STL Real Estate News

Tag - commercial real estate

Ellisvilles’ Greer Brewing to open late March or early April

Greer Brewing

ELLISVILLE, MO/February 2, 2017 (STLRealEstate.News) Chris Greer, founder/owner of Greer Brewing Company is targeting late March or early April for the opening his new microbrewery and Ellisvilles’ first brewery.

Leaving a career at UPS last May to pursue his dream of brewing craft beer, a love he discovered by home brewing.  With the support of his wife and family, he is in the final stages of creating his own brewery with 8 craft beers on tap and one on pump.

Greer Brewing

The brewery is being built in a building that had set empty for many years.  He is excited and had nothing but good things to say about the community, its neighbors and the city.  “It will not be a bar”, says Greer.

He showed us around the facility and the building is designed as if it was intended for Greer’s dream.  The building is constructed almost entirely of brick, mortar, steel and wood rafters in the ceiling.

Around the back is a great L-shaped covered patio like area that would be perfect for outdoor seating.  However, the city of Ellisville considers it to be inside because it covered by roof, which would require a sprinkler system costing in excess of $100,000.  With such rules, he is now limited to seating inside only with more plans and dreams to add a sprinkler system at some point so he can utilize the outdoor seating.

In the early stages Greer plans on a limited menu with cold items, with again, future plans to expand to a full kitchen.

Greer had been planning this dream for approximately 3 years before terminating his UPS career.  In addition to the craft beer and cold menu items there will be pool tables, darts and plenty of parking.

There has been questions about if there are too many microbreweries in the St. Louis metro area.  Greer says it is 20 miles to get to the nearest brewery.  Great idea in a community


Hilton St. Louis-Frontenac Hotel & Shopping Center Deal Goes Through

Hilton St. Louis-Frontenac

B F Enterprises Reaches an Agreement with Chicago Developer – Hilton St. Louis-Frontenac Hotel & Shopping Center

FRONTENAC, MO/January 22, 2017 (STLRealEstate.News) It’s finally for certain.  Bucksbaum Retail Properties LLC, a fully integrated owner and developer of retail real estate out of Chicago has reached a deal to buy The Hilton St. Louis-Frontenac Hotel, Frontenac shopping center and adjacent bank properties.  Rumors began back in July of 2013 that the 263 room Frontenac Hilton Hotel at Highway 40 and Lindbergh Blvd, Plaza Frontenac and The Village were being shopped by the Brodsky family ownership group.

Property owner B F Enterprises, controlled by the Brodsky family of St. Louis, recently reached an agreement.  Family Patriarch, Saul Brodsky, who passed away in 2002, built the hotel in two phases with construction of the Lindbergh Blvd. buildings in 1974 and the Clayton Rd.  Le Chateau Village addition in 1984.

When Brodsky parted ways with Breckenridge, the hotel then briefly functioned as the Frontenac Grand, until 1993, when the family reached an agreement with Hilton Worldwide.  It has operated as the Hilton St. Louis Frontenac Hotel ever since.

The facility features 23,000 sq. ft. of meeting space and includes 17 event rooms and a business center.  The hotel’s 10,260 sq. ft. Ambassador Ballroom is able to accommodate 1,000 guests.  The Frontenac Hilton is also comprised of two restaurants, a fitness center, a sauna, and an outdoor swimming pool.

The Le Chateau Village is a mixed-use development adjacent to the hotel and includes offices, retail spaces, a health club, a restaurant, a catering company, and a beauty salon.  Additionally the Brodsky’s own the buildings surrounding Le Chateau Village which are occupied by Triad Bank, Reliance Bank, and Wells Fargo Advisors.

St. Louis County records show that together, the properties are appraised at a value of $31.95 million.  No word yet on how much Bucksbaum Retail Properties LLC bought the properties for or exactly what they plan to do with them.

Hilton St. Louis Frontenac
1335 S Lindbergh Blvd, Frontenac
St. Louis, MO 63131


Picture courtesy of TripAdvisor


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.


Contributing Editor: Alexandra R. Fasulo


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


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


Contributing Editor: MWS


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 real estate attorney, John King, dies

John King

John King – St. Louis real estate attorney dies at 79

ST. LOUIS/December 27, 2016 (STLRealEstate.News) An incredibly influential real estate attorney who played a big role in scores if not hundreds of prominent development projects across the St. Louis region, passed away this past Saturday morning (Dec. 17, 2016) in his home in Shrewsbury.  John King was 79 years old, and family reports it was a sudden and unexpected death just before the holidays.  Jerry King, John’s younger brother, stated that they believe John suffered a massive heart attack and passed away immediately.  John had worked a full day Friday in the Clayton office of Lathrop and Gage, according to this brother.

