REBusinessOnline

Essex Purchases 121-Unit Active Adult Community Near Des Moines

URBANDALE, IOWA — Essex Communities has purchased The Reserve on Walnut Creek in Urbandale near Des Moines. The 121-unit active adult community is reserved for residents age 55 and older. Essex plans to convert the community from an entrance-fee model to a rental model. It will be rebranded as The Arbordale and undergo a multimillion-dollar renovation. Essex will update apartment interiors and community spaces as well as expand services and amenities. The seller and sales price were …

Matthews Brokers $9.8M Sale of Walgreens Portfolio in Iowa

JOHNSTON, WATERLOO AND URBANDALE, IOWA — Matthews Real Estate Investment Services has brokered the sale of three standalone properties, each occupied by Walgreens, in Iowa for $9.8 million. The assets are located at 6200 Merle Hay Road in Johnston, 3910 University Ave. in Waterloo and 4600 86th St. in Urbandale. Robert Goldberg, Ben Snyder and Bill Pedersen of Matthews brokered the transaction. The portfolio traded at a cap rate of 6.9 percent, but buyer and seller information was not …

Stahl Underway on Construction of $28M Elementary School in Urbandale, Iowa

URBANDALE, IOWA — Stahl is underway on the construction of the Millard A. Olmsted Elementary School within the Urbandale Community School District near Des Moines. The two-story, 118,000-square-foot elementary school will feature classrooms, auxiliary spaces, a kitchen and cafeteria, gymnasium and administration area. The $28 million building, located at 7110 Prairie Ave., will replace the previous Olmsted Elementary School. Demolition of the old school began in July 2019. The new school is …

Marcus & Millichap Brokers $2.2M Sale of Property Occupied by T-Mobile in Davenport, Iowa

DAVENPORT, IOWA — Marcus & Millichap has brokered the sale of a 3,305-square-foot retail property occupied by T-Mobile in Davenport. An undisclosed buyer purchased the asset for $2.2 million. The building is located at 3150 E. 53rd St. T-Mobile has more than eight years remaining on its 10-year lease. Dominic Sulo and Samuel Malato of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. Jon Ruzicka assisted in closing the transaction as broker …

Arbah Capital, Brennan Investment Group Acquire Five-Property Industrial Portfolio Across Midwest

MICHIGAN, MINNESOTA, ILLINOIS AND IOWA — Saudi Arabia-based Arbah Capital and Chicago-based Brennan Investment Group have acquired a five-property industrial portfolio across four Midwest states. JLL Capital Markets arranged the joint venture partnership between the two companies as well as $22.9 million in debt financing for the acquisition.The portfolio spans more than 557,000 square feet and includes light industrial and flex space in Michigan, Minnesota, Illinois and Iowa. The …

Cedar Rapids Shows Resilience, Growth in Times of Crisis

By Scott Olson, Skogman Commercial Since starting a series of annual articles on Cedar Rapids in 2013 after the recovery from the historic floods of 2008 and 2016, I never anticipated the city would be facing an event in 2020 that would reach beyond those levels of flood impact. Now, the COVID-19 pandemic has given our city new challenges for this year and beyond. Hopefully this is a once-in-a-lifetime health event that, unlike the floods, has impacted nearly every city in the country in many …

Marcus & Millichap Brokers $1.6M Sale of Howard Johnson Hotel in Iowa

BURLINGTON, IOWA — Marcus & Millichap has brokered the $1.6 million sale of a Howard Johnson hotel in Southeast Iowa’s Burlington. The 96-room property is located at 2759 Mt. Pleasant St. near the Catfish Bend Casino and Burlington Regional Airport. Ebrahim Valliani, Allan Miller and Chris Gomes of Marcus & Millichap marketed the hotel on behalf of the seller, a limited liability company. The buyer information was

Downtown Sioux City Experiencing Explosive Growth, Transformation

By Marty Dougherty, City of Sioux City Downtown Sioux City, Iowa is currently experiencing growth and transformation on an unprecedented scale. This emerging and vibrant place is not only celebrating its rich and colorful history with multiple historic property renovations, but has made strides to re-invent itself and take the downtown to new levels. These efforts include the growth of new residential options, an increasing number of cultural attractions and quality-of-life amenities, new …

National Asset Services Brokers Sale of 731,169 SF Warehouse Portfolio in Des Moines

DES MOINES, IOWA — National Asset Services (NAS) has brokered the sale of a three-property warehouse portfolio totaling 731,169 square feet in Des Moines for an undisclosed price. The NAS team assumed asset management responsibilities for the properties in 2016 after ownership faced an impending 10-year loan maturity with no viable exit strategy. Paul Rubenstein, an attorney based in Los Angeles, represented the

SVN Chicago Commercial Brokers $2.8M Sale of Seniors Housing Property in Northern Iowa

MASON CITY, IOWA — SVN Chicago Commercial has brokered the $2.8 million sale of Grant Village in Mason City in northern Iowa. The 64-unit affordable seniors housing property is located at 815-843 6th St. The property has a Section 8 contract with HUD, meaning tenants make a monthly contribution toward rent equal to 30 percent of their adjusted income. Cody Doran and Reid Bennett of SVN brokered the sale. A private buyer purchased the asset at the full asking

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