CEDAR FALLS, IOWA — Marcus & Millichap Capital Corp. has arranged a $14.5 million nonrecourse loan for the refinancing of Willow Falls in Cedar Falls. Built in 2017, the 108-unit multifamily property is located at 1003 Bluegrass Circle. Marcus & Millichap arranged the loan at a fixed rate of 4.1 percent on behalf of the undisclosed developer.
WATERLOO, IOWA — Fourmidable has been awarded the management contract for three apartment communities in Waterloo, about 55 miles northwest of Cedar Rapids. This marks Fourmidable’s first properties in the state of Iowa. The assets include Camelot Apartments, an 82-unit affordable seniors housing community; Crossroads Square, an 81-unit affordable seniors housing property; and Hotel President Apartments, an 84-unit affordable housing property.
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 construction.
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 and water utilities. Known as the Hawkeye Energy Collaborative, the partnership was awarded a $1 billion, 50-year utility management concession contract in December 2019. The collaborative will support the University of Iowa’s energy, water and sustainability goals for two campuses spanning 1,700 acres in Iowa City.
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 to the U.S. Census Bureau.
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 undisclosed.
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 investor.
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 asset.
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 undisclosed.
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 architects.