John King was a 1960 graduate of the St. Louis University of Law.  King had the pleasure of representing developments like the St. Louis Galleria in his attorney portfolio.  Fellow realtors, real estate lawyers, and people who knew John had plenty to say about the prominent attorney’s passing.

“I am certainly saddened by this news,” said Eric Fey, the Democratic St. Louis County Elections Director. “In my experience, John was a man of integrity.  I will truly miss him. My prayers are with his family at this time.”

At the time of his death, John was serving as a Republican commissioner on the St. Louis County Board of Elections.  In addition to his political activism, he also provided pro bono representation for dozens of adoptive families, nonprofit organizations, and religious congregations.  An example would be back in 1976, John anonymously purchased airline tickets allowing the mother of boxers Leon and Michael Spinks to attend their matches in the Montreal Olympics.  John insisted they keep it a secret, for he did not want any attention for it, but years later, the news had surfaced that behind closed doors, he was one charitable stand up man.

He is survived by his wife, brother, two daughters, one son, and six grandchildren.


Contributing Editor: Alexandra R. Fasulo


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

Boeing moves defense HQ from St. Louis to Washington D.C.

Boeing moves defense HQ to DC

Boeing moves defense HQ to Washington D.C.

St. Louis, MO/December 18, 2016 (STLRealEstate.News) Boeing CO. this week announced they plan to move the company’s Defense, Space, and Security unit that is now headquartered in Hazelwood to Washington, D.C. in upcoming months. The initiative comes at a time when the administration team behind Boeing CO. wants to have more one-on-one interaction with federal decision makers, who have direct impacts on the supply and demand of Boeing’s products. New CEO Leanne Caret, of the Boeing defense unit, made the official announcement this past week.

Caret took over the role as defense unit CEO this past March. As a 28-year Boeing veteran, the entity felt she was the perfect candidate for the high-paced and critical role. She is now tasked with maintaining offices in both Arlington, Virginia, and St. Louis, Missouri.

Caret stated that a Washington-area headquarters will put BDS leadership closer to customer said other key decision markets, allowing for a greater focus on BDS-wide growth strategies. The result will cause a small number of BDS senior leaders to move to Boeing’s existing facility near the Pentagon, with approximately 50 staff support positions relocating there over time. In the interim, no other day-to-day changes are expected at this time, Caret reported.

The move will officially take effect January 3, 2017 and initially include 12 executives, according to trade news site DefenseOne. St. Louis will remain home to some 14,000 Boeing employees, a Boeing spokesman told the St. Louis Business Journal. Local aerospace analysts and industrial participants have stated they are surprised Boeing did not make the move earlier. “All of their competitors have pretty much done it,” said Richard Aboulafia, an aerospace analyst at Teal Group. “The U.S. Defense budget is about to swell under Trump, making the relationship with that customer much more important.”

Details to come about the initial leadership transition to Washington, D.C.


Picture courtesy of “Make Me Feed”


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.


Picture courtesy of CleanTechnica


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 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.


Contributing Editor: Alexandra R. Fasulo


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 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.


Contributing Editor: Alexandra R. Fasulo


Picture courtesy of Missouri Business Alert


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


printpack plant

Printpack plant will be manufacturing site

ST. LOUIS, MO: (STLRealEstate.News) Two investors recently eyed the site of a former Printpack plant and are discussing plans to redevelop the location into something more usable and profitable.  The former Printpack plant in Hazelwood was officially acquired by a joint venture of two New York-based investment firms this week for an undisclosed amount.  The two firms, the Tiger Capital Group and the New Mill Capital Holdings, stated they officially bought the plant at 310 James S. McDonnell Blvd.  The two buyers are collaborating and exploring options for redeveloping the 30-acre site into a new manufacturing or distribution location.

Printpack, an Atlanta-based manufacturer of flexible and specialty rigid packaging, was forced to close their Hazelwood facility earlier this year, laying off 115 workers in the process.  Printpack was the official owner of the building, which was appraised in 2015 to be worth $7.5 million, according to St. Louis County real estate records.  It is a 260,000-square-foot plan that was built in 1961 and professional expanded later in 1975.

The two developers felt that the abandoned building, already designed for manufacturing and distribution, presents a prime redevelopment opportunity.  Their teams plan to work closely with the City of Hazelwood to help identify prospects for the prime site.

