REBusinessOnline

Crossroads Mall in Iowa Sells for $3.3M, Will Undergo Redevelopment

FORT DODGE, IOWA — Mason Asset Management, Namdar Realty Group and CH Capital Group have sold Crossroads Mall in Fort Dodge in central Iowa. The sales price was $3.3 million. The buyer, Crossroads Plaza Development LLC, plans to redevelop the mall into a series of retail and office spaces. The site will also include a new, five-story hotel. Fort Dodge City Council unanimously passed the redevelopment plan and committed up to $18.2 million of public funds to support

Hannon Armstrong Makes $115M Preferred Equity Investment in University of Iowa Utility System Project

IOWA CITY, IOWA — Hannon Armstrong Sustainable Infrastructure Capital Inc. has made a $115 million preferred equity investment in a utility public-private partnership including the University of Iowa, ENGIE and Meridiam. ENGIE is a natural gas distribution company and Meridiam is a global investor and asset manager specializing in the development, financing and management of long-term public infrastructure projects. The partnership will operate, maintain and upgrade the university’s energy …

Stahl Completes Construction of 55,000 SF Public Library in Ankeny, Iowa

ANKENY, IOWA — Stahl has completed the construction of the two-story, 55,000-square-foot Ankeny Kirkendall Public Library. Located at 1250 SW District Drive in the Prairie Trail development, the $14 million library also houses the city council chambers and a multi-function meeting and conference room. Construction started in June 2018 and wrapped up in February. OPN Architects designed the library. A suburb of Des Moines, Ankeny is the 10th-fastest growing city in the United States, according …

Amazon Unveils Plans for First Iowa Fulfillment Center

BONDURANT, IOWA — Amazon has unveiled plans to open its first fulfillment center in the state of Iowa in the city of Bondurant, which is northeast of Des Moines. Amazon expects to create 1,000 full-time jobs at the 645,000-square-foot warehouse. Workers will work alongside Amazon robotics to pick, pack and ship small items such as books, electronics and toys. A timeline for completion was

Marcus & Millichap Arranges $5.5M Sale of Self-Storage Facility in Cedar Rapids

CEDAR RAPIDS, IOWA — Marcus & Millichap has arranged the sale of an 83,286-square-foot self-storage facility known as Cedar Storage in Cedar Rapids for $5.5 million. The property includes 374 units as well as RV and boat storage. It is located at 804 Vernon Valley Drive. Britney Hendricks and Sean Delaney of Marcus & Millichap marketed the property on behalf of the seller, an individual trust. The team also represented the buyer, a private

Stan Johnson Co. Brokers $4.1M Sale of Fresenius Kidney Care-Occupied Property in West Des Moines

WEST DES MOINES, IOWA — Stan Johnson Co. has brokered the sale of a 9,536-square-foot property occupied by Fresenius Kidney Care in West Des Moines for $4.1 million. The dialysis facility is located at 9080 University Ave. Built in 2019, the property sits on two acres near other medical centers. Blaise Bennett and BJ Feller of Stan Johnson represented the seller, Hurd Real Estate. Cedar Rapids-based Midwest Equity Investors purchased the

NorthMarq Secures $4.7M Refinancing for Self-Storage Facility in Des Moines

DES MOINES, IOWA — NorthMarq has secured a $4.7 million loan for the refinancing of a Broadway Storage facility in Des Moines. The 728-unit property is located at 4933 E. Broadway Ave. Jason Kinnison of NorthMarq’s Omaha office arranged the loan with a life insurance company. Terms of the loan were

KDC Tops Out Headquarters for Sammons Financial Group in West Des Moines

WEST DES MOINES, IOWA — Developer KDC has topped out the new corporate headquarters for Sammons Financial Group in West Des Moines. The six-story, 217,000-square-foot Class A office building will house 600 employees. Completion of the property is slated for this fall. The building will include a two-story amenity area. Sammons is a privately held company that provides life insurance, annuity and retirement planning products. The Weitz Co. is the general contractor. SVPA and HKS are project …

IRET Sells 970-Unit Multifamily Portfolio in Iowa, South Dakota for $78M

SIOUX CITY, IOWA AND SIOUX FALLS, S.D. — IRET has sold a 10-property, 970-unit multifamily portfolio in Sioux City and Sioux Falls for $78 million. Monarch Investment and Management Group purchased the three Sioux City properties, which total 444 units. The communities were built between 1970 and 1998. Monitor Finance acquired the seven Sioux Falls properties, which total 526 units. They were completed between 1985 and 2000. At the time of sale, the occupancy for the entire portfolio was 93 …

Four Mile Capital Acquires Multifamily Community in Waukee, Iowa for $25M

WAUKEE, IOWA — Four Mile Capital has acquired The Bricks Waukee East, a 216-unit multifamily community in suburban Des Moines, for $25 million in an off-market transaction. Completed in 2017, the property sits on 9.2 acres and features one- and two-bedroom units. Amenities include a pool and fitness center. BH Management will manage the property. The buyer received a nonrecourse, fixed-rate mortgage loan from Luana Savings Bank. Four Mile Capital now owns about 450 units in the Des Moines …

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