Tag - st. louis

Gardner Capital to Develop ‘El Caro Homes’ Housing Project, Supplementing Existing El Caro Senior Residences Project

Gardner Capital to Develop 'El Caro Homes' Housing Project, Supplementing Existing El Caro Senior Residences Project

PHOENIX/ Aug. 15, 2017 (PRN)(StlRealEstate.News) — Gardner Capital announced plans to develop the El Caro Homes housing project in Phoenix, after the Arizona Department of Housing announced 2017 tax credit reservations. El Caro Homes will provide high-quality and affordable, single-family homes for families in Phoenix.

El Caro Homes will consist of 50 new single-story, detached rental homes, containing one, two, three, or four-bedrooms and direct garage access. Twelve of the homes will be reserved for family members with developmental disabilities. United Cerebral Palsy Association of Central Arizona, in partnership with Gardner Capital, will provide supportive services to residents of the housing community.

El Caro Homes will be constructed on the former site of El Caro Golf Course, where Gardner Capital also plans to build El Caro Senior Residences – a 102-unit senior living community, scheduled to break ground yet this summer.

“The combined 152 units in El Caro Homes and El Caro Senior Residences represent Gardner Capital’s commitment to improving the wellbeing of Arizona families. We are pleased to develop both projects efficiently and responsibly and work alongside United Cerebral Palsy Association of Central Arizona, the City of Phoenix, and the Arizona Department of Housing. We look forward to working with our partners on future projects in Phoenix and other cities in Arizona,” said Michael Gardner, President of Gardner Capital.

About Gardner Capital

Gardner Capital is an affordable housing and solar development, tax credit syndication, and investment company with primary regional offices in St. Louis, Dallas, San Francisco, Atlanta, and Springfield, Missouri. Since 1992, Gardner Capital has placed more than 2 billion dollars of equity in affordable housing. More recently, Gardner Capital added a rapidly growing solar development and investment platform with several solar projects across the United States. The principals, Mark Gardner and Michael Gardner, remain committed to improving the wellbeing of families by developing and raising capital for affordable housing and clean energy projects. Visit www.gardnercapital.com for more information.

SOURCE: Gardner Capital

Retail market still struggling in St. Louis

Retail market still struggling in St. Louis

ST. LOUIS, MO/August 14, 2017 (STLRealEstate.News) It’s more of the same for the St. Louis retail market as numbers come in regarding the second quarter of 2017. According to the Gershman Commercial Real Estate company, the numbers look exactly the same. That’s good news, said the real estate firm, ending the second quarter with a solid vacancy rate of 5.3 percent. It’s barely a change from the 5.2 percent vacancy rate that the market witnessed at the end of the first quarter.

Looking at additional data, the market’s absorption rate remained flat, too. Gershman went onto confirm that St. Louis retail markets saw the absorption of negative 23,167-square-feet during the quarter, which was compared to 275,654-square-feet of positive absorption during the first quarter of 2017.

When reflecting on rental rates, retail rents rose during the second quarter, but not by a substantial amount. Gershman also reported that rental rates in the St. Louis market rose at the end of the second quarter to $12.19 per square foot. That compares to $12.15 per square foot at the beginning of 2017. Considering the prime real estate rental rates and the increasing demand for space in St. Louis, that rental rate change is not as bad as was expected.

Moving onto construction, it remained rather limited as well in the retail market. Only seven buildings totaling 72,979 square feet were delivered in the St. Louis retail market during the second quarter. That number included a 30,000-square-foot building at 10820 Manchester Road, which is totally occupied by CVS at this time. Construction crews were still busy, nonetheless, with Gershman reporting that there as 482,605-square-feet of retail space under construction in the St. Louis market at the end of the quarter, including Shoppes of Mid Rivers, which will bring 270,000-square-feet in the St. Charles sub-market by the end of the year.

Former St. Louis chief’s mother accused of fraud

Former St. Louis chief's mother accused of fraud

ST. LOUIS/August 12, 2017 (AP) (StlRealEstate.News) — The mother of a former St. Louis police chief is accused in a federal indictment of embezzling millions of dollars from a Missouri real estate company.

A grand jury has indicted Carol Dotson with one count of wire fraud that alleges she bilked an Olivette real estate business between July 2003 and February of this year while she worked there since 1990.

The St. Louis Post-Dispatch reports she’s also accused of writing checks to herself totaling $20,000, embezzling $2 million and falsifying financial reports.

Dotson’s son, former St. Louis police chief Sam Dotson, says he’s been estranged from his mother for years, and that he’s sad and mad about the allegations.

