The following is an excerpt from an article by Peter Sheahan of NAI DESCO published in the June 2012 issue of Heartland Real Estate Business. The original article is available here:
St. Louis Retail: Leasing, Development Activity Heats Up
Consumers are loosening their wallets in St. Louis, and the thaw in spending has given the local retail market a much-needed shot of adrenaline. The discount retailer is still king, but new concepts and developments are gaining ground. With positive absorption of space on the rise, investment sales are increasing.
St. Louis is poised to see a major development in the central trade area at the former Hadley Township site. After several failed attempts at development in the past 10 years, Hadley seems destined for redevelopment at last. The 40-acre site is located on I-64 in the central suburb of Richmond Heights and will consist of an assemblage of 150-plus commercial and residential parcels.
In the southern half of the development, Menards was selected by the city over Costco and will open one of its first St. Louis locations in early 2014. The site plan includes a 240,000-square-foot store with additional out parcels for retail and restaurant users.
David Wittenauer, CCIM of NAI DESCO represented Edwardsville Plaza LLC in the lease of 1,616 square feet of retail space to Buff Enterprises, LLC at 6697 Center Grove Rd in Edwardsville.
Carl Conceller, SIOR of NAI DESCO represented Coldwell Banker Gundaker in the lease of 6,000 square feet of retail space from Kennerly Properties at 9964 Kennerly Rd in St. Louis.
Barry Iken of NAI DESCO represented Old Ballas Partners in the lease of 2,827 square feet of medical space to Restore Health Center at 11710 Old Ballas Rd in Creve Coeur.
The following is an excerpt of a story from CoStar, written by Mark Heschmeyer, published June 6, 2012. The original article is available here:
This week’s disappointing job growth numbers make it abundantly clear that it’s still a tenants’ market out there and no amount of aspiring to the contrary will make it easier for landlords fighting to attract and retain them.
The job news “is an obstacle and a cautionary line creating uncertainty in the short-term outlook,” said Carl Conceller, principal of NAI Desco in St. Louis, MO. “Landlords are keenly aware of the limited tenants in the market place and the need to maintain occupancy in a highly competitive market. Landlords will continue to be aggressive in structuring leases to capture tenants as early as possible, while blocking them from the competition.”
The following are a sampling of real estate transactions completed by NAI DESCO agents during the month of April. For more information regarding these transactions, please contact the agent.
Josh Hibbits of NAI DESCO represented Family Dollar in the lease of 15,000 square feet of retail space at 11200 W Florissant Ave in Florissant from BRE Retail Residuel MO Owner LLC.
David Wittenauer, CCIM of NAI DESCO represented the landlord of 6697 Center Grove Rd in Edwardsville, IL in the lease of 3,627 square feet of retail space to New Cingular Wireless PCS.
Josh Hibbits of NAI DESCO represented The Pita Pit in the lease of 1,200 square feet of retail space at 215 Harvard Dr in Edwardsville, IL from Edwardsville Crossing LLC.
First quarter 2012 reports are available here for the St. Louis industrial, office and retail sectors. Check out the reports for details on vacancy and rental rates, absorption, construction trends and major lease transactions. You can also receive the reports via email by joining our email list. Look for more information on market trends in the weeks to come as principals John Sheahan, Peter Sheahan and Carl Conceller participate in interviews with industry publications.
The following are a sampling of real estate transactions completed by NAI DESCO agents during the month of March. For more information on these deals, please contact the agent.
Josh Hibbits and David Wittenauer, CCIM of NAI DESCO represented Family Dollar in the lease of 8,209 square feet of retail space at 900 W Main St in Carbondale, IL from Killingsworth Retail Properties, LLC.
Josh Hibbits of NAI DESCO represented Wireless Lifestyle dba Sprint in the lease of 1,986 square feet of retail space at 1084 New Ballas Rd in Des Peres from T-C Des Peres Corners LLC.
Josh Hibbits and David Wittenauer, CCIM of NAI DESCO represented the landlord of 525 Lincoln Hwy in Fairview Heights, IL in the lease of 1,420 square feet of retail space to Trinas Neely’s Agency dba Allstate Insurance Company.
