In his latest white paper, NAI Global Chief Economist, Dr. Peter Linneman, outlines that without a robust job recovery, the real estate market will continue to be slow to recover.Click here to download.
Third 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 Vice President Andy Murphy, CCIM is published in the November issue of Heartland Real Estate Magazine.
John McDonald of NAI DESCO represented 20 North Central LLC in the lease of 2,208 square feet of retail space at 20 N. Central in Clayton, MO to NPJ Enterprises 2.
David Wittenauer, CCIIM of NAI DESCO represented Threlkeld Family Investments, LLC in the lease of 6,252 square feet of office space to Total Renal Care at 1095 N. Green Mount Rd in Shiloh, IL.
John McDonald of NAI DESCO represented Grimco Inc in their lease of 22,400 square feet of industrial space at 2030 Corporate 44 Drive in Fenton, MO from Altus-Corporate 44 Partners.
David Wittenauer, CCIM of NAI DESCO represented Granite City Illinois Hospital Company in the sale of their 1,518 square foot office building at 800 St. Louis Rd in Collinsville, IL to Michael & Dina Altenberger.
Northwest Plaza, located at St. Charles Rock Rd and Lindbergh Blvd in St. Ann, Missouri, was originally built as an open air mall in 1966 before being enclosed in the 1980s. The development had declined in recent years as the mall’s anchors departed. The mall was shuttered in 2011.
Redevelopment plans for the 122 acre site include space for several big box and junior anchor users as well as multiple outlots. NAI DESCO will continue to market the property.
The following is an excerpt from NAI DESCO Principal, Carl Concellor’s article regarding the state of Commercial Real Estate in the St. Louis region. The article appeared here in the summer edition of Southern Illinois University Edwardsville’s business Magazine, bWorld.
The real estate market has been heavily impacted by The Great Recession. While the current economic environment continues its slow march towards recovery, the real estate sector continues to struggle with a weak housing market and a loss of jobs and key employers.
“For 2012, considering the uncertainty in markets, the St. Louis Metropolitan area, although not glamorous, has held its own primarily due to the diversity in our employment base. We have lost jobs due to consolidation, relocation and or acquisition, but the education, medical and biotech, financial services and insurance, as well as transportation and distribution sectors remain steady and in many cases are expanding,” Conceller said.
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.