WATERLOO, IOWA — Marcus & Millichap has arranged the sale of Crossroads Commons in Waterloo for $8.1 million. The 85,987-square-foot retail property is located at 1403 Flammang Drive. It was fully leased at the time of sale to tenants such as Dick’s Sporting Goods, Party City and Five Below. Zach Turner, Erin Patton, Scott Wiles and Craig Fuller of Marcus & Millichap’s Patton-Wiles-Fuller Group marketed the property on behalf of the undisclosed seller. The team also secured the buyer, a limited liability company.
STORM LAKE, IOWA — Marcus & Millichap has brokered the $5.5 million sale of Vista Estates in Storm Lake. The 127-space manufactured housing community in western Iowa sits on 14.3 acres at 811 Vestal St. Of the community’s homes, 112 are tenant-owned. Andrean Angelov and Ryan Engle of Marcus & Millichap marketed the property on behalf of the seller, a private investor. The duo, along with Brad Kreppel, secured and represented the buyer, an out-of-state private investor.
DES MOINES — Spruce Properties has acquired a six-property multifamily portfolio in suburban Des Moines for $56.7 million. The portfolio includes: Lake Shore, Lake Shore Park, Lake Shore Place and Peachtree Apartments in Ankeny; Saylorville Lakeside in Polk City; and Sunrise Meadows in Waukee. Lake Shore was built in phases between 2015 and 2017 while the other assets date back to the 1970s to early 2000s. David Gaines, Marcus Pitts, Justin Lossner and Michael Minard of JLL Capital Markets represented the seller, BBK Apartments. Trent Niederberger of JLL originated a 10-year acquisition loan through Fannie Mae on behalf of the buyer. The loan features a fixed interest rate of 2.77 percent.
DAVENPORT, IOWA AND KANSAS CITY, MO. — NorthMarq has provided $89 million in FHA financing for the recapitalization of five multifamily properties located in Davenport and Kansas City. All of the communities were encumbered with existing FHA debt and eligible for HUD’s 223(a)(7) refinance program. The refinance enabled the undisclosed borrower to capitalize on lower interest rates, extend amortization and improve property cash flow with the reduced cost of debt service, according to NorthMarq. Loan amounts ranged from $8.8 million to $21.7 million. Brett Hood of NorthMarq’s Chicago office originated the loans. Two of the properties, Bennington Ridge Apartments and Bennington Park Townhomes, are located in Kansas City. Bennington Ridge was constructed in 2000 and features 288 units while Bennington Park was built in 1988 and includes 164 units. The three remaining properties are located in Davenport. Jersey Meadows, built in 1985, features 288 units. Ashford, constructed in 2004, is home to 140 units. Built in 2004, Alexis at Perry Pointe features 192 units.
SIOUX CITY, IOWA — The Sioux City Council unanimously approved a development and minimum assessment agreement with Omaha-based Clarity Development for the redevelopment of the historic Badgerow Building in downtown Sioux City. Hunden Strategic Partners, a global real estate development advisory practice headquartered in Chicago, managed the developer solicitation and selection process on behalf of the city. Clarity plans to purchase the building from the city for $1 million and redevelop it under the name Badgerow Developer LLC. The $23 million project will transform the office building into a mixed-use property with a restaurant, cocktail lounge, Class A office space on the first two floors, 71 market-rate apartments on floors three through 11, and a health club on the top floor. Completion is slated for December 2022. The developer has committed to a minimum assessed building value of $10.9 million following the project’s completion. In return, the city will provide a grant equal to 100 percent of new incremental property taxes for 10 years and an amount equal to 75 percent of new incremental taxes for an additional five years. The city will also support the developer’s application for historic tax credits and lease nearly 200 parking spaces in the …
CEDAR FALLS AND MARSHALLTOWN, IOWA, AND AUSTIN, MINN. — Colliers Mortgage has provided three HUD 223(a)(7) loans totaling $18.8 million for the refinancing of three age-restricted multifamily properties in Iowa and Minnesota. The properties, totaling 162 units, include Village Cooperative of Cedar Falls, Village Cooperative of Marshalltown and Village Cooperative of Austin. The market-rate communities are restricted to residents age 62 and older. The refinancing enabled the undisclosed borrowers to reduce the interest rates and mortgage insurance premiums on the loans, creating substantial annual savings, according to Colliers.
WATERLOO, IOWA — Friedman Real Estate has brokered the sale of a 162,000-square-foot office property in Waterloo within central Iowa for $1.2 million. Built in 1980, the asset is located at 3451 Hammond Ave. Amenities include a fitness center, kitchen, café and outdoor spaces. Steven Silverman and Ryan Wilner of Friedman brokered the transaction. Star Waterloo LLC sold the property to Stratacache Inc.
DES MOINES, IOWA — First Hospitality has opened a 124-room Home2 Suites by Hilton hotel in Des Moines. The property is located at 2650 University Ave. on the Drake University campus. The hotel features two meeting spaces totaling more than 1,000 square feet, an indoor pool and an outdoor patio space with a firepit. Michael Weldon will serve as the hotel’s general manager. As a result of COVID-19, Hilton has created the Hilton CleanStay program in partnership with RB, maker of Lysol. This program includes increased cleaning schedules, changes to amenities and services and social distancing requirements. The project joins First Hospitality’s growing national portfolio of more than 7,000 hotel rooms.
URBANDALE, IOWA — DealPoint Merrill LLC has acquired a 103,906-square-foot former Kmart shopping center in Urbandale near Des Moines. The property sits on 12 acres near I-35 and I-235. DealPoint Merrill plans to redevelop the asset into a 131,000-square-foot project with two outparcels. DealPoint Merrill’s CEO David Frank negotiated the transaction and President Sterling McGregor handled the due diligence and financing. The seller and purchase price were undisclosed.
MARION, IOWA — MAG Capital Partners has acquired the corporate headquarters and manufacturing facility for Advanced Material Processing (AMP) in Marion, just north of Cedar Rapids, in a sale-leaseback transaction. The purchase price was undisclosed. AMP occupies the entire 48,237-square-foot property. The company focuses on material processing equipment for food and beverage, pharmaceutical and chemical sectors. May River Capital, a Chicago-based private equity firm, owns AMP. Katie Elliott of Stan Johnson Co. represented the seller, May River Capital. Mary Garnett and Jim Tuesley of Barnes & Thornburg LLP represented Fort Worth, Texas-based MAG Capital Partners, which is led by Dax T.S. Mitchell and Andrew Gi.