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.

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.

Nov. 20, 2019

Athletico Physical Therapy Opens in Perryville

Athletico Physical Therapy opened a new location in Perryville, Missouri on Thursday, November 14th, according to Chris Cole, broker with Lorimont Commercial Real Estate.  The new physical therapy practice is conveniently located at Hwy 51 and Saint Joseph Street, near Precision Fitness and Beef O'Brady's restaurant.  Athletico is looking forward to continuing its quality of care throughout the state of Missouri.    

"I'm a Perryville High alum ('02) and excited to bring my expertise as a Physical Therapist to the town that I grew up in," said Amanda Nuyt, MPT and Clinic Manager of Athletico Perryville.  "Our clinic is at the intersection of Highway 51 and Saint Joseph/Highway T and close to the Veteran Wall and the Seminary.  One of the benefits of Athletico is that we offer free injury assessments, so if you're experiencing any aches or pains and not sure if it warrants a trip to the doctor or not, come by and see me."  

To learn more or to schedule a free assessment, visit www.athletico.com/Perryville.

Chris Cole was the Missouri broker of record for Athletico in cooperation with national broker Swearingen Realty of Dallas, Texas.  

Nov. 15, 2019

Former New Madrid Regions Bank Building Sold

A Southeast Missouri banking facility in New Madrid will be displaying a new banking sign in the very near future according to Tom Kelsey, Broker with Lorimont Commercial Real Estate in Cape Girardeau, who handled the recent sale.  The former New Madrid Region’s Bank facility is located at 601 S. Highway 61 in the bootheel city.  Kelsey said because of a confidentiality agreement the buyer could not be disclosed at this time, however he expected an announcement made in the near future.  

The 3,576 square-foot bank branch was attractive for its high visibility location on State Highway 61 and featured both lobby and covered drive-through banking features.  Regions, based in Birmingham, Alabama had closed the banking operation in August, 2019 transferring all accounts to their Sikeston, Missouri branch.  The building had been completely updated and remodeling in recent years including the most up to date banking equipment. Kelsey said his commercial real estate firm had been involved in several other bank branch sales in the Southeast Missouri region in recent times including Oran, Poplar Bluff, Jackson and the Mount Auburn banking facility in Cape Girardeau.

Oct. 29, 2019

FEMA Opens Operations Office in Cape

In conjunction with the Federal Emergency Management Agency (FEMA) agreement to provide federal aid to local governments and nonprofits in 68 Missouri counties to repair public infrastructure, such as roads and bridges, damaged by flooding and storms earlier this year, the agency has opened a local regional office in Cape Girardeau.

Tom Kelsey and Chris Cole, brokers with Lorimont Commercial Real Estate, confirmed they handled the lease with FEMA for space at 2125 William Street, the former location of Steve-Mark Decorating Center. They understand the agency will utilize the 8,000 square-foot space as an operation office to oversee any claims in the Southeast Missouri counties involved in this and any other governmental assistance program.

The state of Missouri had requested assistance for damage that occurred in those counties between April 29 and July 5, according to the Missouri Governor's office. The approval means FEMA will help with the infrastructure repairs, as well as costs associated with emergency response during the storms and flooding. With FEMA's recent decision, assistance also will be available through its Hazard Mitigation Program, intended to prevent or reduce long-term life and property risks due to natural hazards, officials said. The Lorimont brokers said FEMA would occupy the Cape Girardeau space for a regional operations office for an undetermined amount of time, but thought it would be for several months. In the meantime, they continue to pursue long-term tenants for the Heritage Center development owned by the Horn family.

Oct. 22, 2019

West Em Medical Spa Opens

West Em Medical Spa, a medical aesthetic spa, opened earlier this month at 326 S. Mount Auburn Road. Locally owned and operated, the business offers a variety of products, services and treatments for men and women. A grand opening event is scheduled for 5 to 8 p.m. Thursday and will include refreshments, special pricing on products and services, free skin scope analysis, live demonstrations, raffles and free "swag bags" for the first 20 guests.

The spa features a variety of services, including a range of skin rejuvenation options, hair restoration and removal services, Botox fillers and a treatment option for those suffering from dry-eye disease.

West Em is owned and operated by registered nurse and family nurse practitioner Amanda Boatwright. Other members of the West Em staff include two registered nurses and a marketing manager.  Tom Kelsey, broker with Lorimont Commercial Real Estate handled the lease transaction for the landlord, Dr. Gregory Tobin.

We want to help clients be the best version of themselves," Boatwright said. "It's at the core of our establishment. It's what motivates us. It's why we're here."

The spa's hours are 9 a.m. to 5 p.m. Mondays, Tuesdays, Wednesdays and Fridays, 9 a.m. until 7 p.m. Thursdays and 9 a.m. until noon Saturdays. More information about the spa and its services is available by calling (573) 803-4321 or online on Facebook or Instagram.

Oct. 21, 2019

Scott City Plaza Has Been Sold

North Scott County’s largest neighborhood shopping center has a new owner and landlord according to Tom Kelsey, broker with Lorimont Commercial Real Estate who handled the recent sale.  Kelsey said the development consists of 32,500 square-feet located on over 3.5 acres with 8 different tenants occupying lease space.  The center is anchored by Bob’s Foodliner, a full service grocery store along with national business franchises, Subway, H &R Block, and a Farmers Insurance Group agency.  Riverside Regional Library, Caring Hands home health agency and Scott City Medical Center also are long-term tenants.  One of the larger spaces formerly occupied by Dollar General was recently leased just prior to the sale and details about that new tenant will be announced soon.

The neighborhood shopping plaza was originally built by Cape Girardeau area developer Gene Rhodes back in the 1970’s and was conveyed on to this family after his passing nearly 5 years ago.  The new buyer, REAUPS, Inc., a local Cape Girardeau based investment company, plan very little changes according to Kelsey.  Two other Rhodes Real Estate Partners properties were also combined in the sale according to the Lorimont broker.