YOUR BUSINESS AUTHORITY
Springfield, MO
YOUR BUSINESS AUTHORITY
Springfield, MO
One of Springfield’s most iconic properties has a new owner.
The downtown Heer’s building was sold by Kansas City-based Dalmark Development Group to Fargo, North Dakota-based Edgewood Real Estate Investment Trust, according to local officials. In the deal, which closed March 1, Springfield-based TLC Properties Inc. was named the property manager for Heer’s.
TLC and Edgewood officials declined to disclose financial terms, and Jim Nichols, Dalmark’s founder and CEO, didn’t return messages seeking comment by press time. A Greene County recorder’s office representative said a deed of trust indicating the ownership change had not been filed in its office as of March 4.
Built in 1915, according to the National Register of Historic Places, the Heer’s building was a longtime department store. It sat vacant for nearly 20 years until it was converted into 80 apartments by Dalmark, according to past Springfield Business Journal reporting. The $15.8 million redevelopment project wrapped up in late 2015.
The Heer’s building additionally has 18,000 square feet of commercial space that was filled in 2016 by health care software firm IntrinsiQ LLC.
Abigail Perry, who works in Springfield as Edgewood’s vice president of multifamily asset management, said via email the company owns around 2,000 multifamily units in Springfield. The Heer’s building is the company’s 16th Queen City property, according to a news release. Some of its other apartments include Cambridge Park, Scenic Station and Tera Vera – all TLC managed properties, said TLC spokesperson Lance Lloyd.
Edgewood also is behind a planned $20 million-$25 million senior housing development in southwest Springfield, called Mission Ridge, according to past Springfield Business Journal reporting.
“We love this community and are so happy to continue the strong legacy of this Springfield landmark with quality multifamily housing,” Perry said via email.
In selecting TLC Properties to manage the Heer’s building, Edgewood adds to its connection with the Coryell family that has deep roots in the area for more than three decades.
TLC Properties’ website lists 28 multifamily apartment communities, comprising 3,963 units, with another 960 units on the way by 2022. The Coryells’ group of TLC businesses are joined together under the Coryell Collaborative Group umbrella company.
“The historic Heer’s building is a downtown Springfield staple,” said Sam M. Coryell, president of Coryell Collaborative Group, in a statement. “This property brings a great location to our portfolio and fits perfectly within our brand at TLC Properties.”
Before Dalmark’s ownership, several other developers unsuccessfully attempted to renovate the historic building: local businessman Warren Davis in 1995, Columbia’s Vaughn Prost in 2004 and St. Louisan Kevin McGowan in 2007, according to past reporting.
Skip Liebman, real estate agent with Reece Commercial Real Estate, said he was the listing agent for the Heer’s building when Prost bought it 17 years ago from Warren Davis Properties LLC. He credits Dalmark for its determination to see the renovation project to completion.
“When it was first renovated, it was in pretty poor shape,” Liebman said. “It had been sitting there for a very long time.”
The building is currently 100% occupied, said Hillary Dodwell, assistant chief of operations at Coryell Collaborative Group, and there are no foreseeable plans for any major renovations.
Aside from its multifamily properties, Edgewood in 2018 purchased Missouri Valley REIT Inc. from the local Williams family, led by Phil Williams, according to past reporting.
Edgewood REIT now has more than 5,400 multifamily units in five Midwestern states. An investor relations report on Edgewood’s website indicates the company produced roughly $109 million in revenue and $29 million in net income last year.
Noting the real estate portfolio of Edgewood REIT and TLC Properties, Liebman said Heer’s should be in good hands.
“They own a lot of multifamily in this town and in other cities,” he said. “So, I’m sure they’ll take good care of it.”
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