. Fasulo

ONE OF AMERICA’S TOP 10 REAL ESTATE ZIP CODES IN IN MISSOURI

top 10 real estate

Top 10 Real Estate Zip Codes

ST. LOUIS, MO: (STLRealEstate.News) Top 10 Real Estate Zip Codes – Realtor.com has ranked the nation’s hottest ZIP codes thus far in 2016, and has found one of its active slots in Missouri, according to the new report.  The real estate website ranked the nation’s ZIP’s based on the time it takes properties to sell and how frequently homes are viewed in each ZIP code.

So where’s the lucky ZIP code at?  It’s at 63126 in Crestwood and it comes in at number 8 in the nation.  This leads us to our next question: why is the St. Louis suburb so hot today?  Crestwood has home prices that are about half of those in the surrounding area and it feeds into a well regarded school district: Lindbergh School District.  The ZIP code is also populated heavily by millennials, coming in at 67 percent, and with a median list price of only $183,000, the demographic can still afford to buy there.

Crestwood has essentially found success as being one of the only safe, respectable, and homey suburbs to a major city that millennials can foresee-ably afford today.  With not many metropolises offering affordable options to younger individuals who still want access to city life and entertainment, it’s no wonder Crestwood found itself high on the hot ZIP code list.

Contributing Editor: Alexandra R. Fasulo

FEDERAL RESERVE BANK OF ST LOUIS RELEASES POSITIVE FINDINGS

Federal Reserve Bank of St Louis

Federal Reserve Bank of St Louis

ST. LOUIS, MO: (STLRealEstate.News) Things are looking up in the greater St. Louis region, according to the Federal Reserve Bank of St. Louis. In their latest report released this week on the region’s economy and civilian interactions, people in St. Louis are getting jobs, buying more cars and houses, and are borrowing to do it. The phenomenon, the Fed proclaims, is a good sign for the region and what’s to come.

The Fed’s business contacts reported, “improving labor market conditions and increased demand for labor,” in the greater St. Louis region. The demand is a sign of expanding business operations and creation of jobs that will lure more residents into the heart of Missouri.

Job growth, according to the report, has “exceeded the national average in St. Louis and has been trending upward,” said the Fed this past Wednesday in their Burgundy Book, a quarterly snapshot of regional economic conditions.

In a separate report, the government said the St. Louis metro area added 27,000 jobs in the year ended in August – a 2 percent increase from this time last year. The national job creation average was only 1.7 percent. Unfortunately, the metro area unemployment rate also ticked up in August, coming in at 4.9 percent in August and 4.6 percent in July.

Contributing Editor: Alexandra R. Fasulo

ST LOUIS DEVELOPER TAPS BULL MOOSE INDUSTRIES FOR FINANCING CORTEX

Cortex, St. Louis, MO

Cortex Financing

ST. LOUIS, MO: (STLRealEstate.News) – St. Louis developer Lawrence Group this week announced they are working with Bull Moose Industries as an investment partner to help them finance the $340 million mixed-use project that has now come to be known as the City Foundry Saint Louis at Cortex.  Also announced, the Lawrence Group’s crews have officially begun the environmental remediation work.  The finished product will sit on the former Federal Mogul Foundry property in Midtown and will include a 48,000-square-foot restaurant, a one-of-a-kind food hall, a 124,000-square-foot creative office space, 133,000 square feet of retail space with room for up to 45 retailers, and to top it all off, a 5110 space parking garage.

The first phase of the development isn’t expected to happen until 2018. Future plans now could call for another residential tower, office building, and retail space.

The property was purchased December 22 though FoPa Partners LLC, Lawrence Group, and an undisclosed investor group. They bought it for $6.4 million.

Contributing editor: Alexandra R. Fasulo

ST LOUIS DEVELOPER BUYS PANTAGRAPH BUILDING

Pantagraph Building

ST. LOUIS, MO: (STLRealEstate.News) – The Pantagraph building in downtown Bloomington, Illinois, has officially been sold to a St. Louis developer.  Oak LLC/Raven Development, the official St. Louis purchaser, snatched the building this past Thursday for an undisclosed sum of money.  The newspaper’s longtime headquarters at 301 W. Washington Street has a new future insight, and locals are feeling excited and hopeful.

The current building has been home to the Pantagraph since 1935, and the newspaper itself has been in existence for an impressive 170 years.

“Nothing changes immediately.  We can stay here for at least another year,” said Publisher Julie Bechtel, adding,  “We’ve been downtown for more than 80 years, so downtown is a part of us and we would prefer to stay downtown.

“We are actively looking for a new home that better meets our needs and our business model that relies on almost constant communication among our departments.”

Contributing Editor: Alexandra R. Fasulo

ST LOUIS PREPARING FOR FREIGHT GROWTH

Freight Growth in St. Louis

Freight Growth

ST. LOUIS, MO: (STLRealEstate.News) Freight Growth: Projections officially reported this week that the amount of freight shipped around the United States is expected to grow 45 percent over the next 30 years. The value of freight shipped through the St. Louis region is expected to increase 74 percent to $483 billion in 2045, according to the Federal Highway Administration. The increase, an important topic for many city and state government agencies to start preparing for in Missouri, was at the top of the agenda at the freight roundtable this past Monday in St. Louis.

The meeting included officials from the St. Louis Regional Freightway, the region’s freight district that falls under the umbrella of Bi-State Development, as well as government and leaders from Boeing, Anheuser-Busch, Save-A-Lot grocery stores, and trucking firms.

Gregory Nadeau, head of the highway administration, highlighted the 126-year-old Merchants Bridge as a key component to for moving freight in not only St. Louis, but also across the entire country.

“Its importance to the national freight network is unquestioned,” Nadeau said. Funding remains elusive to replace the aging structure, a project that would cost an estimated $222 million.

The freight uptick can only mean good things for St. Louis’ businesses, consumers, community members, and real estate industry players.

ST LOUIS COUNTY BUILDING SELLS FOR $2.75 MILLION

St Louis County Building

ST LOUIS COUNTY BUILDING SELLS

ST. LOUIS, MO: (STLRealEstate.News) Don Jacobsmeyer, of Merritt Properties, this week officially acquired a 40,800-square-foot Hazelwood office building in St. Louis County with two full-service health care tenants for a total of $2.75 million. Jacobsmeyer’s motive, sources say, was to build his own portfolio even further (of Merritt LLC).

Jacobsmeyer bought the building from Billy Bob Investments LLC, a limited liability company belonging to Numotion, formally branded as United Seating and Mobility.

Jacobsmeyer’s newest building asset is located at 975 Hornet Drive, is 100 percent leased with tenants including Numotion, which supplies mobility and rehab equipment for people with disabilities, and bioMerieux, a French-owned medical diagnostics firm. The acquired property, according to St. Louis County real estate records, has an appraised value of $1.58 million.

The history of Numotion extends back three years when the firm, then called United Seating & Mobility, merged with Connecticut-based ATG Rehab. The merger, at the time, had the entity projecting approximately $500 million in 2013 revenue.

Since the building last sold for $1.65 million, Jacobsmeyer has stated he has no grand renovation or expansion plans devised in the near future. He is merely content to have acquired the centrally located office building in the heart of St. Louis County.

Contributing Editor: Alexandra R. Fasulo