Posts tagged NAI DESCO
St. Louis, Mo. – Huntleigh McGehee (HM) has purchased a 12,160 square foot commercial building on 0.54 acres located at 601 S. Lindbergh in Frontenac, Missouri. The building, which was formerly occupied by the Fur Center, sold for an undisclosed amount on June 28, 2013. John Shuff of NAI DESCO Commercial Real Estate represented HM.
HM, an insurance brokerage firm based in St. Louis, will immediately begin renovations to convert the property into The HM Wellness Center.
“The Wellness Center exemplifies HM’s commitment to partnering with our clients,” said CEO Michael F. Shanahan Jr. “The benefits to a healthier workforce move well beyond just saving money on insurance. Healthy employees are more productive, and our clients appreciate that.”
The HM Wellness Center will also focus on family health. “Let’s bring customized nutrition and exercise programs to the entire family, not just the employee.”
A further article on this transaction can be found here on the St. Louis Post-Dispatch website.
Barry Iken of NAI DESCO represented Franco Inc in the lease of 1,400 square feet of retail space at 6314 Delmar Blvd in University City to Cold Stone Creamery.
Floyd Sweeney, SIOR of NAI DESCO represented 504 Marshall LLC in the purchase of a 5,600 square foot office building at 504 Marshall Ave in St. Louis from Brent Cowin.
David Wittenauer, CCIM of NAI DESCO represented Computer World Services Corp in the lease of 7,284 square feet of office space at 16 Executive Dr in Fairview Heights, IL from Plummer General LLC.
Steve Gwinnup, CCIM of NAI DESCO represented Paraquad 5240 Inc in the purchase of a 35,720 square foot industrial building at 5200 Berthold Ave in St. Louis from St. Louis Science Center Foundation.
Barry Iken of NAI DESCO represented Kimberly LC in the lease of 866 square feet of office space at 2510 S Brentwood Blvd in Brentwood to Crown Services Inc.
Michael Wolken, SIOR of NAI DESCO represented WIF1 LLC in the sale of their 19,050 square foot industrial building at 1727-1739 Larkin Williams Rd in Fenton to CP1 LLC.
Second quarter 2013 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 Josh Hibbits is published in the August issue of Heartland Real Estate Magazine.
Josh Hibbits of NAI DESCO represented Family Dollar in the lease of 10,687 square feet of retail space at 9435 Olive Blvd in St. Louis from TMC Realty Group.
John Shuff of NAI DESCO represented Deadwood Holdings LLC in the sale of a 2,438 square feet of retail space at 10024 Gravois Rd in St. Louis to Mersin LLC.
Carl Conceller, SIOR of NAI DESCO represented Hperion Glass Co in the lease of 2,175 square feet of industrial space at 2357 Grisson in Maryland Heights, MO from Grisson Fee Fee Investors LLC.
Steve Gwinnup, CCIM of NAI DESCO represented Paraquad 5240 Inc in the lease of 3,200 square feet of industrial space at 5240 Oakland Ave in St. Louis to National Multiple Sclerosis Society.
John Sheahan, SIOR of NAI DESCO represented Coffman Duncan & Kraatz Investments in the sale of their 32,400 square foot industrial building at 566 Leffingwell Ave in Kirkwood, MO to Jeffrey & Marjory Sharp, also represented by John Sheahan.
Josh Hibbits of NAI DESCO represented Wireless Lifestyles in their lease of 4,680 square feet of retail space at 11200 W. Florissant in Florissant, MO from BRE Retail Residual MO Owner LLC.
Barry Iken of NAI DESCO represented 3100 South LLC in the lease of 2,390 square feet of retail space at 3122 S Grand in St. Louis to Clarkson Eyecare.
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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.