Iowa

Foth Relocates to 23,500 SF Office Space at Historic Carpenter Building in Des Moines

by Kristin Harlow March 5, 2026

DES MOINES, IOWA — Foth, an engineering services firm, has relocated to the historic Carpenter Building in downtown Des Moines. Savills managed the lease negotiations, project management and office build-out for the 23,500-square-foot space. The project spans the second and third floors with an interconnected stairwell. Constructed in 1918, the Carpenter Building is a 50,000-square-foot property that has recently been transformed into Class A office space. Amenities include a fitness center, game room and conferencing facilities. Ashley Moen and Andrew Yung of Savills managed the lease negotiations for Foth while colleague Jon Theis led the build-out.

March 5, 2026

Industrial Iowa Leasing Activity Midwest

Electro Freeze Signs 301,320 SF Lease at Russell Industrial Park in Davenport, Iowa

by Kristin Harlow February 18, 2026

DAVENPORT, IOWA — Electro Freeze, a frozen treat machine manufacturer, has signed a 301,320-square-foot lease at Russell Industrial Park in Davenport within the Quad Cities. The company will relocate from East Moline in July. Michael Minard, Austin Hedstrom, Tanner Hedstrom and Marcus Pitts of JLL represented the landlord, Russell, an Iowa-based construction and development firm. The property is the fourth of six buildings to reach full occupancy within the 95-acre industrial park. Other tenants include Ryder Logistics, Nestlé Purina, PODS, Crescent Electric and Tube and Solid Tire. The buildings total nearly 1.5 million square feet, with over 500,000 square feet remaining available for lease. Electro Freeze’s commitment brings more than 200 jobs to Davenport.

February 18, 2026

Development Industrial Iowa Loans Midwest

Associated Bank Arranges $84M Construction Loan for Manufacturing Facility in Altoona, Iowa

by Kristin Harlow February 5, 2026

ALTOONA, IOWA — Associated Bank has arranged an $84 million loan for the construction of a 622,788-square-foot heavy manufacturing facility in Altoona. Enclave is the developer and borrower. The loan was arranged and led by Associated Bank as administrative agent with syndicate lenders First National Bank of Omaha and Wintrust Financial. The project is a build-to-suit for Robinson Inc. to provide flexible production capacity for metal bending, large format cutting, metal forming, welding, fabricating and assembly, and electrical integration. Marking its first manufacturing facility outside of Wisconsin, Robinson will now have close to 1.4 million square feet of manufacturing space across Wisconsin and Iowa to better serve its energy sector customers. The City of Altoona is investing $9 million for infrastructure improvements, and Robinson will invest $76 million for upgrades. The plant will create more than 100 new jobs when completed in early 2027. Valor Contracting, a division of Enclave, is the general contractor. John Rent of Associated Bank handled the loan arrangements and closing.

February 5, 2026

Acquisitions Iowa Midwest Minnesota Nebraska Retail

Marcus & Millichap Brokers $41.6M Sale of Daycare Center Portfolio in Midwest

by Kristin Harlow February 2, 2026

IOWA, MINNESOTA AND NEBRASKA — Marcus & Millichap has brokered the $41.6 million sale of the Yellow Brick Road Portfolio, a collection of 18 triple-net-leased early childhood development centers in Iowa, Minnesota and Nebraska. Spencer Berkley, Mark Ruble, Chris Lind, Zack House, Jon Ruzicka and Adam Lewis of Marcus & Millichap represented the sellers, Ben Ditzer and Bob Carlson of Triple Net Capital, and procured the buyer, a Florida-based real estate investment trust. The portfolio included a range of lease structures and ownership entities. Two additional assets were sold separately to private buyers prior to the sale of the remaining 18 properties.

February 2, 2026

Acquisitions Industrial Iowa Midwest

Phoenix Investors Acquires 287,025 SF Industrial Facility in Dubuque, Iowa

by Kristin Harlow January 9, 2026

DUBUQUE, IOWA — Phoenix Investors has acquired a 287,025-square-foot industrial facility located at 2150 Kerper Blvd. in Dubuque. The property features 12 docks and a rail spur serviced by Canadian Pacific. According to Phoenix, the facility is ideal for heavy manufacturing or distribution and offers extensive car and trailer parking. Milwaukee-based Phoenix’s portfolio totals approximately 85 million square feet across 27 states.