The opportunity has come at a time when the St. Louis industrial market is experiencing record highs in absorption an construction, in addition to record lows in vacancy thanks to its strategic central U.S. location and the abundance of transportation hubs and networks.

Tom Murray, Principal at New Mill Capital, said in a state that an attractive municipal incentive package is available for employers at the specific site.  The two developers plan to auction of machinery and equipment left onsite in the first quarter of 2017.  In the mean time, they are busy seeking prospective tenants and feeling out the overall interest in the prime manufacturing location.

Contributing Editor: Alexandra R. Fasulo


new industrial buidling

New industrial building in Metro East

ST. LOUIS, MO: (STLRealEstate.News) New Industrial Building – The industrial construction year for St. Louis just keeps growing. Coming in at a record high for the region in the last 20 years, St. Louis is the place to be for industrial developments, construction, and projects in 2016.  No different for the new 55,000-square-foot, $4.3 million industrial speculative building in the Metro East Region, officials reported this week that the building is almost completely leased, adding to a strong year for local industrial real estate.

Two prominent companies have come together to split leasing the entire building for their operations. AlienAds, a direct mail company from Collinsville, and Johnson Controls, the exclusive supplier of factory authorized service parts and residential accessories for all Johnson Controls products, this week announced they have combined to lease all but 5,000 square feet of the building.  The Maune Company, a well-known locally based commercial real estate firm, developed the building at 1607 Eastport Plaza Drive, in Collinsville.

This development is the third industrial building Maune has constructed in the Eastport Plaza business park.  They have stated another building is expected to be completed in the region in the future, but no timeless was disclosed.

The 55,000-square-foot building was a milestone project for Maune, as it was their first ground-up construction project (they are historically just interior tenant finishers).  The construction company completed the project ahead of schedule and under budget.

Also involved in the building’s completion, Stock & Associations was listed as the civil engineer for the project and Gray Design is the architect.  Enterprise Bank is the lender for the project, and BARBERMurphy is working alongside Maune to handle the leasing.

An impressive 7 million square feet of industrial real estate will come online this year in St. Louis, at an estimated cost of $350 million (according to JLL research).  It only sets to the stage for an impressive 2017.

Contributing Editor: Alexandra R. Fasulo


multifamily home

Multifamily Home Popularity Booming in St. Louis

ST. LOUIS, MO: (STLRealEstate.News) The multifamily sector in St. Louis, and across the Midwest as a whole, continues to boom as we move closer to closing out 2016. No surprise to participants in the St. Louis real estate industry, 2016 has been a remarkable transaction year, with average days on market and closure rates soaring past previous records. With November knocking on the door, multifamily homes and their closing rates are as quick as ever, with no signs of slowing as winter approaches.

St. Louis developers continue to bring new units to the region and existing apartment properties continue to contain low vacancy rates. Overall, the St. Louis market occupancy rate is running 94 percent to 95 percent, with a slight increase in asking rents, to around $955 per month now. Concessions are down about 20 basis points, and rental demand keeps increasing beyond the supply.

Experts are still asking themselves why St. Louis is such a highly sought after market today. Local realtors attribute its popularity to its affordability in a world ravaged by ridiculous prices today. Rents only account for about 25 percent of a person’s income in St. Louis, as opposed to 30 percent at the national level. Additionally, there is substantial job growth across all sectors in St. Louis, and workers countrywide are finding it easy to lock down a well-paying job in the greater St. Louis region. Due to this job draw, realtors are seeing rental demand at its all-time highest in downtown St. Louis, spurring construction and expansion of food, entertainment, and attractions in the area.

In order to meet the demand, construction is off the charts in St. Louis. Realtors and residents do worry it will saturate the market if demand goes down, but in the mean time, are satisfied with the building projects so rent stays reasonable.

Contributing Editor: Alexandra R. Fasulo


soccer stadium

ST. LOUIS, MO: (STLRealEstate.News) An MLS soccer team may soon be calling St. Louis home.  Talks for the construction of a multi-million dollar soccer stadium are underway for the Midwestern metropolis, and soccer fans in and around St. Louis are rejoicing.  Plans for the 22,5000-seat stadium, which would likely cost between $135 million and $150 million, were unveiled this past week.

