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 Randolph and Grant Saunders of KeyBank structured the 232/223(f) loan, which features a fixed rate and is fully amortized over 35 years.
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 group, assumed existing Fannie Mae debt.
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 300,000-square-foot outlet mall, which opened in 2017.
DUBUQUE, IOWA — Alston Construction and Ware Malcomb have completed a new customer service center for Medline Industries Inc. in Dubuque. The 130,000-square-foot call center features more than 1,000 workstations. The project also features an outside patio as well as a 5,200-square-foot multipurpose room with a basketball court and fitness center. Medline, a manufacturer and distributor of healthcare supplies, has added more than 100 new jobs at the Dubuque facility. Alston served as general contractor and Ware Malcomb provided architecture and interior design services for the project.
URBANDALE, IOWA — Developer TWG is underway on construction of Lillis Lofts, a $10 million affordable housing project in Urbandale. TWG is developing the project with Dreamcatcher Inc., a Des Moines-based nonprofit that helps build housing for low-income individuals and those with disabilities. Located at 6313 Douglas Ave. near the Merle Hay Mall, the three-story Lillis Lofts is slated for completion this fall. It is the first affordable housing project in the area in more than two decades, according to TWG. The 43 units at Lillis Lofts will be designated for renters who earn between 30 and 60 percent of the area median income. Amenities will include a community room, fitness center and free internet connectivity. ID8 Architects designed the community. Polk County Housing Trust Fund contributed funds for the project.
By Tyler Dingel and Blake Bogenrief, CBRE | Hubbell Commercial COVID-19, and the immediate uncertainty that came with it, slowed investment activity in nearly all markets. The transactions that have closed since March, and those that will follow in the coming months, are changing. Investors and lenders alike are more thorough in upfront analysis, more selective in tenants, and overall, trending more conservative. The vision is now long-term oriented, and the spotlight is shining brightly on essential goods and services as well as investments with proven track records. Slow and steady is winning the race. Investor concerns Over the last 12 months, a common concern for real estate investors has been what the future holds for capital gains taxes. Many sellers are contemplating and opting to “take the hit” now as opposed to down the road when capital gains tax could be replaced by the ordinary income tax rate. In addition, the Biden Administration seeks to increase individual tax rates while the U.S. continues to deliver financial aid to the masses. Nearly nine months following the CARES Act, Congress agreed on a second, $908 billion stimulus package. Many expect that taxes will do one of two things in the future …
AMES, IOWA — The Boulder Group has negotiated the sale of a 14,820-square-foot property net leased to Walgreens in Ames for $5.1 million. The single-tenant building is located at 2719 Grand Ave. Walgreens has more than 13 years remaining on its lease. Randy Blankstein and Jimmy Goodman of Boulder represented the seller, a Midwest-based real estate firm. A West Coast-based real estate firm purchased the asset.
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.