Blog

Our blog is a wealth of local commercial real estate information, covering everything from local market statistics and recent transactions to new business developments and press releases.

Aug. 13, 2020

Two Perryville Investment Properties Sold

Two government-leased office buildings in Perryville, MO, have a new owner, according to Chris Cole of Lorimont Commercial Real Estate, who recently handled the sale.  The two similarly-styled buildings were sold to two different, but related parties on July 31.  One of the buildings has housed the Perry County USDA Farm Services Agency since 2001, and the other has been occupied by the Missouri Department of Corrections, Probation and Parole Division since 1997.  The current tenants remain in place.

Cole said that the sales were part of 1031 like-kind exchange transactions for the new owners.  Under Section 1031 of the Internal Revenue Code, a purchaser of certain types of property may qualify to defer the recognition of capital gains from the sale of a previous property of like-kind.  This allows what would otherwise be taxable sales proceeds to be reinvested in new like-kind properties without immediately paying federal tax.   

   

Aug. 6, 2020

Tobacco Lane Relocates to Shawnee Center

A well-known Cape Girardeau tobacco shop has moved to a new location that offers cigar and pipe enthusiasts an enhanced shopping experience.

Tobacco Lane is now at 623 S. Silver Springs Road, Suite 600, after more than 20 years at 244 S. Silver Springs Road. The move into the new space in the Shawnee Center took place about two weeks ago. Lease arrangements at the new location were handled by Tom Kelsey and Chris Cole of Lorimont Commercial Real Estate.

Founded in 1982 by Robert Basler, Tobacco Lane was in West Park Mall 18 years before moving to Silver Springs Road. Matt Pruitt purchased the business from Basler in August 2017.

Tobacco Lane specializes in premium hand-rolled cigars and pipe tobacco and also sells humidors, lighters, cigar cutters and other smoking accessories.

The new location features a walk-in humidor and a smoking lounge, lighters, cigar utters, and other smoking accessories.  

Cole said the space has been fully renovated from an office suite to a retail storefront.  The new space was designed and furnished by Pat Young and his staff at Patrick Furniture.

Kelsey, who has handled a large number of leases at Shawnee Center on behalf of the owner/landlord, said that the addition of Tobacco Lane to the tenant mix makes the neighborhood center an attractive destination in a growing area of town.  The new psychiatric and VA hospitals also will being additional traffic to the immediate area.

 

 

May 18, 2020

Fabick Rents to Open In Cape Girardeau

A new equipment rental business will open in Cape Girardeau. Fabick Rents, a division of Fabick CAT will open a new branch facility at 2050 Southern Expressway in Cape Girardeau. Tom Kelsey, broker with Lorimont Commercial Real Estate handled the real estate transaction with the St. Louis based company. Fabick has 36 locations and 1,200 employees in four states. The heavy equipment dealer has had a new and used equipment sales and service CAT location at 3033 Nash Road for several years and that location and operation will not change. The newest Cape location will handle primarily rental equipment including Cat machines such as skid steer loaders, excavators, dozers, compactors, wheel loaders and telehandlers as well as a full line of aerial lifts, generators, trailers and miscellaneous other large and small equipment. Kelsey said the company has been involved in remodeling the Cape location for the last several months and expects to open very soon. The company has celebrated it’s 100th anniversary and is family owned and operated throughout the Midwest states. The new Cape location was the former location of Blue Line Rental, who relocated to the East I-55 Outer Road, across from the Cape Girardeau Regional Airport.

 

March 3, 2020

MRV Bank Purchases Former Regions Branch

The Region Bank Branch located at 101 S. Mount Auburn Road in Cape Girardeau has been sold to MRV Bank. This transaction information according to Tom Kelsey, broker with Lorimont Commercial Real Estate in Cape who represented Regions in the property sale. Chris Cole, broker, also with Lorimont represented the buyers.

Doug Watson, president and CEO of MRV Banks confirmed they had acquired the 4,800 square-foot building located on 1.31 acres and have proceeded to remodel parts of it converting it into MRV Banks' administrative center. Watson said the bank is considering some additional uses for the newly acquired bank building including adding a drive-through or telebanking functions.  More information will be forthcoming in the near future.

The two-level building has been a branch of several financial institutions including Cape County Bank, Union Planters Bank and, most recently, Region's Bank.  Region’s still operates a bank facility in the city at Broadway and Kingshighway.

Kelsey said Lorimont has been involved in other Region’s bank sales in the area including Poplar Bluff, Jackson, Oran and New Madrid. 

 

Feb. 5, 2020

Home Ice Company Purchases Scott City Building

Home Ice Company will have a new facility in Southeast Missouri with the purchase of a building at 3400 Willow in Scott City. Tom Kelsey with Lorimont Commercial Real Estate handled the sale. The former cross dock facility is located near the Cape UPS terminal. Home Ice purchased the former Pure Ice Company in Cape Girardeau a few years ago. The Cincinnati, Ohio based company operates in a 23 state area with 55 branches throughout the country. The building was utilized for many years by Roadway Freightways and a distribution facility for the three-state area.

Dec. 19, 2019

Pmac Music to Relocate, Rebrand

Pmac Music, a Cape Girardeau retail music staple for 23 years, has announced that it is moving from its West Park Village shopping center location to a new space in Merchants Walk shopping center, just across from Town Plaza.  The new store, located at 225 S. Plaza Way, will have a slightly larger footprint than the previous space, and will feature a new “listening lounge” where music lovers can sample music prior to purchasing.  

