Tag - commercial real estate

Millennials are shaping St. Louis’ industrial real estate scene

Millennials are shaping St. Louis’ industrial real estate scene

ST. LOUIS, MO/June 25, 2017 (STLRealEstate.News) Industrial Real Estate Scene – There are never-ending stories about how millennials are changing commercial real estate design and layout as we know it today.  They’re all about collaboration, open-aired spaces, and big ceilings with lots of light to flood the work-space.  Less talk is occurring regarding their desire to change the industrial real estate market as well.  Three aspects of that market, huge bulk distribution centers, the bread-and-butter office-warehouse sector, and obsolete manufacturing/warehouse buildings, are changing quickly because of millennial interest, especially in St. Louis and the Twin Cities region.

One reason this change is flying under the radar is because industrial real estate isn’t as visible as high-profile corporate offices or snazzy new apartments with unique fixtures.  However, industrial real estate is perhaps the most telling for where an economy is headed in the future.

Probably the most major way millennials are influencing industrial real estate is through the eCommerce explosion.  With their buying power on full display, eCommerce has exploded, and the supply chain for delivering goods purchased over the Internet has created the need for much larger bulk distribution warehouses than we have ever seen in the past.  The first St. Louis example is the build out of Amazon warehouses on the outskirts of the city.  These distribution centers will enable massive shipping capabilities with even the incorporation of same-day delivery options.

“Thanks to eCommerce, your brick-and-mortar retailers are going out of business, and in their place these huge distribution warehouses are popping up,” said Chris Garcia, a principal with St. Louis Park-based commercial real estate brokers Lee & Associates and an expert on the industrial market.  He provided the quote to the StarTribune. “Basically, say goodbye to Macy’s and say hello to a box in a cornfield.”

Additionally, millennials want these warehouses to be close to urban cores with open-air collaborative elements and something that makes the place “cool” to be in.

New upscale senior living facility opens, Stonecrest of Town and Country

New upscale senior living facility opens, Stonecrest of Town and Country

A new upscale senior living facility opens with strong community support in Town and Country, Stonecrest of Town and Country

TOWN AND COUNTRY, MO/June 14, 2017 (STLRealEstate.News) Stonecrest of Town and Country Senior Living facility hosted its Grand Opening and Ribbon Cutting with strong community support with an overwhelming turn-out.  The event featured first-class hospitality with red carpet entrance, champagne, appetizers, tours, valet parking and more.

Officials from Town and Country city as well as the fire department were present to show their support of the new facility.

Stonecrest is an assisted living facility and memory care community with 60 apartment homes and many elegant amenities including, Studio, one-bedroom or two-bedroom apartments, full-sized refrigerators, individual apartment climate control, maintenance and utilities included, state-of-the-art emergency call system, staffing 24-7, restaurant style dining and ordering, multiple patios and decks as well as beautiful landscaped outdoor living space with outdoor dining and fireplace area with built-in BBQ, raised garden beds and much more.

Stonecrest of Town and Country Senior Living is conveniently located at 1020 Woods Mill Road in Town and Country.  It is located behind (to the south) of Schnucks located near 141 and Clayton Road.

About Stonecrest of Town and Country Senior Living

The staff is trained to provide residents with the highest standards of senior care services amidst a beautiful community.  Stonecrest is operated by Integral Senior Living (ISL), which manages independent living, assisted living and memory care properties.  ISL was founded on a care philosophy that fosters dignity and respect for residents promoting their independence and individually.

Stonecrest/ISL has two others locations in the St. Louis metro area, one in operation at 8825 Eager Road, Richmond Heights, MO 63144 and one under construction in Wildwood, MO.  Additionally, they have multiple locations around the mid-west.

For more information call (636) 234-3153 or visit http://stonecrestoftownandcountry.com.

___

Source:

Linda Iken-Robertson, Executive Director

Company Website

PRWeb Press Release

SpringHill Suites St. Louis Brentwood Welcomes Summer With Hot Renovation

SpringHill Suites St. Louis Brentwood Welcomes Summer With Hot Renovation

SpingHill Suites, Brentwood hotel will host an open house with live music, local artists and refreshments to celebrate the upgrades

BRENTWOOD, MO/June 8, 2017 (STLRealEstate.News) – SpringHill Suites St. Louis Brentwood is set to unveil a new and stylish image after completing a million-dollar renovation that gets it ready for the summer season and beyond.

The Brentwood hotel is hosting an open house on June 14, 2017 from 4:30 p.m. to 7:00 p.m. so visitors and locals can tour the renovated accommodations and see firsthand all of the upgrades and new amenities.

