REBusinessOnline

Garling Construction to Break Ground on First Building at 145-Acre Logistics Park in Cedar Rapids, Iowa

CEDAR RAPIDS, IOWA — Garling Construction is scheduled to break ground next month on the first building at Edgewood Logistics Park, a 145-acre industrial business park in southwest Cedar Rapids. The first building will span 200,000 square feet and will be built on a speculative basis. It will feature a clear height of 36 feet and more than 50 truck docks. Situated at the northeast corner of Edgewood Road and 76th Avenue, Edgewood Logistics Park will house approximately 1.5 million square feet …

Bellomy Brokers Sale of 189-Unit Self-Storage Facility in Red Oak, Iowa

RED OAK, IOWA — Bellomy & Co. has brokered the sale of Hawkeye Storage in western Iowa’s Red Oak for an undisclosed price. The Class B self-storage facility includes 189 units and spans 29,120 net rentable square feet. Bill Bellomy and Michael Johnson of Bellomy represented the seller, THR Storage LLC. The duo also procured the buyer, Dougherty Storage

JDP Acquires 195-Unit Cadence Apartments in Metro Des Moines

JOHNSTON, IOWA — Jackson Dearborn Partners, a Chicago-based real estate investment and development company, has acquired Cadence Apartments in Johnston within metro Des Moines. The purchase price was undisclosed. The 195-unit, Class A apartment complex was built in 2017. It was 97 percent occupied at the time of sale. Amenities include a pool, media room, fitness center, coffee bar and Luxer One package system. The acquisition marks JDP’s first in the Des Moines area. The company intends to …

NorthMarq Provides $73.2M in HUD-Insured Financing for Three-Property Multifamily Portfolio in Iowa, Nebraska

NORWALK, IOWA AND OMAHA, NEB. — NorthMarq has arranged $73.2 million in FHA debt for the refinancing of a three-property, 721-unit multifamily portfolio in Norwalk, Iowa, and Omaha. Torrey Pines and Old Market Lofts are both located in Omaha. Built in 1998, Torrey Pines features 264 units. Old Market Lofts was originally constructed in 1901 as a warehouse but was redeveloped into 265 apartments in 2002. High Pointe is situated in Norwalk, just south of Des Moines. The 192-unit property was …

ColorCoat Signs 20,000 SF Industrial Lease in Cedar Rapids, Iowa

CEDAR RAPIDS, IOWA — ColorCoat Inc. has signed a nearly 20,000-square-foot industrial lease at 551 60th Ave. in Cedar Rapids. The company will occupy roughly one-half of the newly constructed building and will use the space for painting vinyl windows and doors. Adam Gibbs of GLD Commercial represented ColorCoat in the lease. The landlord was undisclosed. ColorCoat plans to invest $400,000 and create 40 new jobs in Cedar Rapids. The company currently maintains nine manufacturing operations …

Marcus & Millichap Capital Corp. Arranges $14.7M Loan for Refinancing of Multifamily Property in Iowa

WAVERLY, IOWA — Marcus & Millichap Capital Corp. (MMCC) has arranged a $14.7 million loan for the refinancing of Pinnacle Villages in Waverly, located in northeast Iowa. The newly constructed multifamily property features 110 townhouse-style units. Robert Bhat of MMCC arranged the 12-year loan, which features a fixed interest rate of 3.5 percent, a 30-year amortization schedule and four years of interest-only

CellSite Solutions Purchases 190,000 SF Industrial Flex Building in Cedar Rapids

CEDAR RAPIDS, IOWA — CellSite Solutions has purchased a 190,000-square-foot industrial flex building in Cedar Rapids for its new headquarters. The property, situated on 22 acres at 4150 C. St., features a mix of office, light manufacturing, warehouse and distribution space. CellSite, a provider of telecommunications equipment and services for secondary markets, began operations in 2010 in West Des Moines. Angie Glick-Martin of GLD Commercial represented CellSite in the acquisition. The seller …

KeyBank Provides $17M HUD-Insured Loan for Refinancing of Two Assisted Living Properties in Iowa

DAVENPORT AND MARION, IOWA — KeyBank Real Estate Capital has provided a $17 million HUD-insured loan for the refinancing of two assisted living properties in Iowa. Bickford Senior Living was the borrower. The single-story communities, Bickford of Davenport and Bickford of Marion, were both built in 1998. The Davenport facility consists of 42 beds, 35 for assisted living and seven for memory care. The Marion property comprises 38 beds, 31 for assisted living and seven for memory care. John …

JLL Brokers Sale of 261-Unit Apartment Community in West Des Moines

WEST DES MOINES, IOWA — JLL Capital Markets has brokered the sale of Signature Place in West Des Moines for an undisclosed price. The 261-unit garden-style apartment community, built in 1997, features 12 buildings. Approximately 16 percent of the units have been renovated. Amenities include a pool, clubhouse, fitness center, dog park and business center. David Gaines and Kyle Butler led the JLL team that represented the seller, Artisan Capital Group LLC. The buyer, a West Coast-based equity …

Coach to Open at Outlets of Des Moines This Fall

ALTOONA, IOWA — Coach will open an outlet store at the Outlets of Des Moines this fall. The retailer will offer both women’s and men’s apparel in addition to accessories, handbags and fragrances. Outlets of Des Moines is an open-air shopping destination located in Altoona. It is home to Polo Ralph Lauren, Nike Factory Store, Tommy Hilfiger, Under Armour Factory House, Eddie Bauer Outlet, American Eagle Outfitters and more. New England Development is the developer and owner for the …

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