Ownership of the Best Western Hotel in Kirkwood, MO owned a large site adjacent to one of the main entrance locations to a Wal-Mart/Target/Lowes anchored power center. During the economic downturn in 2009 associates with Landmark Real Estate met with the hotel ownership and developed the concept to carve out a portion of the site for a Starbucks freestanding location.
Location: 1208 Kirkwood Rd., Kirkwood, MO 63122
Real Estate Transaction: Ground Lease with Tenant Build-to-Suit
Owner: Best Western Hotel Franchisee
Broker: Landmark Real Estate Group-(David Bridges, Tony Salerno)
Case Study: Ownership of the Best Western Hotel in Kirkwood, MO owned a large site adjacent to one of the main entrance locations to a Wal-Mart/Target/Lowes anchored power center. During the economic downturn in 2009 associates with Landmark Real Estate met with the hotel ownership and developed the concept to carve out a portion of the site for a Starbucks freestanding location. After 12 months of site plan development, planning and zoning meetings, numerous redrafts and negotiations the outparcel was approved for a freestanding drive-thru Starbucks. Everyone was elated until late 2009 when Starbucks made a corporate decision to shut the door on new locations. While the property owner and Landmark brokers were in shock, to our good fortune one of our fellow brokers was tracking the Starbucks deals and contacted Landmark to discuss conversion to a Dunkin Doughnuts “freestanding” store. Dunkin had long since closed all their locations in St. Louis and the Kirkwood store would be their new flagship for growth in this market. Within weeks a new “LOI” was completed and Landmark associates coordinated another successful round of zoning approvals, with a lease execution in 2010. The new Dunkin store has been received with fanfare by Kirkwood residents and business employees in the area.