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Increased Development Activity in Cedar Rapids Flows Across Property Types

These are momentous times for the Cedar Rapids economy. On the jobs front, the unemployment rate for the Cedar Rapids area stood at 3.2 percent in May, even tighter than the national unemployment rate of 4.3 percent for the same period. Meanwhile, the housing market recorded its lowest inventory of housing on the market in two years with 1,482 active listings in June 2017, 540 less than June 2015. On average, the number of days that houses were on the market dropped from 87 to 62 in the last..

August 10, 2017

Population Growth Sparks Apartment Development Wave in Des Moines

While recently visiting a local Starbucks, I noticed an employee behind the counter with a tattoo in the shape of California. I decided to ask the barista if she was from the Golden State, and indeed she was. I asked what brought her to Des Moines, thinking she would say family or a love interest, but I was wrong. She had read and heard so much positive press about the Des Moines area that she decided to give it a shot. [caption id="attachment_179198" align="alignright" width="100"] Rick..

June 29, 2017

Sioux City Experiences ‘Crane Craze’ Across Property Types

The skies are dotted with cranes — not the type you would find on route west to the Sandhills of Nebraska, but the type synonymous with a robust economy. It is safe to say there have never been so many cranes at work in the history of Sioux City. Several large industrial projects are resulting in further development of retail and multifamily space that has been in demand for some time in Sioux City. Retail, entertainment wave [caption id="attachment_159994" align="alignright"..

September 1, 2016

Cedar Rapids Real Estate Market Stays Hot As Flood Recovery Efforts Wind Down

The historic flood of June 2008 is becoming a distant memory as the city of Cedar Rapids prepares for the dedication of the new Northwest Recreation Center, the last public facility to be completed as part of the flood recovery project. The dedication ceremony is slated for Thursday, Aug. 25. The recovery has led to a revitalization of many flood-impacted areas in the city, ranging from residential neighborhoods to the downtown business district. Now the momentum is turning toward several new..

August 24, 2016

Cedar Rapids Rises to Commercial Real Estate Challenge Following Major Flood

[caption id="attachment_137078" align="alignright" width="100"] Scott Olson, Skogman Commercial Group[/caption] In the April 2014 edition of Heartland Real Estate Business, I pointed out that the recovery from the historic 2008 flood was nearing completion in Cedar Rapids, a city of approximately 129,000 residents. The last of the damaged city facilities, a recreation center in the Time Check neighborhood on the city’s northwest side, has been demolished. Taking its place will be a new..

August 13, 2015

The Boulder Group Arranges Sale of Orscheln Farm & Home Property in Iowa

CENTERVILLE, IOWA — The Boulder Group has brokered the $2 million sale of a single-tenant Orscheln Farm & Home property in Centerville. The 26,710-square-foot property is located at 23680 Highway 5 Orscheln. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Midwest-based private real estate company,. The buyer was a Midwest-based private investor that purchased the property in a 1031 exchange. Orscheln Farm & Home has approximately 18 years remaining on its..

May 14, 2015

Opus to Build Spec Industrial Development in Ankeny, Iowa

ANKENY, IOWA — The Opus Group plans to develop a 208,252-square-foot speculative industrial office and warehouse facility in Ankeny. The building will be the first built in the master plan for Corporate Woods Industrial Center, a 50-acre site that will accommodate up to three buildings totaling 600,000 square feet. The warehouse will offer 32-foot ceiling heights, ESFR sprinkler systems, LED lighting, up to 50 dock doors and 115 parking spaces with room for expansion. The building will be..

May 7, 2015

The Weitz Co. Selected to Build $101M Iowa Events Center Hotel

DES MOINES, IOWA — The Weitz Co. has been selected to build the $101 million Iowa Events Center Hotel at Fifth Avenue and Park Street in Des Moines. The Iowa Events Center Hotel will include a build-out of a 330-room convention hotel, which will be connected to the Iowa Events Center, a multi-venue convention center and entertainment complex. Weitz will work with Des Moines-area architectural and engineering firms to complete the project.

April 29, 2015

NorthMarq Arranges $7.3M in Refinancing for Apartments in Ankeny, Iowa

ANKENY, IOWA — NorthMarq Capital has arranged $7.3 million in refinancing for The Apartments at Prairie Lakes in Ankeny. The recently completed 92-unit multifamily property is located at 1603 Prairie Lakes Drive. Jason Kinnison of NorthMarq Capital’s Omaha office structured the fully amortizing 25-year term loan for the borrower through a life insurance company.

April 17, 2015

Downtown Des Moines Undergoes a Gradual Metamorphosis

Things are happening downtown. A number of public and private initiatives are transforming downtown Des Moines from a place to work to a place where you can truly live, work and play. Wellmark Blue Cross and Blue Shield recently moved into its new 600,000-square-foot LEED Platinum-certified office building fronting the John and Mary Pappajohn Sculpture Park, and Principal Financial announced a $250 million renovation of its existing downtown campus. In addition, EMC Insurance Cos...

October 7, 2013