Pmac Music was founded in 1996.  The business was recently acquired by amiable longtime customer and key employee, Dawn Field.  Along with the change of ownership, Field has announced that the Pmac Music store will rebrand and become Discovery Records & CDs.  Discovery Records & CDs will continue to offer an inventory of thousands of new and used vinyl albums across all genres, as well as thousands of DVDs and nearly 30,000 CDs. 

Chris Cole of Lorimont Commercial Real Estate brokered the recent lease transaction.  Cole said that Field plans to open her new store by early January 2020.  In addition to the local brick and mortar location, Field will continue to run her online retail operation under the Pmac Music name, offering her inventory nationwide on Amazon and Discogs, among other e-commerce marketplaces.

Dec. 3, 2019

Scott County Water District Buys Morley Bank Branch

A branch bank facility located at 23134 US Highway 61 in Morley, Missouri will be utilized for an entirely different business use according to Tom Kelsey, Broker with Lorimont commercial Real Estate in Cape Girardeau. Kelsey confirmed the Public Water Supply District No. 4 of Scott County has purchased the property to use as their new operations office.

First Commercial Bank originally built the Morley 1,300 square-foot branch banking facility on .75 acres complete with a covered drive-through facility.  First Commercial Bank sold to Southern Bank in 2018 and with that merger acquired the Morley property along with 9 other branch bank facilities. Southern Bank has a full service bank facility in nearby city of Benton, just a few miles north.

Scott County Water District No. 4 is a non-profit political subdivision, whose sole purpose is to provide a “Safe, Reliable, and Affordable” source of water to residents who are not currently being served by a municipal water source. They are currently serving over 1,200 customers through nearly 200 miles of water mains in the Scott County area.  They anticipate expanding their services in the near future.

The Lorimont broker said this is the third bank property sale their commercial brokerage company has handled this year.  Two Regions Bank branches have also been sold, Cape Girardeau and New Madrid.  They have also sold bank properties in recent years in Oran, Jackson and Poplar Bluff.  No sales price was disclosed for the Morley bank property sale.

 

Dec. 2, 2019

Nash Road Truck Terminal Sold by Lorimont

The Dohrn Transfer facility located at 3033 Nash Road has been recently sold to an investment buyer, Reaups, a Cape Girardeau based investment corporation.  Tom Kelsey, commercial broker with Lorimont Commercial Real Estate ,announced their real estate company handled this sale packaged with two others owned by Rhodes Real Estate Partners.  The Rock Island, Illinois trucking company has leased at this location since 2006 and will continue to do so. Kelsey handled the original lease on the 3,750 square-foot office and cross-dock building located next door to Fabick Caterpillar.  Possible plans to expand the terminal are being considered.

The Lorimont broker said the freight terminal was originally built for Consolidated Freight and when they vacated, later leased to Dohrn for the last 13 years.  They operate in 7 mid-western states with 22 truck terminals including Missouri, Illinois, Indiana, Iowa, Wisconsin, Minnesota and Michigan.  The LTL (less than truckload) freight carrier operates with 470 tractors, 75 straight trucks, and 645 drivers employed. No immediate changes in the property was anticipated with the recent change in ownership of the property. No sales price was disclosed on the multiple property sale.

Dec. 2, 2019

Ortheco Prosthetics to Open in Cape Girardeau

St. Louis based prosthetics company is expanding its operation to Cape Girardeau.  Tom Kelsey, broker with Lorimont Commercial Real Estate, confirmed that the company has leased an office at 2907 Independence in Cape Girardeau.  This is the location of the former A-1 Medical Supply.

The company will provide their patients with state-of-the-art prosthetic care along with the most experienced and dedicated healthcare professionals. In 2019, Ortheco Prosthetics opened its doors to patients in the St. Louis area and now with many new patients in the Southeast Missouri area will expand their operations here.

Products and services include advanced prosthetic sockets to HiTech Microprocessor knees and ankles and personalized services allow their professionals to manage whatever concern patients might have.

Kelsey expected the prosthetics specialty company to be seeing in patients at their Cape Girardeau office sometime during the month of December. The company is owned by Romel Bhanti.

Dec. 2, 2019

Spectrum Communications Building Sold

Spectrum’s operations office located at 3140 Nash Road in Scott City has been sold according to Tom Kelsey, broker with Lorimont Commercial Real Estate. Kelsey said the 9,600 square-foot facility leased by Spectrum was purchased by Reaups, a Cape Girardeau based investment corporation

The leased building is divided up between regional offices for Spectrum’s local engineers and warehouse space housing installation equipment for the communication’s company. Kelsey said his company originally handled leasing the building to Charter Communication, Spectrum’s former entity name back in 2004 for Rhodes Real Estate Partners who were the sellers in the most recent transaction. The company has occupied the building for more than 15 years located in the growing Scott City commercial area known as the The Gene Rhodes Industrial Park.The location on State Route AB is situated near Interstate 55, Cape Regional Airport and Semo Riverport.

Spectrum facilitates essential communications that connect more than 28 million residential and business customers in 41 states. It is one of the fastest growing communication company’s in the country with over 98,000 employees

The Lorimont broker said with the recent sale, the only change would be a new landlord for the property and operations by Spectrum at that location would continue on as usual.