January 9, 2026

Iowa Loans Midwest Multifamily

MMCC Secures $7.6M in Financing for Multifamily Property in Burlington, Iowa

by Kristin Harlow December 22, 2025

BURLINGTON, IOWA — Marcus & Millichap Capital Corp. (MMCC) has secured $7.6 million in financing for Urbane 424, a 52-unit multifamily property in Burlington, a city in eastern Iowa. The five-story property at 424 N. 3rd St. is situated near the Great River Bridge with views of the Mississippi Riverfront. The asset features a mix of studio, one- and two-bedroom units along with 3,000 square feet of first-floor retail space. Amenities include a rooftop terrace, bike storage and lounge. Robert Bhat of MMCC arranged the financing with a national bank on behalf of a private client. The nonrecourse loan features a five-year term with interest-only payments for the full term and a 70 percent loan-to-value ratio.

December 22, 2025

Acquisitions Iowa Midwest Multifamily

Greysteel Arranges Sale of 146-Unit Apartment Community in West Des Moines

by Kristin Harlow December 3, 2025

WEST DES MOINES, IOWA — Greysteel has arranged the sale of Fountain Terrace, a newly constructed apartment community with 146 units in West Des Moines. Completed in 2024, the property was 94 percent occupied at the time of sale. Amenities include a pool, fitness center, detached garages and pet-friendly facilities. According to Greysteel, the asset received more than a dozen offers from out-of-state buyers, many of whom did not own in the Des Moines market. BJ Connolly and Zach Schneider of Greysteel brokered the transaction. Buyer and seller information was not released.

December 3, 2025

Acquisitions Iowa Midwest Multifamily Student Housing

Coastal Ridge Acquires Two Student Housing Communities Near Iowa State University

by Kristin Harlow November 20, 2025

AMES, IOWA — Coastal Ridge has acquired two student housing properties serving Iowa State University in Ames. The acquisitions were part of a portfolio that also included a property in Louisiana totaling just under 1,600 beds with a gross asset value of approximately $90 million. The acquisitions mark the firm’s initial deployment of capital from the Coastal Ridge Value-Add Student Housing Fund LP, the company’s inaugural institutional commingled fund. The per-bed cost across the three assets was approximately $56,000. New construction can exceed $100,000 per bed, according to Coastal Ridge.

November 20, 2025

Iowa Market Reports Midwest Midwest Market Reports Minnesota Missouri Office Ohio Wisconsin

Midwest Office Markets Face Mounting Pressure

by Kristin Harlow November 20, 2025

By David Goldfisher, The Henley Group Secondary and tertiary office markets across the Midwest, including Chicago, Minneapolis, Madison, Milwaukee, Cleveland, Cincinnati, Columbus and St. Louis, are facing mounting pressure. While each city has its own challenges, a common theme is clear — vacancies remain high and liquidity is thin. Tenant shuffling One of the defining dynamics today is tenant reshuffling rather than net growth. As leases expire, employers frequently move from one building to another, seeking modernized space and stronger amenities. Renovating in place is disruptive and costly, while relocating allows businesses to upgrade with minimal operational downtime. This “musical chairs” effect highlights a deeper structural issue. There are only so many large anchor tenants in Midwest cities and few new entrants are seeking major blocks of space. There is more repositioning for existing tenants than attracting new ones. Flight to quality Landlords and developers are competing to deliver amenities that encourage office attendance and support talent retention. Modernized lobbies, tenant lounges and flexible collaboration areas have become standard expectations. Hines’ upgrades at Chicago’s 333 West Wacker Drive and 601W Cos.’ reinvestment in the Old Post Office demonstrate the scale of investment required. But not all landlords can compete. With …

November 20, 2025

Development Iowa Loans Midwest Multifamily

HSF Originates $108M Construction Loan for Des Moines Apartment Tower

by Kristin Harlow November 17, 2025

DES MOINES, IOWA — Dallas-based HALL Structured Finance (HSF) has provided a $108 million first lien construction loan for 515 Walnut Tower in downtown Des Moines. St. Joseph Group is the borrower and developer. Richard Price and Jackie Meagher of Berkadia arranged the loan. The project will rise 33 stories with 390 apartment units. A central amenity “lodge” will offer fitness, coworking, lounge and entertainment areas, including a rooftop terrace with hot tubs and cooking space. The second floor will feature a 4,000-square-foot fitness center as well as sky walk connections to an adjacent parking garage.

November 17, 2025

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