CEDAR FALLS, IOWA AND SOUTHERN PINES, N.C. — BWE has arranged $49.5 million for the refinancing of East Viking Plaza in Cedar Falls and Morganton Park South in Southern Pines. Dan Rosenberg, Logan Petersmeyer and Isabella Barrios of BWE arranged the financing on behalf of Cincinnati-based Midland Atlantic Properties. Both nonrecourse loans feature multiple years of interest-only payments. East Viking Plaza totals 147,659 square feet and is leased to tenants such as Target, Scheels, Michaels, Old Navy and Ulta. Morganton Park South totals 267,021 square feet and is nearly fully leased. Constructed in 2024, the shopping center is anchored by Target, Dick’s Sporting Goods and HomeGoods.
DAVENPORT, IOWA — Woda Cooper Cos. Inc. and co-developer Parallel Housing Inc. have broken ground on Timber Ridge, a 52-unit affordable housing community for seniors age 62 and older in Davenport. Units are targeted for renters who earn up to 60 percent of the area median income. The three-story building will offer 32 one-bedroom units and 20 two-bedroom apartments. Projected rents are $565 to $975 per month, depending on unit size and income restriction. Amenities will include a multipurpose room, dog park and outdoor seating. Timber Ridge will be ENERGY STAR certified. The City of Davenport approved a HOME loan as part of the project’s financing. Primary financing was supported by the allocation of 9 percent housing tax credits by the Iowa Finance Authority. KeyBank Community Development Lending and Investment provided the construction loan and tax credit equity investment. Cedar Rapids Bank & Trust is providing a permanent mortgage. Timber Ridge marks Woda Cooper’s eighth affordable housing community in Iowa and its first in Davenport. Hooker DeJong Inc. is the architect, Woda Construction Inc. is the general contractor and IMEG Corp. is the civil engineer. Woda Management & Real Estate LLC will handle leasing and property management.
DES MOINES, IOWA — Woda Cooper Cos. Inc. has opened Alley Landing, a 40-unit affordable housing community constructed on the site of the former Plaza Lanes bowling alley in Des Moines. The city provided a HOME loan and an American Rescue Plan Act loan. The city also granted project-based vouchers for eight Permanent Supportive Housing (PSH) units through the Metropolitan Housing Authority. Veterans are prioritized for the PSH units. Alley Landing features one-, two- and three-bedroom units that are targeted to residents earning up to 60 percent of the area median income. Rents range from $790 to $1,140 per month, depending on income limits and size of unit. The four-story building features amenities such as a multipurpose room, dog park and playground. Families Forward will provide onsite service coordination for the PSH units and direct support in areas such as vocational training, budgeting and financial literacy. The Iowa Finance Authority allocated housing tax credits and provided a second HOME loan. Bank of America is providing a construction loan and an equity investment in exchange for the tax credits. Cedar Rapids Bank & Trust provided the first permanent mortgage. Polk County Housing Trust Fund provided an additional loan. Hooker DeJong Inc. …
WATERLOO, IOWA — TVS Supply Chain Solutions has opened its new 225,113-square-foot, build-to-suit facility in Waterloo. Developed in partnership with ElmTree Funds and Ryan Cos. US Inc., the project features 6,800 square feet of office space, a driver’s lounge, 30 loading dock doors and two drive-in doors. TVS’s first Iowa facility is in Iowa City. Ryan is also building another 225,000-square-foot property for TVS in Davenport that is scheduled for completion in October. Ryan served as developer and builder of the Waterloo facility, and Ryan A+E Inc., Ryan’s design studio, served as the architect. ElmTree served as facility owner and financier.
ALTOONA, IOWA — Planet Fitness has opened a 15,496-square-foot location at the Outlets of Des Moines in Altoona. Founded in 1992 in Dover, N.H., Planet Fitness is one of the largest franchisors and operators of fitness centers in the world. As of June 30, there were 2,762 clubs worldwide. Outlets of Des Moines is an open-air lifestyle center home to stores such as Coach Outlet, Polo Ralph Lauren, Kate Spade Outlet, Ann Taylor Factory Store and Nike Factory Store.