SpringHill Suites St. Louis Brentwood has completed a million-dollar renovation to all public spaces including its lobby in addition to its suites.  The reimagination includes new carpet, paint, light fixtures and furniture.  To celebrate, the hotel will host an open house on June 14, 2017 from 4:30 p.m. to 7:00 p.m. with live music, a display of local artwork and beer tasting by Crown Valley Brewing and Distilling Company.  For information, visit www.marriott.com/STLBW or call 1-314-647-8400.

“We are inviting guests, travelers and visitors to come and see what’s new as we celebrate the conclusion of an extensive renovation in our Brentwood hotel,” said Ann Degnan, General Manager of SpringHill Suites St. Louis Brentwood.  “We’re committed to offering unparalleled services and superior quality, and that includes providing stylish and contemporary accommodations that meet and exceed modern traveler’s needs.  Whether they spend one night or a couple of weeks here, guests can expect an enjoyable, comfortable and memorable stay.”

Enhancements include the renovation of all public spaces including the lobby and hallways, adding new carpet, contemporary furniture, modern light fixtures and a fresh coat of paint.  The six-story hotel also added an S-Canvas Digital Gallery in its lobby.  The interactive touch-screen display panel features driving directions, local weather and nearby restaurants so visitors have hyper-local information at their fingertips.

All 123 suites at the hotel also were refreshed and now showcase West Elm® sofas with trundle beds for additional sleeping space.  Guests can take advantage of rooms with distinctive living and sleeping spaces featuring areas to relax, work and sleep.  Convenient mini-refrigerators, sinks and microwaves are also available in all suites for a pleasant stay in the Gateway City.

To celebrate the grand reimagination on June 14, the hotel is offering a special beer tasting from Crown Valley Brewing and Distilling Company and will present artwork from local artists along with hosting live music. RSVPs are encouraged by emailing stefan.mcdonald@marriott.com.

About SpringHill Suites St. Louis Brentwood

SpringHill Suites St. Louis Brentwood at 1231 Strassner Drive in Brentwood, Missouri is 11 miles from St. Louis Lambert International Airport and close to Anheuser-Busch Brewery, Busch Stadium and the popular Gateway Arch.  The hotel features 6 floors with 123 suites, 1 meeting room with 450 square feet of space, a fitness center and an indoor pool.  The all-suite hotel offers complimentary perks including daily breakfast, high-speed Wi-Fi and on-site parking.  For information, visit www.marriott.com/STLBW or call 1-314-647-8400.

 

$95.6M awarded to Philadelphia building collapse survivor

NYC landlord pleads guilty in illegal-eviction case

PHILADELPHIA/May 27, 2017 (AP) (StlRealEstate.News)— An arbitrator has awarded $95.6 million to a Ukrainian immigrant who was seriously injured in a 2013 Philadelphia building collapse.

Mariya Plekan’s attorney, Andrew Stern, announced the division of the $227 million settlement on Thursday. Lawyers for 19 people killed or injured in the collapse reached the settlement with several defendants in February after a 17-week trial. Plekan was expected to receive the largest individual portion.

Six people were killed and 13 injured when a towering brick wall left unbraced during a demolition project crushed an adjacent Salvation Army store on June 5, 2013. One of the injured died a few weeks later. The jury had found the Salvation Army and the building owner, a New York real estate speculator, largely responsible.

Plekan, who was then 52 and a frequent shopper at the Salvation Army store, was buried beneath the rubble for 13 hours. Stern said she was rescued, but her injuries were so severe that she suffered a “guillotine amputation,” the removal of the lower half of her body at the hips.

Stern told the jury at trial earlier this year that Plekan had undergone 30 operations. While she had survived kidney failure and lung problems, she had lost her ability to speak because of throat damage from months on a respirator. He added that she would require 24-hour medical care for the rest of her life and estimated her future medical expenses at $50 million.

“We take comfort that Ms. Plekan finally can obtain the appropriate skilled medical care she needs for the rest of her life, and that she has received just compensation for the gruesome injuries she sustained from this devastating tragedy,” Stern said Thursday following the arbitrator’s announcement of the award.

Streets of St. Charles apartment have a new owner

Streets of St. Charles apartment have a new owner

ST. CHARLES, MO/May 9, 2017 (STLRealEstate.News) The 309-unit apartment complex at the Streets of St. Charles mixed-use development has been officially sold to a new owner this week, a Chicago real estate investment firm.  Trilogy Real Estate Group, a highly active Chicago-based agency that works to locate and snatch up promising real estate deals in nearby cities, called the Residences at The Streets of St. Charles, from Cullinan Properties.  Terms of the deal were not disclosed with the St. Louis Business Journal at this time.

