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Iowa

AcquisitionsIowaMidwestOffice

NAI Ruhl Brokers Sale of Former Quad-City Times Headquarters in Davenport, Iowa

by Kristin Harlow

DAVENPORT, IOWA — NAI Ruhl Commercial Co. has brokered the sale of the former Quad-City Times headquarters facility at 500 E. Third St. in Davenport. Rick Schaefer and Charlie Armstrong of NAI Ruhl brokered the sale. The Geifman Group, a longtime Quad Cities real estate owner and developer, purchased the property with plans to remodel it into a multi-tenant building. Constructed in 1989, the facility totals 122,800 square feet on 6.2 acres overlooking the Mississippi River. The building includes 41,850 square feet of two-story office space and 80,950 square feet of high-bay production and warehouse space. For more than three decades, the property served as the regional headquarters of the Quad-City Times and was home to the newspaper’s editorial, administrative and printing operations.

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DevelopmentIowaMidwest

Opus Underway on Construction of 133,670 SF Des Moines Christian School in Urbandale, Iowa

by Kristin Harlow

URBANDALE, IOWA — Opus is under construction on a new dedicated high school for Des Moines Christian School in the suburb of Urbandale. The 133,670-square-foot facility will be located at 4300 136th St. on 104 acres that the school purchased in 2024 via a gift. Des Moines Christian School currently serves 1,500 students in grades Pre-K through 12 on its 26-acre Urbandale campus. The new high school, being built one mile away, will include a two-story academic wing with 24 classrooms and three labs, including dedicated STEM spaces; a gymnasium with a regulation collegiate-sized basketball court and bleacher seating for more than 2,000 fans; dedicated spaces for wellness, fine arts and student activities; a common space with electric fireplace; a student-led coffee shop; and outdoor learning and dining spaces. Opus is serving as construction manager and is working with SVPA Architects.

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DevelopmentIowaLoansMidwestOffice

Foss Secures Tax Credits for 25-Story Office Tower Conversion in Des Moines

by Kristin Harlow

DES MOINES, IOWA — Foss & Co., a tax credit syndicator, has secured financing for the Financial Center, a 25-story office tower in downtown Des Moines. Developed by Lawmark Capital, the project will convert the building into 209 market-rate apartment units and 152,000 square feet of commercial space, generating approximately $14.6 million in 2026 federal Historic Tax Credits. Constructed between 1973 and 1974, the Financial Center was the tallest building in Iowa upon its completion. The conversion plan will transform a portion of floors one through three and all of floors four through 18 into residential units. Resident amenities will include a golf simulator, fitness center, rooftop deck with a pool and direct access to Des Moines’ 4.2-mile downtown skywalk system.

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IowaMarket ReportsMidwestMidwest Market ReportsRetail

Des Moines at the Midpoint: Demand Is Real, Space Is the Variable

by Kristin Harlow

By Aaron Hyde and Justin Lossner, JLL Regional markets like Des Moines are no longer waiting their turn. Retailers and office users that once bypassed mid-sized metros for coastal or high-growth markets are compressing their timelines and arriving here ahead of schedule. Heading into the second half of 2026, that shift is already playing out on the ground. Des Moines faces constrained supply and steady demand—not excess capacity. Across retail and office, the question isn’t whether tenants want to be here, but whether growth can physically occur. Retail: strong demand  Retail vacancy in metro Des Moines sits around 3.5 percent, the tightest rate in over a decade. Demand spans categories: Quick-service restaurants, banks, auto tenants, fitness and junior box soft goods retailers all absorb space as it becomes available. Retailers are no longer simply looking for the next door down the street. They’re expanding regionally, and markets like Des Moines are benefiting as larger metros tighten. National retailers now enter Des Moines earlier in their expansion cycles. In fact, roughly 36 percent of new national retail leases were signed within five months of space becoming available. Des Moines is consistent with that velocity.  Space — not demand — limits growth …

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AcquisitionsIowaLoansMidwestMultifamily

Associated Bank Originates $17.7M Acquisition Loan for Townhome Community in Metro Des Moines

by Kristin Harlow

URBANDALE, IOWA — Associated Bank has originated a $17.7 million loan for Tricap Investments for the phased acquisition of the Townhomes at Magnolia Heights in Urbandale, a suburb of Des Moines. The 105 two-story townhome rental units are adjacent to the 240 for-sale, single-family and townhome community of Magnolia Heights. Elizabeth Hozian of Associated Bank managed the loan arrangements and closing. Tricap Investments focuses on the acquisition of low-density multifamily housing in suburban markets.

