St. Louis-based KP Development recently changed its name to US Capital Development (USCD) as it continues to grow and enter new markets.
Since the middle of 2017, the company has sourced and initiated more than $500 million dollars of self-directed and owned development within various U.S. markets and added a second office in Indianapolis.
The firm’s efforts are now organized under three business platforms: industrial speculative development, commercial build-to-suit projects and a senior housing division operating under the brand “Oakleigh Development.”
The evolving company’s most notable regional project is the redevelopment of the former Chrysler Plant in Fenton, Missouri, into Fenton Logistics Park (FLP). USCD wholly owns FLP and has already delivered more than $100 million in development at the site. Main tenants include BASF, BJC, Hubbell and others, which collectively have consumed nearly 90 percent of the industrial space that has been built or is currently under construction. Upon completion, the overall project investment will achieve 2.5 million square feet of development with a value in excess of $250 million.
Other projects include a master-planned $110 million, 3-million square foot industrial park near the Cincinnati market; a North America corporate headquarters in Nashville; and another 4.5 million square feet of development in Memphis, Nashville, New Jersey, Chicago, Tampa, Central Pennsylvania and Michigan.
Leading the changes and growth at USCD is a new leadership team, headed by Scott Sachtleben, who joined the company in mid-2017 to oversee operations. As managing principal of USCD, Sachtleben has launched the additional business platforms that not only include industrial speculative opportunities and build-to-suit projects, but also a new division focused on development, construction and financing of high-end senior living projects through affiliate Oakleigh Development Group. Oakleigh principals have deep roots in in the senior living industry and currently have more than $100 million of planned projects in the pipeline.
Sachtleben comes to the firm from a locally based development company where he spent 15 years overseeing and implementing development. At USCD, he identifies and implements the company’s strategic vision, initiatives and real estate opportunities, while overseeing operations and partner relations. Other team members include:
• Jim White, who serves as the Managing Director of National Development for USCD and manages the firm’s national accounts and institutional capital relationships. White has extensive industry experience, having developed more than 30 million square feet over his decades in leadership roles at various real estate development firms.
• Scott Haley, who has been with the firm since 2003 and continues with USCD as Managing Director of Development, overseeing FLP and other build-to-suit opportunities. Over the past 20 years, Haley has directed and managed several million square feet of commercial projects and other real estate assets and developed strong governmental relationships while working in the municipal planning and economic development arena.
• Dan O’Connor, who serves as Managing Director of Construction and oversees all pre-construction and construction activities for USCD across the country. O’Connor brings over 25 years of owner-representative experience to the team, having worked on more than 500 projects with a cumulative value of more than $3 billion.
• Dave Truetzel, a seasoned operations and financial executive with more than 30 years of experience in the real estate sector, who serves as both CFO and as manager of Oakleigh Development Group.
KP Development’s origins date back to 1994, when Jim Koman founded the company under the name Koman Properties. Koman now focuses his attention on ElmTree Funds, which is a private equity investment firm he founded in 2011.