NEWS 34 · SBJ.NET MAY 1-7, 2023 NEWS New McDonald’s restaurant coming to west Springfield by Geoff Pickle · gpickle@sbj.net A local franchisee of McDonald’s Corp. (NYSE: MCD) has a new Springfield store in the works. Franchisees Ryan and Rikki Blumenstock broke ground April 25 on the 3740 W. Sunshine St. restaurant, according to a news release. The lot in the Springfield Plaza development near the Sunshine and West Bypass intersection is located between Central Bank and Sports Clips. “Over 100 new employees will serve our customers at our beautiful, new McDonald’s restaurant,” Ryan Blumenstock said in the release. “We are proud to not only create more jobs here, but we’re excited to see the large economic impact that this makes for the greater Springfield-area community.” Grain Valley-based J.E. Hefner Co. is serving as general contractor for the $3 million, 4,300-square-foot restaurant that’s slated for completion in September, said public relations firm Bergman Communications’ Kristen Bergman, who spoke on behalf of McDonald’s. Ambler, Pennsylvania-based Core States Group and Hot Springs, Arkansas-based Taylor Kempkes Architects PA are the project architects, Bergman said. The new restaurant is designed to focus on digital elements, such as menus, signage and curbside pick-up locations, according to the release. The eatery also is slated to have a compact optimized prep line, essentially a conveyor belt, to assist employees in moving orders faster. The release noted the McDonald’s store is the first of its kind in Missouri. The Blumenstock franchise team currently has five restaurants in the area, with one in Springfield at 3510 W. Chestnut Expressway. The McDonald’s website lists a total of 16 restaurants in Springfield. • O’Reilly Auto posts higher first quarter revenue, profits by SBJ Staff · sbj@sbj.net Springfield-based O’Reilly Automotive Inc. (Nasdaq: ORLY) reported higher sales and profits during the first quarter. The auto parts retailer’s net income grew 7.3% to $516.9 million from $481.9 million in the first quarter of 2022, according to a news release, while revenue during the quarter climbed 12.1% to $3.7 billion from $3.3 billion a year earlier. Diluted share earnings were $8.28, compared with $7.17 per share a year earlier. “We are pleased to report a very strong start to 2023, highlighted by robust 10.8% growth in comparable store sales and a 15% increase in our first- quarter diluted earnings per share,” CEO Greg Johnson said in the release. O’Reilly Automotive’s assets were nearly $13 billion at the end of the quarter, according to the release. The company had 6,029 stores as of March 31. ORLY shares were trading at a 52-week range of $562.90 to $912 per share. The stock crossed the $900 threshold for the first time on April 17. • A groundbreaking ceremony is held Tuesday at 3740 W. Sunshine St. provided by MCDONALD’S CORP. REPRINTS are an essential tool. Order today. Email aegger@sbj.net EXECUTIVE MARKETPLACE STAY UPDATED Subscribe at sbj.net/e-news Career Opportunities Residential Real Estate 417-855-2333 This is a very charming home that has been greatly updated & even has a generator. Wood flooring is throughout the main floor in the Living Rm, FDR, Hallway, Master Bedroom & Guest Bedroom. The beautiful kitchen includes a stainless gas cooktop, electric oven, stainless refrigerator & dishwasher. The solid surface countertop also is a snack bar. The Hearth Rm or Kitchen Dining area is a very cozy area w/ access to a deck. The ceiling heights are nice & tall w/ lovely window stacks. Plantation Shutters are in the spacious Living Rm. A see-thru gas FP will be enjoyed in the Kitchen Hearth area as well as the Living Rm. The Master Suite includes a tiled bath w/ dual vanities, whirlpool tub & tiled walk-in shower. The 2nd bedroom on the main floor also has an office plus a full bath. The laundry room includes a half bath. The lower level has a family area, full bath & a bedroom that was converted to a large closet and can be changed back if buyer prefers. The home was built by Frank Hill & is on a cul-de-sac w/a 3 car garage and there is no home behind this house. The handy neighborhood includes an association pool, tennis court and children’s play area. Located just east of Sam’s close to shopping and schools. MLS #60233474 INVESTOR SPECIAL Investor special. Occupants would like to rent back the property for a year or more. Since purchase last year, the seller has enlarged the