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DevelopmentIowaMidwest

Opus Completes Gerdin Fieldhouse at Luther College in Decorah, Iowa

by Kristin Harlow

DECORAH, IOWA — Opus has completed the Gerdin Fieldhouse for Athletics and Wellness at Luther College in Decorah, a city in northeast Iowa. Built in 1963, Luther’s 200,000-square-foot Regents Center had long housed the Luther Norse athletic teams. The facility required both a renovation and a 15,787-square-foot expansion. An historic $10 million gift from Michael and Nicole Gerdin and the Gerdin Charitable Foundation helped make the project possible.   Work on the Gerdin Fieldhouse began in August 2024 and included the construction of a new 5,787-square-foot public lobby on the property’s north end that includes a new concession stand, restrooms and a Hall of Fame space. Opus also built a new 10,200-square-foot wrestling training complex and completed extensive renovations to the existing basketball and volleyball arena. Athlete training and rehab facilities, locker rooms and meeting and study spaces for all 21 Norse athletic teams were also updated. Opus served as design-builder and worked in partnership with RDG Planning & Design.

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DevelopmentIndustrialIowaMidwest

Opus Breaks Ground on 80,000 SF Advanced Manufacturing Facility for ContiTech in Iowa

by Kristin Harlow

MOUNT PLEASANT, IOWA — Opus has broken ground on an advanced manufacturing facility for ContiTech, a group sector of Continental, at its existing plant in Mount Pleasant within eastern Iowa. At more than 80,000 square feet, the new compounding center will integrate production, warehouse and office operations to support ContiTech’s hose and belt businesses while optimizing its North American mixing footprint. The project will include a three-story, 17,472-square-foot mixing facility, an automated high-bay warehouse, shipping and receiving, bulk storage and a 4,250-square-foot office and lab space. The three-story mixing facility will support a specialized vertical manufacturing process in which raw materials are introduced on the upper level and move through advanced mixing lines to lower floors. Opus is the design-builder, Martin Gardner Architects is the architect and Raker Rhodes Engineering is the structural engineer. Completion is slated for June 2027.

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AcquisitionsIowaMidwest

TopSide Marinas Acquires Rathbun Lake Marina in Moravia, Iowa

by Kristin Harlow

MORAVIA, IOWA — TopSide Marinas has acquired Rathbun Lake Marina, a full-service marina and resort destination located on Rathbun Lake in Moravia, a city in southern Iowa. The acquisition marks the company’s entry into the Iowa market. The 160-acre leasehold property with the U.S. Army Corps of Engineers features 246 wet slips, boat rentals, four campgrounds with 144 campsites and a 12-room hotel. Louie’s Lakeside Bistro and Barbecue is an independently operated restaurant that is open onsite from April 15 through Oct. 15 and is accessible by boat, camper or car. Established in 2010, Rathbun Lake Marina offers amenities such as a soccer field, frisbee golf and other activities. TopSide Marinas plans to invest in several enhancements, including expanding capacity with an increased total slip count as well as adding roofs to uncovered docks and introducing a service department. To accommodate additional public boat launches, the boat rental operation and parking area will both be expanded.

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DevelopmentIndustrialIowaMidwest

Sub-Zero Plans $196M Manufacturing Expansion in Cedar Rapids, Iowa

by Kristin Harlow

CEDAR RAPIDS, IOWA — Sub-Zero Group Inc. has unveiled plans to expand its manufacturing operations in Cedar Rapids. The $196 million expansion will add approximately 230,000 square feet to the company’s existing 600,000-square-foot facility on the city’s southwest side and is expected to create 312 new jobs, bringing total employment at the site to more than 500. Headquartered in Madison, Wis., Sub-Zero manufactures kitchen appliances under the Sub-Zero, Wolf and Cove brands. Construction timelines and additional project details will be announced as planning progresses.

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AcquisitionsIowaMidwestOffice

NAI Ruhl Brokers Sale of Two Office Buildings Totaling 113,427 SF in Quad Cities

by Kristin Harlow

DAVENPORT AND BETTENDORF, IOWA — NAI Ruhl Commercial Co. has brokered the sale of two office buildings in the Quad Cities. The properties were formerly owned by the Slavens family and served as the longtime home of Northwest Bank & Trust, now Time Bank. A nine-story building at 100 E. Kimberly Road in Davenport totals 67,839 square feet, while a six-story building at 2550 Middle Road in Bettendorf totals 45,588 square feet. Both properties are considered regional landmarks, according to NAI Ruhl. They house approximately 60 tenants, including business uses such as banking, legal services, accounting, medical practices and counseling services. Charlie Armstrong and Alex Kelly of NAI Ruhl represented the buyer, Avalair Group. Bobbie Slavens of Hawkeye Commercial Real Estate represented the seller, River Cities Development LLC, a subsidiary of Northwest Investment Corp. Tower Trust & Investment Co. and Centennial Tax & Accounting, both subsidiaries of Northwest Investment Corp., will continue as full-floor tenants. Armstrong and Kelly will handle leasing for both properties, and NAI Ruhl’s property management division will provide property management services.

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