Online court records don’t show whether Carol Dotson has an attorney.

 

High-end Update For Conway Business Center

High-end Update For Conway Business Center

ST. LOUIS/ Aug. 10, 2017 (PRN) (StlRealEstate.News) — Intelica CRE, a commercial real estate services company, worked on behalf of real estate investment firm Bamboo Equity Partners to re-position an office complex at 15455 Conway in Chesterfield, MO, as a Class A property. Bamboo Equity Partners acquired the building in 2015 with the goal of creating a high-end commercial space that would attract tenants seeking access to interstate Highway 64 and the Chesterfield Valley, a high-growth commercial district in St. Louis County.

The building’s low occupancy rate and out-dated features made it a prime opportunity for Bamboo. “We look for buildings with potential,” said Dan Dokovic, a principal at Bamboo. “Conway was an under-utilized property. We relied on Intelica to manage the construction and ultimately increase the occupancy rate. We achieved our goal of creating value.” As of 2017, 15455 Conway boasts nearly full occupancy, and several tenants impressed with the space have requested additional build-outs.

Current tenants include Solid Gold Pet, Broda Seating, Resolutions Title and Property Asset Management. Solid Gold Pet enjoys a patio space for outdoor meetings, a large-scale wall mural with a pet theme, and a modern kitchen design. “We needed the space to reflect our business in a unique way,” said President/CEO Bob Rubin. “We wanted our employees to love coming to work. Intelica helped us do that.”

“It’s clear the high-end finish and the care taken with this project have made a difference,” said Molly Studer, Director of Property Management for Intelica, in a recent interview. Improvements made to the building include an energy retrofit, the installation of LED lighting and a digital directory. Intelica engaged its full complement of services for the project, including construction management, design, brokerage and property management.

According to Joel Meyer, a broker with Intelica CRE, the building’s showpiece is its lobby, a large atrium with a white marble floor and prodigious natural light that pours in through two-story windows. “Everybody is amazed by the lobby,” said Meyer. “The building had been completely transformed. It fills me with a sense of pride every time I see it.”

Bamboo Equity Partners pursues a value-added strategy for property transactions ranging from $1mm-$10mm. Since 2011, their team of well-versed real estate professionals has worked with pension funds, advisors, high net worth individuals, endowments and sovereign wealth funds. Visit www.bambooequity.com for more information.

Intelica CRE is a full-service independent commercial real estate firm founded in St. Louis, MO. Based on the premise of intellectual capital, Intelica’s services include brokerage services, property management, and client-specific strategic advisory services to owners, investors, and users of commercial real estate. Visit www.intelicacre.com for more information.

SOURCE: Intelica CRE

New American Funding Opens New Retail Branch and Midwest Operations Center in St. Louis, MO

New American Funding Opens New Retail Branch and Midwest Operations Center in St. Louis, MO

St. Louis, MO./ Aug. 8, 2017 (StlRealEstate.News) — New American Funding, a leader in the mortgage industry, has expanded its Midwest territory to include a new location in St. Louis, MO, that will function as a retail branch and regional operations center. The location will celebrate with a grand opening on Thursday, August 10, 2017 at 6:00 P.M. CST.

Tremendous market growth prompted the mortgage lender to open the new full-service branch, which is located at 12312 Olive Blvd. Suite 240 in St. Louis. Since 2014, the region has grown from generating $42 million dollars in loan volume to a projected $400 million dollars by the end of this year. Senior Regional Vice President, Hamid Hamrah, oversees the branch and has been a driving force behind the market’s expansion.

“When people see our welcoming environment, they want to join our team; so we’re extremely excited for our incredible growth and this prime new location,” said Hamrah. “Build the right culture and the right people will come.”

Hamrah has established a regional team of more than 100 mortgage professionals and plans to continue expanding by growing operations, increasing local sales, and forming strategic partnerships with real estate agents to bring educational resources and workshops to the community. The branch will offer a variety of products from conventional to government loans and looks forward to providing the area with industry-leading close times and high-level customer support.

“We’re more than a mortgage company, we’re a team, and a family with a shared passion of helping people as they achieve their dream of homeownership,” said Krista Russo, Area Operations Manager. “Not to mention, our technology is among the most advanced in the industry so we’re thrilled about leveraging our innovative mobile resources to continue solidifying relationships with our real estate partners.”

