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.

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.

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.