deck, installed a new hot water heater and new kitchen appliances, added insulation and installed vinyl plank in one bedroom to be used as an office. Special features include maple hardwoods, granite countertops, solid wood custom cabinets and a stone hearth gas fireplace. The yard is fenced and there is a shop building. MLS#60240766 417-447-4968 417-300-1513 ethelcurbow.com $265,000 EAN.com, LP has openings for the following positions (all levels/types) in Springfield, MO. Some positions may allow for telecommuting: Senior Managers, Data Science (Job ID E5919): Manage and grow revenues by optimizing existing and implementing new business strategies using data science principles. The total cash ranges for these positions are: $144,206 to $197,500/year To apply, send resume to: apply@expedia.com. Must reference Job ID# in subject line. 417-861-0008 ANOTHER GEM IN EMERALD PARK NEW PRICE! $449,000 KEEP YOUR COMPANY INFORMED! Get your weekly print edition and give unlimited access for up to ten readers at SBJ.net with our Premium subscription SBJ.net/Subscribe PURCHASE YOUR SUBSCRIPTION TODAY! Access award-winning local business news on any device Stay connected with daily email insights and breaking news alerts Dive deeper into the week’s biggest stories and focused industry coverage with the weekly Print Edition Cultivate professional connections with the printed Book of Lists Get your weekly print edition and give unlimited access for up to ten readers at SBJ.net with our Premium subscription at SBJ.net/Subscribe KEEP YOUR COMPANY INFORMED! PURCHASE YOUR SUBSCRIPTION TODAY REPRINTED FROM APRIL 17, 2023 by Eric Olson · eolson@sbj.net Isaac Stewart fondly remembers the first home he bought with the intention of renting it out. It was in The Rivers subdivision in Ozark. “I still own it,” he says. That was in September 2014. Eight years and over 150 properties later, he recently acquired a 55-plus community in the same town. Through Stewart’s management company, Humble Abode Properties LLC, he purchased the 47-unit The Villages at James River, bringing the firm’s portfolio to roughly 200 units. Previously, he worked six years in financial planning with Merrill. That initial home purchase changed the trajectory of his career. “It just started by buying one singlefamily residence and decided it was a good fit for me,” he says. “We tried to scale as quickly as possible without taking on outside capital.” That home led to another, which led to another, and then duplexes came into the mix. Today, the properties are scattered across Ozark, Rogersville and Springfield. The Villages at James River – a $10 million development built in 2019 by Triple S. Properties Inc. and Morelock Builders and Associates Inc. – is not Stewart’s first senior living property. Humble Abode Properties also manages Ingram Mill Villas, a 43-unit 55-plus independent living community in southeast Springfield. The duplexes and single-family homes make up the balance of the company’s portfolio, which Stewart says has been built strictly through acquisitions. Ron Stenger Cos. in 2015 built Ingram Mill Villas, a $5 million project at the time. “We haven’t got into development at this point,” Stewart says, noting the business plan may come to that – “potentially, as it becomes harder to find the volume that we want to acquire.” Business for McShane Heating & Cooling LLC has increased along with the growth curve of Humble Abode Properties. Owner Jack McShane says his company performs repairs and replacement of heating and air conditioning units as needed. “If one of the renters calls in,” McShane says, “they give me the call.” It amounts to three or four calls a week during the peak summer season. The tickets average $80 for a visit to $250 for parts to fix a malfunction, and then he says new units can run $3,500, citing a recent replacement for an outside condenser. McShane and his two-man crew have similar arrangements with a handful of area property managers, such as Pierce Properties and Aaron Properties Inc., while others have maintenance staff for quick fixes and call him for troubleshooting beyond their capabilities. “From what I’ve seen, they stay on top of their stuff,” McShane says of Humble Abode, noting a key factor is that an after-hours answering service routes calls to him for quicker response – and then he can work directly with the renters to schedule a visit. Stewart says the working relationship with McShane has been in place since