REBusinessOnline

Besyata, Scharf Acquire Apartment Property in Waukee, Iowa for $58M

WAUKEE, IOWA — Besyata Investment Group and The Scharf Group have acquired Autumn Ridge Apartments in Waukee for $58 million. The purchase will be completed in two phases, as the second half of the apartment property has yet to be constructed. Jeff Seidenfeld of Eastern Union arranged a $27.5 million, 85 percent loan-to-value bridge loan with Greystone for the first phase of the acquisition, which comprises 236 units. Upon completion, the Class A property will total 434 units. HFF brokered …

Outlets of Des Moines Fills a Retail Void in the Metro Area

Outlets of Des Moines brings some of the best brand names in retail to the Des Moines metropolitan area, one of the strongest economies in the country. Retailers include such favorites as American Eagle, Asics, Bath & Body Works, Brooks Brothers, Converse, Express Factory Outlet, francesca’s, Le Creuset, Levi’s, LOFT Outlet, Lucky Brand Jeans, Michael Kors, Nike Factory Store, Skechers, Tommy Hilfiger, Vera Bradley and Under Armour. [caption id="attachment_204673" align="alignright" …

Old Navy to Open at Outlets of Des Moines This Fall

ALTOONA, IOWA — Old Navy Outlet is set to open at the Outlets of Des Moines this fall. The men, women and kids clothing retailer will occupy 12,000 square feet. New England Development is the developer behind the 300,000-square-foot outlet center, which is located at 801 Bass Pro Drive near I-80. Current retailers at the property include LOFT Outlet, Nike Factory Store, Express Factory Outlet, Tommy Hilfiger and Under

Des Moines Industrial Sector Can Compete With Other Tech-Centric Markets

When hearing the names Apple, Microsoft, Google and Facebook, one’s mind might automatically shift to the Silicon Valley: the West Coast mecca of technology and computing. But you can find those same companies in the corn and soybean fields of Iowa. The state has become synonymous with state-of-the-art data centers for these familiar technology companies and others. [caption id="attachment_204667" align="alignright" width="100"] Chris Pendroy, CBRE|Hubbell Commercial[/caption] When I …

Arrimus Capital Sells 518-Bed Student Housing Property in Ames, Iowa for $44M

AMES, IOWA — Arrimus Capital has sold the 518-bed Stadium View in Ames for $44 million. The Class A student housing property is located adjacent to Iowa State University. The property, which features 197 units with a mix of two-, three- and four-bedroom floor plans, is currently 99 percent occupied and more than 80 percent pre-leased for the 2018-2019 academic year. Amenities include a fitness center, clubhouse, study lounge and fire pit. Arriumus used a Delaware Statutory Trust to sell the …

Condor Hospitality Trust Under Contract to Sell Super 8 Hotel in Creston, Iowa for $5.1M

CRESTON, IOWA — Condor Hospitality Trust Inc. is under contract to sell its 121-room Super 8 hotel in Creston, about 70 miles southwest of Des Moines, for $5.1 million. The transaction is expected to close in the third quarter. Condor is a REIT based in Maryland that specializes in the investment and ownership of select-service, extended stay and limited-service hotels. The company currently owns 17 hotels in nine

Boulder Group Arranges $4.7M Sale of Property Net Leased to Walgreens in Bettendorf, Iowa

BETTENDORF, IOWA — The Boulder Group has arranged the $4.7 million sale of a single-tenant property net leased to Walgreens in Bettendorf near Davenport. The 14,490-square-foot property is located at 830 Middle Road near a Home Depot, Hobby Lobby and Hilton Garden Inn. Walgreens has more than five years remaining on its lease, which expires in December 2023. Randy Blankstein and John Feeney of The Boulder Group represented the buyer, a Midwest-based 1031 exchange investor. A Northeast-based …

PMZ Arranges $13M Permanent Loan for 115-Room Hotel in Bettendorf, Iowa

BETTENDORF, IOWA — PMZ Realty Capital LLC has arranged a $13 million permanent loan for the Hilton Garden Inn Bettendorf/Quad Cities. The 115-room hotel, built two years ago, includes a fitness center, business center and 2,400 square feet of meeting and event space. The loan will provide the undisclosed borrower with proceeds to start on two new hotel projects, according to Peter Berk, president of PMZ. The lender was not

Noddle Celebrates Topping Out of 21.3-Acre Mixed-Use Development in Council Bluffs, Iowa

COUNCIL BLUFFS, IOWA — The Noddle Companies and the Iowa West Foundation hosted a topping out ceremony for River’s Edge, a 21.3-acre mixed-use development in Council Bluffs. The development, master planned by Noddle, is located on the riverfront near downtown Omaha. Construction includes two office buildings, two mid-rise condominium towers as well as apartment and townhouse units and other mixed-use buildings. Completion is slated for December 2018. The Iowa West Foundation is a non-profit …

Lucky Brand Opens at 300,000 SF Outlets of Des Moines

ALTOONA, IOWA — Fashion retailer Lucky Brand has opened at the 300,000-square-foot Outlets of Des Moines in Altoona. The 5,500-square-foot store is the first Iowa location for the retailer, according to the Des Moines Register. Lucky Brand will carry vintage-inspired denim, apparel and accessories for men and women at the new location. New England Development opened the Outlets of Des Moines in October 2017. Lucky Brand joins tenants such as Nike Factory Store, LOFT Outlet, Brooks Brothers, …

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