About New American Funding

New American Funding is a national mortgage banker licensed in 48 states with approximately 130 branches that offer a variety of home loan options including: Conventional, FHA, Cash Out, Fixed Rate and Adjustable Rate Mortgages, VA, HARP 2.0, Jumbo, and Reverse Mortgages. The company is a Fannie Mae, Freddie Mac and Ginnie Mae Direct Seller/Servicer, FHA Direct Endorsement, and VA Automatic mortgage lender.

SOURCE: New American Funding

Another set of owners for the Chesterfield Mall

Another set of owners for the Chesterfield Mall

CHESTERFIELD, MO/August 7, 2017 (STLRealEstate.News) The Chesterfield Mall hasn’t had an easy last few years. Like most American malls, it’s hanging on for dear life. This week, the Chesterfield Malls’ lender finalized foreclosure on the shopping center, and the struggling property that remains open will soon be placed up for sale – again.

City officials met with an executive of mall owner C-III Capital Partners at the end of June to discuss plans to place the mall up for sale after 90-days. They predicted it will likely be turned into a mixed-use property after it’s sold, said Libbey Malberg-Tucker, Chesterfield’s economic development director.

Prior to the new ownership announcement, Chesterfield Mall was placed in receivership in August after C-III sued the mall’s previous owner CBL & Associations Properties, alleging CBL defaulted on repayment of a $140 million loan. Following that, the foreclosure became official on June 27, 2017, making C-III the new owner until the real estate investment company with offices in New York and Texas could sell the property. Fast-forwarding to right now, experts are predicting that they are likely going to sell the property.

“They will ultimately sell it,” Tucker reported to the St. Louis Post-Dispatch. “They plan to put it out to market for one month with a call for offers.” A spokesman for C-III decline to comment on the deal at this time.

Though it’s fairly uncertain at this time what the mall’s future holds, Tucker stated that I’s highly unlikely to remain an enclosed shopping center. “We know it can’t remain all retail, and we’re open to it becoming a mixed-use development. Whether that’s office, hotel, living space, all of those things we’d embrace,” said Tucker.

Tucker went onto state that Chesterfield would consider some incentives for a redevelopment of the property, including a Transportation Development District. No requests or suggestions have been submitted to city officials at this time.

St. Louis’ self-storage industry is booming

St. Louis’ self-storage industry is booming - STLRealEstate.News

ST. LOUIS, MO/August 7, 2017 (STLRealEstate.News) America is home to 75 percent of the world’s self-storage facilities today. Apparently, Americans really like having access to self-storage facilities for housing items and other personal belongings. There are nearly 50,000 self-storage facilities in the United States, with the rest of the world housing 15,000 combined – according to the Self Storage Association. This summer, St. Louis is adding to the monstrous statistic by getting at least 1 million more square feet of it: give or take.

Demand for self-storage is most often attributed to four major life events that are referred to as the four Ds today: divorce, death, downsizing, or dislocation (ie. job loss). “The big driver is change,” said Brad Schwer of Morningstar Equity Research to the St. Louis Post-Dispatch. “In one way or another, people are looking for stability.”

The U.S. has an estimated 2.6 billion square feet of self-storage, according to numbers from the Self Storage Association. That’s about 8.1 feet of available storage per person today. The number is drastically growing. “We’re not sure how long this trend will last. We think maybe we’re at the top of the bell curve,” said Mike Blackett, a senior vice president with the Alexandria, Virginia-based trade group. “But the demand is there, and facilities are expanding, so you will see some price wars, competition and see who’s left standing.”

According to Beau Reinberg, the co-owner of the 10-year-old W-Ave Storage facility, when a steady income or residence is elusive, leasing a small square of storage space can provide some peace and stability to the person. Reinberg also confirmed that when the economy took a dip nearly 10-years ago, he maximized his income at W-Ave Storage by leasing to Urban Harvest, a food roof-farming tenant. Part of the parking lot is paid out today. He has five to six new storage sites in the works for St. Louis at this time, with plenty more planned for the future.

Amazon to employ 350 part-time Missourians

Amazon to employ 350 part-time Missourians

August 7, 2017 (STLRealEstate.News) This week, Amazon officially confirmed that it will be opening its first St. Louis distribution facility in the Hazelwood Logistics Center. As a highly anticipated warehouse development, experts in the region had been predicting the announcement for years. The new distribution center is to be built by NorthPoint Development, the Kansas City firm that acquired the industrial park from Paul McKee back in 2015. Local real estate agents for months had confirmed Amazon’s interest in Hazelwood, where a number of speculative warehouses are under construction at this time.