Carl Conceller, SIOR of NAI DESCO represented Becker Glove International LLC in the lease of a 69,548 square foot industrial building at 4240 Rider Trail North in Earth City from CIRIII Reit 1.
Nadine Boon, Brenda Lowder & Carl Conceller, SIOR of NAI DESCO represented St. Louis Staffing in the lease of 3,924 square feet of office space at 514 Earth City Expy in Earth City from Harmon Properties.
David Wittenauer, CCIM of NAI DESCO represented the landlord of 6697 Center Grove Rd in Edwardsville, IL in the lease of 2,800 square feet of retail space to HW Holdings LLC.
Michael Wolken, SIOR of NAI DESCO represented the landlord of 1329 Horan in Fenton in the lease of 8,450 square feet of industrial space to Network Health Care.
Josh Hibbits and David Wittenauer, CCIM of NAI DESCO represented the landlord of 525 Lincoln Hwy in Fairview Heights, IL in the lease of 1,200 square feet of retail space to Trinity & Assoc dba Merle Norman Studio.
The following are a sampling of real estate transactions completed by NAI DESCO agents during the month of February. For more information regarding these transactions, please contact the agent.
Floyd Sweeney, SIOR, MCR of NAI DESCO represented the seller of a 59,000 square foot industrial building at 2635-45 Metro Blvd in Maryland Heights to Tri-Leopard Vineyards, LLC.
The following is a sampling of deals completed by NAI DESCO in January – February. For more information, please contact the broker involved in the deal.
Barry Iken of NAI DESCO represented the landlord in the lease of 1,815 square feet of office space at 3155 Sutton Ave in Maplewood to 5 Horizon Group.
Josh Hibbits of NAI DESCO represented Family Dollar in the purchase of 0.73 acres at 11125 Bellefontaine Rd in St. Louis from Floyd Wormann & Julia Von Wellen.
David Wittenauer, CCIM of NAI DESCO represented the landlord of 1095 N Green Mount Rd in Shiloh, IL in the lease of 1,295 square feet of retail / office space to Clearwave Communications.
Carl Conceller, SIOR of NAI DESCO represented Coldwell Banker Gundaker in the lease of 6,354 SF of retail space at 111 Chesterfield Towne Center in Chesterfield from Land Holding LLC.
Josh Hibbits of NAI DESCO represented Family Dollar in the lease of 13,260 SF of retail space at 6155 S. Grand Ave in St. Louis from South Grand LLC.
St. Louis, Missouri, January 30, 2012 — NAI Global, the global affiliate of local commercial real estate company NAI DESCO, announced that its previously reported acquisition by C-III Capital Partners LLC (C-III) has been completed. The transaction will help create a leading fully integrated commercial property services company that will operate in markets around the world.
NAI Global will continue to operate as a separate company under its current management. C-III will accelerate NAI Global’s growth by exploring business development opportunities in strategic locations, including New York, London, Singapore and other primary global business centers. It will also invest in the growth of the corporate solutions and capital markets offering, expanding asset/property management, project/facilities management and valuation services worldwide.
Mark Schnuck, president of NAI DESCO says the benefits of the acquisition are two-fold, “Our clients (NAI DESCO) will benefit from the strength of the relationships that will come from NAI Global’s new association with C-III.” He added, “In the real estate business, relationships are key and with this acquisition our network of contacts dramatically increases providing our clients with an expanded portfolio of opportunities. The infusion of resources, from financial to technology equipment and expertise, will enable NAI DESCO to pursue upgrades in services that will enhance our ability to meet and exceed the needs of our clients.”
Commercial real estate firm NAI DESCO announced it will increase its inventory and agents by 50 percent with the acquisition of competitor Coldwell Banker Commercial’s St. Louis brokerage division.
NAI DESCO is a full-service brokerage firm offering a wide range of services to institutional and individual owners of real estate as well as tenants and buyers. The firm focuses on corporate real estate services and brokerage of industrial, medical, office, retail and investment properties.