A group led by Dan Cordes, a retired Express Scripts executive, proudly flashed their soccer plans this past Tuesday for building a Major League Soccer stadium on a 13-acre site.  The location, currently owned by Saint Louis University at the northwest corner of the Grand Boulevard and Chouteau Avenue intersection, would be perfect for an enormous and naturally lit stadium.  The project, according to Cordes, would be mostly privately funded, though his group would seek public assistance through proposed tax increment financing.  Foundry St. Louis and the University would split ownership over the property.  The stadium would doubly function as home for SLU’s men’s and women’s soccer teams, a major league women’s soccer team, and other various community events.

Cordes stated that they plan to submit their comprehensive finalized plans to the MLS by early November, when the league’s owners are expected to congregate and discuss potential expansion plans for the industry.  Recommendations will be laid out for which cities could be awarded MLS teams, and may be announced as soon as early December.

This Foundry plan indicates that St. Louis is likely to have two competing stadium proposals submitted to the MLS officials at the same time – the second proposal coming from the Peacock group.  If either team is selected as the winner, they will be required to pay an expansion fee, which could come in as high as $100 million or $200 million.

Cordes stadium designs submitted were designed and completed by Cannon Design.

Contributing Editor: Alexandra R. Fasulo


new office development

New office development coming to downtown St. Louis, MO

ST. LOUIS, MO: (STLRealEstate.News) Downtown St. Louis could become home to a new office development in a few years.  Talks for the construction of the first office complex development in downtown St. Louis in over 3-decades are officially underway for the Koman Group, a national investment and real estate development firm with an eye for up-and-coming investments.  The group is asking for $8.7 million in tax increment financing (TIF) for a $43.5 million, five-story mixed-use development across the street from the one and only Busch Stadium.  The group submitted a TIF application early last week, and showed off their negotiations with an anchor tenant that would move close to 310 jobs to the new development.  These current jobs are variously dispersed around the city.

The city stated that the office complex project could be done as early as December 2018.  Koman did not return requests for comment at this time.

If the city moves forward with this proposal, the complex would be located near the intersection of Spruce and Ninth streets, and would be downtown St. Louis’ first new office development in over 30 years.  Koman tapped Forum Studio to function as the chief architect on the project, and Clayco as the contractor.  Argos Partners will function as the accountant.

Also according to the disclosed TIF, Koman is likely to seek additional financial assistance through the community improvement district, or transportation development district.

This new building will surely be among downtown St. Louis, most upscale office spaces.  It’s development and construction would give the region a more respectable and highly developed professional look to interested investors and business developers.  According to Newmark Grubb Zimmer research, Class A office space in downtown currently leases for around $18.57 per square foot.  This new building proposal would certainly come in at a higher square foot asking price.

Contributing Editor: Alexandra R. Fasulo


grand center shopping plaza

Grand Center Shopping Plaza is bought by Denver real estate firm for $6.35 million

ST. LOUIS, MO: (STLRealEstate.News) Grand Center Shopping Plaza – St. Louis real estate and warehousing seems to be a hot commodity for real estate investment firms from around the country as of late.  Eyeing the potential population and real estate growth expected for the region in 2017, a Denver-based boutique private equity firm, Baceline Investments, acquired a St. Louis shopping plaza in mid-September for the expansion of their portfolio assets.

Grand Center shopping plaza, a 46,648-square-foot shopping center in Grand Center called MLK Plaza was sold to the real estate firm for a whopping $6.35 million.  The plaza, primarily occupied by tenants like GameStop, Foot Locker, Subway, and Save-A-Lot, now belong to the expanding Denver entity.  The previous owner, a Delaware-registered firm, MLK Plaza Investments, LLC., stated that the deal officially closed mid-September.  CBRE Chase Young represented the seller in the finalization of the transaction.  The transacted property at North Grand and Page Boulevard has an estimated appraised value of $5 million, according to the St. Louis city records.

This wasn’t Baceline’s first Midwestern asset purchase.  The firm owns shopping center across the Midwestern portion of the United States, and is showing no signs of stopping any time soon.  The firm specializes in necessity-based neighborhood shopping centers in secondary markets.  The Grand Center shopping plaza, in particular, is the second property in Baceline’s High Yield Income Fund portfolio, along with the purchase of Clinton, Utah’s Towne Center.

Baceline’s activities in 2015 and 2016 correspond with local sales volume highs across all commercial real estate segments.  According to research from Cushman & Wakefield, these sales reached a decade high at $2 billion in 2015.  Throughout the first 6 months of 2016, sales volumes dipped down compared to their counterparts in 2015, but have shown signs to be on the rise in the latter half of the year.  Baceline plans to continue their acquisition movement.

Contributing Editor: Alexandra R. Fasulo