Business in brief: Firm sees profit on Chase building; Chamber names Community Champions
Firm sees payday on sale of JPMorgan Chase Bank building
The acquisition of the JPMorgan Chase Bank building by CoxHealth was one of the most profitable office transactions in the post-pandemic era, according to a press release. Sentinel Net Lease, the investment firm that owned the 268,413 square-foot building, was able to generate a property-level internal rate of return of 46%. It also produced a 2X return on invested capital.
According to Laura Nguyen, director of investor relations & marketing for Sentinel, the financials of the deal will not be released as part of an agreement with CoxHealth. She added that 46% IRR is a significantly higher number than she would see in a usual office space transaction.
“Just to be very frank, there’s not a lot of transactions going on in the office sector,” Nguyen said. “Volume is down over 50% just given the sector is not as attractive as other sectors of commercial real estate”
Beginning in April, CoxHealth will move into the campus’ south building in April 2024. JPMorgan chase will remain in other areas of the campus, according to past News-Leader reporting.
Register now for Early-Stage Business Boot Camp in your community
Registration is now open for the Early-Stage Business Boot Camp through the Missouri State University efactory. Learn how to create an LLC, obtain a business license, set up a business bank account and more. The workshop is free to all participants, who will join a peer network of small business owners in several communities across the Ozarks.
The Early-Stage Business Boot Camp is offered as a part of the Southern Missouri Innovation Network, or Innovate SOMO. Participants in the program will learn from successful entrepreneurs as they navigate how to start and grow their own businesses. Topics include market research and analysis, protecting your business, financial management and projections, marketing, team management, and accessing capital.
The 8-week workshop will be offered in several communities across the Ozarks between February and May. Register now at efactory.missouristate.edu/bootcamp. The communities offering Early-Stage Business Boot Camp are:
Poplar Bluff, on Thursday evenings Feb. 29 – April 4. Workshop located at the Poplar Bluff Chamber of Commerce at 1111 W. Pine St.
Springfield, on Tuesday evenings March 19 – May 7. Workshop located at the Missouri State efactory at 405 N. Jefferson Ave.
Mountain Grove, on Tuesday evenings March 19 – May 7. Workshop located at in room 108 of Shannon Hall, Missouri State Mountain Grove Campus, at 401 E. 17th St.
Bolivar, on Thursday evenings March 21 – May 9. Workshop located at the First Baptist Bolivar Rose Building at 114 N. Springfield Ave.
Joplin, on Tuesday evenings April 2 – May 21. Workshop located at Missouri SBDC, Missouri Southern State University, at 1901 E. 20th St.
Potts honored with Lake Regional DAISY award
Registered Nurse Staci Potts was awarded the DAISY Award for extraordinary nurses by Lake Regional Health System. Potts cares for cancer patients at Lake Regional Cancer Center in Osage Beach. Lake Regional presents DAISY Awards throughout the year. Recipients are licensed nurses who display compassionate care at Lake Regional.
“The DAISY Award gives patients a chance to celebrate a nurse who cared for them or someone dear to them,” said Melissa Hunter, chief nursing officer. “We look for stories of exceptional compassion, and Staci’s nomination story powerfully reveals how a nurse’s compassion brings hope and healing.”
Potts’ nomination story came from 31-year-old breast cancer patient Jessica Birdsong-Kincaid, who wrote:
“After starting treatments and being under Staci’s care, the anxiety has lessened. I enjoy my time with her and look forward to seeing her each week. She has helped me to face one of the hardest things I will face in my life hopefully and to come out of it better than when I started.”
Get small business loans faster: OMB receives "Preferred Lender" designation
Full-service bank OMB was recently designated as a Preferred Lender by the U.S. Small Business Administration, according to a press release. This new status allows OMB’s commercial lending team to make final credit decisions on SBA-guaranteed loans, which shortens processing time considerably.
A traditional SBA loan process, from application to approval and funding, can take anywhere from 30-90 days, the release says. But Preferred Lenders are able to decision and fund 7(a) loans — SBA’s most popular loan program. Non-preferred lenders must submit them for approval, hence the traditional waiting period.
For the SBA’s fiscal year of 2023, OMB administered more than $7.5 million in SBA loans. OMB was named an RMI Elite 504 Silver Lender for 2022.
Shantz Hart and Oeltjen named Community Champions by Springfield Chamber
The Springfield Area Chamber of Commerce will shine a light on two leading businesswomen at the 2024 ATHENA Awards ceremony. Both recipients were nominated by the public and selected from dozens of nominees by an independent panel.
The business leaders being honored at the Chamber’s ATHENA Award Luncheon on March 20 at White River Conference Center are:
Debbie Shantz Hart, who will receive the 2024 ATHENA Award. The ATHENA Award honors individuals who inspire others to thrive in their professional and personal lives. Recipients have achieved excellence in their fields and active support women in leadership roles. Shantz Hart is the owner of Housing Plus LLC, a lawyer, and a real estate developer. She served on the Board of Public Utilities for six years and on the Chamber Board of Directors for eight years, culminating with her role as chairman in 2017.
Jarica Oeltjen, who will receive the Virginia Fry Rising Star Award. The award is named after the late Virginia Fry, a pioneer in the legal profession and a “beacon” of the Springfield community. It goes to an emerging leader and mentor in their chosen field who is under 40 and lights the way for other women leaders. Oeltjen is the deputy general counsel at FORVIS. In 2023, she served as the president of the Springfield Metropolitan Bar Association and received the Women’s Justice Award from Missouri Lawyers Weekly in 2019.
Strait hired at Arvest Bank in Hollister, Plott moves to Branson
Arvest Bank in Hollister has hired Kiera Strait, a banker with 13 years of experience, as branch sales manager. Strait will be responsible for overall sales, consumer lending, and operations at the Hollister branch. Strait also serves as a Hollister Area Chamber of Commerce Ambassador.
Strait replaces Kandace Plott, who transferred to Branson as branch sales manager of the Gretna Road branch. Plott will be responsible for overall sales, consumer lending, and operations in Branson.
Plott has a decade of experience in the banking industry and has her American Bankers Association Supervisor & Team Leader certificate. She is also a graduate of the Branson Chamber Lakes Area Leadership Class and a Hollister Area Chamber of Commerce Ambassador.
FORVIS announces three senior promotions
Gary Schafer, managing partner of FORVIS’ offices in Springfield, Branson and Joplin, announced senior promotions for three more associates in January, according to a release. The FORVIS promotions announced this week are:
Lauren Hughes, who assists FORVIS clients with tax planning, accounting, and compliance services. Hughes was promoted to senior associate II. Hughes holds a bachelor’s degree in business administration from Missouri Southern State University.
Tristan Ollar, who provides revenue cycle services within the home care and hospice team at FORVIS. Ollar was promoted to senior consultant. He holds a bachelor’s degree and a master’s degree in accounting from Missouri State University.
Blanca Aiello, who provides payroll services as a member of the outsourced accounting services team. Aiello was promoted to outsourcing senior associate. Aiello graduated with a bachelor’s degree in international business in Ecuador.
This article originally appeared on Springfield News-Leader: Firm sees profit on Springfield JPMorgan Chase building's sale