The property, according to St. Charles County records, has a market value of $32.7 million, though it’s believed the price is well above that figure for the deal that went on this week.  Officials with Cullinan also elected to not disclose the purchase price at this time.  Though coverage on the closing began this week, the deal was closed on April 12 and paperwork for the transaction was not yet filed with St. Charles County.  Sean Fogarty, Mary O’Connell, and Wickliffe Kirby of Holliday Fenoglio Fowler represented Peoria, Illinois-based Cullinan and produced the buyer in the deal.

This is officially the first sale for the property, which Cullinan developed for $150 million in 2014.  The 27-acre complex also includes 500,000 square feet of retail space as well as medical and office units.  Since the opening, the development has manage to attract both the Drury Plaza and Tru by Hilton hotels, we well as a plethora of new restaurants and shops.  Trilogy, another player in the deal, has the 194-unit Reflection Cove apartments in Manchester to their name in addition to this new deal.

Multifamily development units appear to be on the rise in St. Louis County today.  More developers are eyeing the prospect of their build out as a lucrative cash-in when the project is completed.  Stay tuned for deal disclosure updates.

Childrens Learning Adventure has opened in Ellisville featuring prime real estate

Childrens Learning Adventure has opened in Ellisville featuring prime real estate

ELLISVILLE, MO/April 29, 2017 (STLRealEstate.News) Today, Saturday, April 29, 2017, Childrens Learning Adventure Center opened in Ellisville, MO at 15677 Manchester Rd hosting their Grand Opening giving tours to parents interested in the facility.

Under construction for months with much anticipation and excitement in the community for such a child care alternative.  The company is privately owned and operated, therefore, information about the financial operation of the company is not available to the public.

However, you can tell from the building and its many options that there has been millions invested in this property and business.  It is a beautiful addition to the Ellisville community.

Ellisville has been attracting multiple new companies and properties to the area over the past couple of years, but it is easy to assume that this is one of the most expensive and impressive properties developed yet.

Unconfirmed information suggest that Childrens Learning Adventures has been approved to accept some 500+ children in their Ellisville center.

Childrens Learning Adventures has 40+ facilities around the country with more in the planning stages.  Speculation does exist that there might possibly be other St. Louis area locations in the next few years, but that has not yet been confirmed by the company.

Fischers in Belleville Back on the Market

Fischers in Belleville Back on the Market

Asking $940K for Shuttered Belleville Restaurant – Fischers

Belleville, IL/April 28, 2017 (STLRealEstate.News) – Fischers Restaurant is back on the market after an $800,000 auction bid was rejected.  The family-owned restaurant at 2100 West Main Street in Belleville has been a fixture in the community since it opened.  Ardel and Inez Fischer bought the site in 1941 after outgrowing their Okaw Dairy ice cream shop a few blocks away.  The new restaurant, a malt shot, was originally called The Dutch Girl when it opened in 1941.  It was renamed Fisher’s when the Jubilee Room (a wedding reception venue) was added in the 1950’s.  There have been a number of renovations and additions over the years since then.

Fischer’s closed in February after, a little more than a year after the death of longtime proprietor Ken Fischer (son of Ardel and Inez) in January 2016 at the age of 84.  Ken Fischer’s daughters, Annette Allan and Kathy Bingheim continued to operate the restaurant for just over a year, but it closed February 15, 2017.

The restaurant was then offered at auction March 2nd.  Allan Auction Service, which conducted the sale, had tried to open bidding at $1.5 million, but there were no takers.  One person did offer a bid by telephone, offering $800,000 for the restaurant, land, and fixtures.  But there was no sale because Bingheim and Allan were unable to work out a deal with the bidder.

The restaurant is now listed for sale with BarberMurphy Group of Shiloh with an asking price of $940,000.  The nearly 32,000 square foot restaurant and banquet facility sits on a 3.04-acre lot with paved parking for more than 200 cars.  The facility includes multiple private party rooms, bars, storage areas, and laundry facilities.  According to BMG, the turn-key restaurant has seating for 250 along with two private dining spaces.  The 11,000-square foot banquet facility has a private entrance, large dance floor, and seating for 700.  It can be divided into two smaller banquet halls, each with its own bar.  The sale price includes all furniture, fixtures, and equipment—including the large commercial kitchen.

Fischer’s Restaurant has been a landmark along West Main Street near downtown Belleville for decades.  What began as a malt shop, evolved into the community’s favorite family dining and private party destination.  Only time will tell what will be next for this storied Belleville establishment.

