Iowa

DES MOINES, IOWA — Woda Cooper Cos. Inc. has broken ground on Alley Landing, a 40-unit affordable housing community in Des Moines. The property at 2701 Douglas Ave. will feature one-, two- and three-bedroom units for residents earning up 60 percent of the area median income. Eight units will be set aside as Permanent Supportive Housing (PSH), with rental assistance for households experiencing homelessness, with a veteran priority. Amenities will include a multipurpose room with kitchenette, manager’s office, supportive services office, dog park and playground. The City of Des Moines provided a HOME loan, an American Rescue Plan Act loan and housing vouchers to provide rental assistance for the PSH units. The Iowa Finance Authority provided a second HOME loan and allocated housing tax credits. Bank of America is providing a construction loan and an equity investment in exchange for the tax credits. Cedar Rapids Bank & Trust is providing the first permanent mortgage. Families Forward will provide supportive services for the PSH units. Amvets Post #2 and the local VA Community Resource & Referral Center will provide housing referrals for veterans experiencing homelessness. Hooker DeJong Inc. is the project architect, and Woda Construction Inc. is the general contractor. Woda …

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DECORAH, IOWA — The Opus Group has broken ground on a renovation and expansion of the Regents Center, the existing 200,000-square-foot athletic facility at Luther College in Decorah, a city in northeast Iowa. The development, which will be renamed the Gerdin Fieldhouse for Athletics and Wellness, will receive a 15,787-square-foot addition. Built in 1963, Regents Center has long housed the Luther Norse athletic teams. The Gerdin Fieldhouse, made possible through a $10 million gift from Michael and Nicole Gerdin and the Gerdin Charitable Foundation, marks one of the largest renovation projects in Luther’s 162-year history. The project scope includes a new 5,787-square-foot public lobby on the facility’s north end to include a new concession stand, restrooms and a Hall of Fame space. Opus will also build a new 10,200-square-foot wrestling training complex. The existing basketball and volleyball arena will receive extensive renovations. The athlete training and rehab facilities, locker rooms, and meeting and study spaces will also undergo renovations. Completion is slated for December 2025. Opus is serving as the design-builder in partnership with RDG Planning & Design.

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DECORAH, IOWA — Marcus & Millichap Capital Corp. (MMCC) has arranged a $13.4 million loan for the acquisition of Briar Grove Apartments in Decorah, a city in northeast Iowa. The newly constructed, 92-unit apartment complex is located at 2342 Sweet Parkway Road. The luxury property features a mix of studio to two-bedroom layouts and is situated adjacent to the new Toppling Goliath Brewery & Taproom. Robert Bhat of MMCC arranged the five-year loan, which features an interest rate of 5.48 percent, three years of interest-only payments and a loan-to-value ratio of 65 percent. The lender and borrower were undisclosed.

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SHENANDOAH, IOWA — Cleeman Realty Group has arranged the sale of Orchard Corners, a retail center anchored by Hy-Vee in Shenandoah, a city in southwest Iowa. The sales price was undisclosed. Situated on 6.5 acres and shadow anchored by Tractor Supply Co., the property features more than 50,000 square feet of gross leasable area as well as Scooter’s Coffee and McDonald’s outparcels. At the time of sale, the center was 87 percent occupied. Hy-Vee has operated at the property since 1975. Jeremy Scheer of Cleeman represented the buyer and seller, neither of which were disclosed.

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DAVENPORT, IOWA — Marcus & Millichap has brokered the $2.3 million sale of Elmore Avenue Shoppes in Davenport. The fully occupied, six-unit retail strip center is located at 4810 Elmore Ave. just off I-74. Tenants at the 9,835-square-foot property, built in 2002, include GameStop, Hungry Hobo, Computer Repair Center, Indy Smoke Time, Novel Nail Time and 100% Chiropractic. Jeff Rowlett of Marcus & Millichap represented the seller, GPH Davenport Retail LLC. Jon Ruzicka, broker of record in Iowa, assisted in closing the transaction. The sale closed within 50 days to an unnamed buyer.

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ANKENY, IOWA — JLL’s Des Moines commercial real estate leasing team is expanding its presence in central Iowa by opening an additional office in Ankeny. JLL Des Moines will occupy new office space at The District at Prairie Trail, which is owned by DRA Properties. JLL handles the commercial leasing and sales for The District at Prairie Trail. The brokerage firm will continue to maintain its office in downtown Des Moines.

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ILLINOIS, IOWA, MICHIGAN AND WISCONSIN — TPG Angelo Gordon has acquired a 780,000-square-foot, seven-building manufacturing portfolio in a sale-leaseback transaction with Douglas Dynamics Inc., a manufacturer and upfitter of commercial work truck attachments and equipment. The transaction involves the company’s facilities in Huntley, Ill.; Manchester, Iowa; Madison Heights, Mich.; Milwaukee; and Rockland, Maine. The transaction is valued at $64.2 million, and Douglas Dynamics is expected to receive net proceeds of approximately $50 million. The company intends to use the net proceeds to pay down its term loan debt and for other corporate purposes. The initial lease for the assets is 15 years, with two 10-year options to renew.

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WATERLOO, IOWA — National Cattle Congress has unveiled plans to redevelop the historic National Cattle Congress grounds, a 50-plus acre site with over 228,000 square feet of event space in Waterloo, a city in central Iowa. Plans call for modernizing the existing fairgrounds and facilities while also offering new construction and land development opportunities throughout the site. CBRE’s Mike Macri III has been appointed the exclusive development consultant and sales and leasing agent. The National Cattle Congress provides year-round events and activities for the Cedar Valley region at the grounds, which feature a mix of 10 indoor and outdoor buildings, including the Electric Park Ballroom and the Hippodrome, an indoor sports and concert venue built in 1936.

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WEST DES MOINES, IOWA — Topgolf is scheduled to open its first venue in Iowa, Topgolf Des Moines, on Friday, Sept. 6. The location marks Topgolf’s 101st global outdoor venue and is situated at 7655 Mills Civic Parkway within The Parkways development in West Des Moines. Employing 300 people, Topgolf Des Moines features 72 outdoor climate-controlled hitting bays spanning two levels. Each bay has lounge-type furniture or high-top tables. The venue is equipped with Topgolf’s Toptracer technology, which traces each golf ball’s flight path, distance and other metrics. Guests also enjoy a full-service restaurant and bar helmed by executive chefs.

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IOWA CITY, IOWA — Marcus & Millichap has brokered the sale of Oak Crest Storage, a 261-unit self-storage facility in Iowa City. The sales price was undisclosed. Built in 1999 and located at 4942 Oak Crest Hill Road SE, the property features 27 climate-controlled units, 101 non-climate-controlled units, 22 enclosed parking spaces, 109 uncovered parking spaces and two leasable offices. Overall, the asset totals 34,397 rentable square feet. George Kondracke, Brian Kelly, Gabriel Coe, Nathan Coe and Brett Hatcher of Marcus & Millichap represented the undisclosed seller and procured the buyer, Streamlined Storage, which now maintains four locations in Iowa. Jon Ruzicka, broker of record in Iowa, assisted in the transaction.

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