Hazelwood officials made the announcement this past Friday that Amazon would officially lease the space in the two warehouses located on the premise. They went on to confirm that Amazon would occupy all 348,480 square feet in the park’s Building 3, at 462 Hazelwood Logistics Center Drive. The building will be used as an Amazon sorting center, with Amazon taking an additional 100,000 square feet in Building 4 at 441 Hazelwood Logistics Center Drive for their Prime delivery station.

The remainder of the building’s 243,241 square feet will have Bunzl Distribution USA Inc. as the occupant. They are relocating their distribution center from Maryland Heights to the Hazelwood Logistics Center at this time. Bunzl Distribution supplies food packaging and disposable supplies to clients, and is an American subsidiary of London-based Bunzl plc.

The biggest part of the announcement is the amount of hires Amazon intends to onboard during the coming year. They are hiring 9 full-time employees to operate the sorting center in Building 3 and will have 25 full-time employees working at the delivery station in Building 4. In addition to those hires, the company plans to hire 350 part-time associates for both locations, according to the announcement released by Hazelwood.

A spokeswoman from Amazon confirmed that they intend to have the facilities up and running by the end of the year.

Vacant St. Louis schools come to life in photo exhibit

Vacant St. Louis schools come to life in photo exhibit

Vacant St. Louis schools come to life in a photo exhibit scheduled for September 8th

ST. LOUIS, MO/August 7, 2017 (STLRealEstate.News)(Keywords: photo exhibit, St. Louis schools) Back in the spring of 2015, the St. Louis Public School District launched open houses for approximately 30 abandoned and destroyed-beyond-repair schools in hopes that potential buyers would find favor with the buildings and invest in their repair. Though some of the schools have since been bought and given a new face-lift, the tours have resulted in an unexpected outcome: a new gallery show that is to open in Brentwood.

The exhibit, called Empty Halls, Silent Classrooms, will open at the ReFind Room at 2525 South Brentwood Boulevard in Brentwood on August 11, 2017. The entire show has been curated by Jane Linders, a renowned photographer. Linders originally heard about the open houses and decided to check them out in person.

“I’ve always liked and been interested in the stillness of abandoned places and things that are run down,” said Linders to the Riverfront Times. “I find them compelling, beautiful, and unexpected. When these schools opened up to tour, it was a natural fit for me because I like to photograph decay anyway. So this is a little dream come true for me.”

The subjects of the show have been out of service since around the mid-2000s, and have been victim of looting and vandalizing. In some cases, thieves removed the copper wiring of the buildings, leading to leakage and further damage that lent itself to a photographic spectacle. The biggest flaw with the decayed buildings, according to St. Louis Public Schools’ Director of Real Estate Walker Gaffney, is that they were not properly locked up and secured when they fell into desolation. Gaffney stated that in the past, closing a school was as simple as “locking it up and walking away.”

Linders show will be open to the public through September 8, 2017. It is now free to attend.

St. Louis lands on national list for highest real estate returns

St. Louis lands on national list for highest real estate returns

ST. LOUIS, MO/August 7, 2017 (STLRealEstate.News) HomeUnion, an online real estate investment management firm, released a report this week for usatoday.com in which they ranked the top 20 zip codes in the United States with the biggest return on real estate at this time.  Naturally, St. Louis found its way onto the list, which was configured by identifying zip codes that maximize real estate returns while minimizing risk over a five-year horizon.  The firm went onto examine school quality and neighborhood attractiveness for single-family rentals over the five-year period.

“HomeUnion Research Services looked at more than a dozen attributes that characterize a neighborhood including crime, schools, white-collar jobs, unemployment, home-ownership, permitting activity, and more,” said Steve Hovland, director of Research for HomeUnion.  “Based on those attributes, we forecast appreciation, vacancy, and rent changes over the next five-years.”

The study also calculated Annualized Total Return, which includes HomeUnion’s projections for how much the value of single-family rentals will appreciate and how much cash flow they’re expected to generate in the future.  HomeUnion’s model, according to Hovland, can determine the price and rent for every single-family home within a specific zip code while enabling them to predict the price and rent in five-years.

Americans are known for investing in real estate for flipping a profit over a certain time period.  Therefore, knowing a zip code and its predicted appreciation rate is a critical tool for those looking to invest in 2017 and 2018.  To mitigate the risks, investors should focus assets that can maintain value even during downturns.

Number 20 on the list kicks off with North Indianapolis, Indianapolis with annualized total returns at 5.4%.  Next comes North Hollywood, California with a 5.4% annualized return as well.  Jumping up to number 17, Maryland Heights, St. Louis clinches the spot with 5.5% returns.  Number one is Hamptons at Boca Raton, Florida.