___

Contributing Editor: Susan Smith-Harmon

___

Picture courtesy Belleville News-Democrat

MidAmerica Airport to get rid of free parking soon

MidAmerica Airport to get rid of free parking soon

April 27, 2017 (STLRealEstate.News) It was inevitable that at some point MidAmerica Airport would vote to take away the free parking it has become so famous for offering travelers.  Though the plans are not set in stone yet, the airport director Tim Cantwell stated the St. Clair County Public Building Commission, which oversees the facility, voted this past Thursday to consider charging travelers to park at the airport.  Cantwell stated that if the airport’s lots charged $3 to $5 per day (a significantly cheap fare compared to most airports), then between $780,000 and $1 million a year in revenue could be raised for the community.

This revenue, he argues, could help the long-struggling airport’s financial situation and reduce the amount of county subsidy needed.  But, he did go on to state that though this is under consideration, no final decision has been made on what price to charge and whether they are actually going to go ahead with payment for the lots.  “I want to give the commission a flavor of what we’re talking about,” said Cantwell.  He went on to state that the panel asked him to put together a request to send to private parking companies asking for their qualifications and track records.

Once these firms respond to Cantwell, he stated the commission would look at the list and ask the remaining companies to submit their specific proposals.  Mark Kern, a county board chairman, was the one who came up with the parking fee proposal at this month’s meeting, stated Cantwell.

They went on to state that they came to their revenue estimation based off of the data stating that 200,000 passengers come through the airport as long-term parkers.  With Allegiant Air adding more flights this year, that number could increase, resulting in even higher charging revenues.  Stay tuned here for details.

6 million jobs created by commercial real estate development last year

6 million jobs created by commercial real estate development last year

April 19, 2017 (STLRealEstate.News) We often think about what commercial real estate construction can do for business activity and the economy, but do we ever stop to consider what kind of job creation it can contribute to in our country?  According to an annual study, Economic Impacts of Commercial Real Estate, by the NAIOP Research Foundation, the development, construction, and ongoing operations within commercial real estate supported 6.25 million American jobs and contributed to $861 billion in the U.S. GDP during 2016 alone.

When broken down further, the report showed that this activity spurred the creation of 410 million square feet of office, retail, warehouse, and industrial properties with the combined capacity to host more than 1 million new workers whose salary, when put together, created $57.6 billion in revenue.  Among these states contributing to this turnover, New York led the pack with the highest level of commercial real estate development spending in 2016, at $24.8 billion, followed by Texas at $18.5 billion and California at $14.3 billion.

The report then looked at the different sectors of commercial real estate.  It found that office construction expenditures totaled $36.6 billion in 2016, increasing by 28.7 percent from 2015 and warehouse construction totaled $13.6 billion in 2016, registering a sixth consecutive year of increased expenditures. It gained 12.7 percent from the 2015 figure.

Not surprisingly, retail expenditures were down seven percent from 2015, while industrial construction spending also decreased a second year to $15.5 billion – a massive 29.9 percent decrease from 2015.

Thomas Bisacquino of NAIOP went on to state after the report release, “The importance of commercial real estate development to the U.S. economy is well established, and the industry’s growth is critical to creating new jobs, improving infrastructure, and creating places to work, shop, and play.  We look forward to the results for the end of 2017’s growth.”

Better Homes and Gardens Real Estate adds St. Louis franchise

Better Homes and Gardens Real Estate adds St. Louis franchise

ST. LOUIS, MO/March 28, 2017 (STLRealEstate.News) Better Homes and Gardens Real Estate, a full-service national real estate brokerage determined to expand its operation and clientele hold in 2017, this week announced they have added their latest St. Louis, Missouri-based brokerage, Properties West, to their franchise network.  Now called the Better Homes and Gardens Real Estate Preferred Properties, led by brokers Charles and Laura Davis, they are poised to take on any kind of real estate demand in the St. Louis metropolitan area.

The owners went on to state, “It is rare to find a partnership with a completely aligned set of values, but that is how we immediately felt with Better Homes and Gardens Real Estate,” said Laura Davis.  “We are going to continue to support our affiliated agents as we always have as a small company, but with great resources from a recognized brand.”

Better Homes went on to state they have such passion and energy when it comes to providing an authentic and personal experience to every single real estate customer they support.  Sherry Chris, president and CEO of Better Homes and Gardens Real Estate LLC stated, “This mindset is fully embraced by the entire company and makes them a perfect fit for our network.  We are thrilled to be working together to serve the St. Louis region, and can’t wait to get to work.”

The newly formed entity will move into a new location this April.  They have not, at this time, disclosed their intentions for where they plan to move, what sized office they are looking at, and if they have any expansion plans in the near future.

This isn’t the first St. Louis real estate partnership formed in 2017.  The area has proved to be a hotbed for buying and selling of property today, so companies from around the country are eyeing the region for a regional office.