Hanley Investment Group Real Estate Advisors has completed the sale of Kirkwood Square, a 15,944-square-foot retail pad building in the St. Louis suburb of Kirkwood, MO. The sale price was $8,225,000.
The firm’s Jeff Lefko and Bill Asher, along with Kevin Shapiro of L3 Corporation of St. Louis, represented the seller, Kirkwood Square LLC. The buyer, a private investor from the Los Angeles area, was represented by Steve Maynard of El Segundo, CA-based Maynard Group.
Built in 2017, Kirkwood Square is 100% leased to five national and regional tenants.
“There was no shortage of interest in the property,” Lefko said. “The challenge was educating buyers on a non-traditional tenant mix consisting of 67% medical and no food uses.”
Citing CoStar data, Lefko said, “This transaction is the only multi-tenant retail pad property above $7 million to trade below a 6.9% cap rate in the Midwest in 2018.”
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).