By Scott Olson, Skogman Commercial Each year when I update exciting growth in Iowa’s second largest city, it is hard to imagine the pace can continue despite what we hear nationally about high interest rates, tariffs and inflation. Plus, this great city adapts after natural disasters to quickly recover and create a better place to work and call home. Our latest national rankings reflect this effort, skill and dedication: • No. 1 city for affordable housing in America (WalletHub, 2025) • No. 3 best place to live in the Midwest (Spacewise, 2025) • No. 12 best city for economic opportunity (U.S. News & World Report, 2025) • No. 4 city with most affordable rent (WalletHub, 2025) • No. 17 best city to buy a house in America (Niche.com, 2025) • A top 100 best city for jobs in America (WalletHub, 2025) • A top 100 best place to retire in America (Niche.com, 2025) • No. 7 safest city in America (WalletHub, 2025) • No. 33 best run city in America (WalletHub 2024, top 40 ranking since 2017) In fall 2024, the City of Cedar Rapids was selected to participate in the Bloomberg Harvard Innovation Track as a continuation of the …
By Chris Beason, NAI Ruhl Commercial Co. As we move through 2025, the commercial real estate market in the Quad Cities region continues to adjust to tighter capital markets, rising costs and evolving consumer and business preferences. The bi-state region of the Quad Cities includes Moline, East Moline and Rock Island, Illinois; and Davenport and Bettendorf, Iowa, as the main core cities. The Quad Cities is the largest metro area between St. Louis and Minneapolis on the Mississippi River. When you look at the fundamentals like industrial absorption, land sales and retail demand, the Quad Cities continues to outperform expectations. The level of investment we’re seeing from both global tech companies and regional developers shows long-term confidence in the strength and potential of our market. Pivotal year for industrial The Quad Cities market mirrored the national trends with increased development of industrial buildings and rising rental rates. While the new industrial development we have seen locally over the past three years is to be celebrated, there is still a shortage of smaller 10,000- to 50,000-square-foot buildings. This is especially true for companies that desire to purchase real estate. There is significantly more inventory for lease of smaller product available than …
DES MOINES, IOWA — CBRE has brokered the sale of the Wings 914 Portfolio, a collection of six multifamily properties totaling 1,610 units in metro Des Moines. The transaction marks the largest multifamily deal ever recorded in the state of Iowa, according to CBRE. Cy Fox, Matt Bukhshstaber, Ray Hamilton and Clark Matthews of CBRE represented the undisclosed seller, which directed a significant portion of the assets to charitable causes through the National Christian Foundation. The properties were built between 1988 and 2015. Further details were not provided.
CORALVILLE, IOWA, AND MAPLEWOOD, MINN. — Davis Healthcare, on behalf of its Davis Medical Investment Fund, has acquired a two-building healthcare real estate portfolio known as CoralBirch for $34.1 million. The assets are located in Coralville, Iowa, and Maplewood, Minn. More than 70 percent of the space in the buildings is leased to high-credit hospital systems. With this acquisition, the fund owns 17 off-campus ambulatory care buildings totaling more than 750,000 square feet. The Coralville West Medical Building at 2769 Heartland Ave. rises three stories and totals 60,351 square feet. It is situated near the University of Iowa campus. Davis acquired the property for $24.2 million, or roughly $400 per square foot. At closing, the building was 97 percent leased with more than 65 percent of the space occupied by University of Iowa Healthcare, which offers primary care and internal medicine, obstetrics and gynecology, neurology, imaging and rehab and dermatology services. Additional tenants of the building are medical practices focused on obstetrics, radiology and rehab. Constructed in 2010, the building’s common areas and restrooms were renovated in 2022. Birch Run Medical Building at 1747 Beam Ave. totals 27,944 square feet. Davis purchased the single-story property for $9.9 million, or roughly …
MARQUETTE, IOWA — Casino Queen Marquette will be renamed Bally’s Marquette as part of its move to a newly developed permanent landside facility, set to open in early 2026. The name change will coincide with a $21 million transformation project, which includes relocating the gaming floor ashore and introducing new dining, gaming and entertainment experiences. The rebrand follows Bally’s Corp.’s acquisition of The Queen Casino & Entertainment Inc., the regional gaming company that owns Casino Queen Marquette. The merger was completed in early 2025. The long-standing Mississippi River casino has operated aboard a riverboat for more than 30 years. The transformation into Bally’s Marquette will create nearly 80 new jobs.
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