Humble Abode started. Today, all properties are 100% leased, Stewart says, and the average rental rate is $1,700 per month. The Villages at James River bumped the average as monthly rates in the gated community run $1,900-$2,300. Stewart says there’s a financial advantage to his growth-throughacquisition strategy. “We’ll have cash flow month one after acquisition,” he says. “That’s one reason we’ve chosen acquisitions. It can just increase the velocity on our money. If you’re doing ground-up development, it takes multiple years before you get a return on your investment.” Stewart says he’s not been deterred by higher-interest rate environments. The company’s goal is to add 100 properties to the mix this year. “Even though interest rates are high, if a property will cash flow, we will still acquire it and hope to refinance it in the future,” he says. “We’ll start to look for the next one.” Stewart says his firm’s average monthly rate has increased by doubledigit percentage points the past two years based on market demand. The rent component in the U.S. Bureau of Labor Statistics’ March consumer price index reports that rates are up 8.8% in the past year. He doesn’t see that trend continuing. “Rental rates have stabilized,” Stewart says. With a staff of three, including senior living property manager Carolyn Burnett, the company primarily markets its units through three sites: Zillow.com, Rent.com and APlaceForMom.com. “Most of the rental pool uses just a few websites,” Stewart says. He spends roughly $1,200 a month for paid placements on the sites and found that’s a good return: “It’s well above 50%,” he says of leases that come through those sites. Stewart’s noticed a trend in that, too: “We are seeing a substantial influx from different cities and states – California, Colorado; we had some from Arizona. It’s a pretty affordable area to live. From those other states, Springfield looks pretty good.” • Humble Abode Properties LLC Owner: Isaac Stewart Founded: 2014 Address: 1225 S. Ingram Mill Road Phone: 417-883-5249 Web: RentHap.com Email: isaac@renthap.com Services/Products: Property management of senior living, single-family and duplex residences 2022 revenue: Would not disclose Employees: 3 A Homegrown Strategy Humble Abode Properties expands portfolio by a third after buying senior living community HEATHER MOSLEY ©2023 Springfield Business Journal ©2023 Springfield Business Journal POSTED ON SBJ.NET ON JAN. 4, 2023 Springfield company wins Downstream Casino solar contract Springfield-based APC Solar won a contract to add a large-scale solar project at Downstream Casino Resort in Oklahoma. Shawn Roberts, CEO of the commercial solar company, said casino owner Quapaw Nation of Oklahoma selected APC in a competitive bidding process that involved firms from Missouri, Arkansas and Oklahoma. “We’ve done a lot of big commercial projects in the Midwest, and that resume helped push us over the edge,” Roberts said. “They needed to feel confident that commercial solar is our expertise. We specialize totally and completely in commercial solar.” APC Solar has started work on the first phase of the project, a 1.7-megawatt system with more than 3,500 panels that will cover the casino’s roof, he said. A second phase would add carport coverage and electrical vehicle chargers. Officials declined to disclose the cost of the project. Roberts said APC is finalizing electrical and structural engineering and completing site preparation work with hopes to start paneling in February. The paneling work, he said, would take about 60 days to complete. The Downtown Casino Resort project is APC’s largest to date, Roberts said. “To our knowledge, it’s one of the largest if not the largest privately owned, privately installed solar systems in the Midwest,” he said. Roberts said the solar array at Downstream Casino Resort would equate to the energy production of 1.7 million pounds of coal burned annually and eliminate those associated carbon dioxide emissions. He noted the project would utilize tax credits through the Inflation Reduction Act of 2022. The Downstream Casino Resort project adds to an APC Solar portfolio that includes the FORVIS building in Springfield, Ballparks of America and Fritz’s Adventure in Branson, and Mayse Automotive Group in Aurora. • provided by JCJ ARCHITECTURE Downstream Casino Resort is adding a solar array installed by Springfield-based APC Solar.
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