ILLINOIS, IOWA, MICHIGAN AND WISCONSIN — TPG Angelo Gordon has acquired a 780,000-square-foot, seven-building manufacturing portfolio in a sale-leaseback transaction with Douglas Dynamics Inc., a manufacturer and upfitter of commercial work truck attachments and equipment. The transaction involves the company’s facilities in Huntley, Ill.; Manchester, Iowa; Madison Heights, Mich.; Milwaukee; and Rockland, Maine. The transaction is valued at $64.2 million, and Douglas Dynamics is expected to receive net proceeds of approximately $50 million. The company intends to use the net proceeds to pay down its term loan debt and for other corporate purposes. The initial lease for the assets is 15 years, with two 10-year options to renew.
WATERLOO, IOWA — National Cattle Congress has unveiled plans to redevelop the historic National Cattle Congress grounds, a 50-plus acre site with over 228,000 square feet of event space in Waterloo, a city in central Iowa. Plans call for modernizing the existing fairgrounds and facilities while also offering new construction and land development opportunities throughout the site. CBRE’s Mike Macri III has been appointed the exclusive development consultant and sales and leasing agent. The National Cattle Congress provides year-round events and activities for the Cedar Valley region at the grounds, which feature a mix of 10 indoor and outdoor buildings, including the Electric Park Ballroom and the Hippodrome, an indoor sports and concert venue built in 1936.
WEST DES MOINES, IOWA — Topgolf is scheduled to open its first venue in Iowa, Topgolf Des Moines, on Friday, Sept. 6. The location marks Topgolf’s 101st global outdoor venue and is situated at 7655 Mills Civic Parkway within The Parkways development in West Des Moines. Employing 300 people, Topgolf Des Moines features 72 outdoor climate-controlled hitting bays spanning two levels. Each bay has lounge-type furniture or high-top tables. The venue is equipped with Topgolf’s Toptracer technology, which traces each golf ball’s flight path, distance and other metrics. Guests also enjoy a full-service restaurant and bar helmed by executive chefs.
IOWA CITY, IOWA — Marcus & Millichap has brokered the sale of Oak Crest Storage, a 261-unit self-storage facility in Iowa City. The sales price was undisclosed. Built in 1999 and located at 4942 Oak Crest Hill Road SE, the property features 27 climate-controlled units, 101 non-climate-controlled units, 22 enclosed parking spaces, 109 uncovered parking spaces and two leasable offices. Overall, the asset totals 34,397 rentable square feet. George Kondracke, Brian Kelly, Gabriel Coe, Nathan Coe and Brett Hatcher of Marcus & Millichap represented the undisclosed seller and procured the buyer, Streamlined Storage, which now maintains four locations in Iowa. Jon Ruzicka, broker of record in Iowa, assisted in the transaction.
By John G. Ruhl, NAI Ruhl Commercial Co. People are always surprised when they learn how many communities are part of the Quad Cities since they think it stops with just four towns. For the record, there are 58. The bi-state region includes Moline, East Moline and Rock Island, Illinois, and Davenport and Bettendorf, Iowa, as the main core cities. The Quad Cities is the largest metro area between St. Louis and Minneapolis on the Mississippi River. The Mississippi River was the main reason for this region’s initial growth historically since it was an important distribution channel. John Deere moved his base of operation to Moline, Illinois, in 1848 to utilize the river’s power for manufacturing and transportation of goods. The world headquarters of Deere & Co. are still based here, along with many of its factories and distribution centers, making it the region’s largest employer. Several other Fortune 500 companies have a major presence in this region, including Arconic, 3M, Nestle-Purina and Kraft Heinz. The Quad Cities has always been led by smaller manufacturers, suppliers and service providers supporting our major employers and the regional economy. More than 1,200 manufacturers from all industry sectors are based in the …
By Scott Olson, Skogman Commercial As the city of Cedar Rapids, Iowa celebrates its 175th year in 2024, the growth momentum and success continues despite a derecho, pandemic and high interest rates that have impacted the state and our nation. The city continues to reach new heights, becoming one of the few communities in the nation to have all of its major city service departments obtaining accreditations from leading industry-specific agencies. Currently, the departments certified include: • Parks and Recreation Department • Fire Department • Police Department • Public Works • Public Library • Building Service Department Code • Enforcement Division Public Works passed accreditation with a 100 percent score with 11 of its policies selected to be used as models for other cities. The Code Enforcement Division had the highest score to date and is only the ninth city to have this certification. But, just as impressive is the city’s most recent national rankings: • No. 23 city with the lowest cost of living in America (niche.com, 2024) • No. 41 best place to live in America (livabililty, 2024) • No. 45 happiest city in America (wallethub, 2024) • No. 13 best city to buy a house …
ILLINOIS, IOWA, MISSOURI AND ARKANSAS — St. Charles, Mo.-based Arrow Senior Living has acquired eight seniors housing communities across Illinois, Iowa, Missouri and Arkansas. Acquired in June, CedarStone Senior Living and PrairieStone Senior Living, both located in Cedar Falls, Iowa, were developed by Nelson Construction and Development. CedarStone consists of 120 units, including 88 assisted living apartments and 32 memory care residences. PrairieStone consists of 111 units, including 79 assisted living apartments and 32 memory care residences. Arrow also acquired six independent living communities in partnership with Welltower in early July, adding 654 units to its portfolio. The Cambridge Senior Living in Springfield, Mo., features 115 units. The Gardens at Arkanshire in Springdale, Ark., consists of 80 units. The Montvale Senior Living in Springfield, Ill., features 121 apartments. Curtis Creek Senior Living in Quincy, Ill., totals 120 units. Lastly, Mallard Point Senior Living in Cedar Falls, Iowa, features 114 units, while Walden Place Senior Living in Iowa City totals 104 units.
WEST DES MOINES, IOWA — CBRE has arranged the sale of PointeWest Apartment Homes, a 223-unit multifamily property in West Des Moines. The sales price was undisclosed. Built in 1989, the community features a range of one-, two- and three-bedroom floor plans averaging 904 square feet. Amenities include underground parking, an indoor pool and outdoor sauna, pickleball courts, a fitness center, indoor basketball court, game room, dog park and two picnic areas. Cy Fox, Ray Hamilton, Keith Collins and Danny Baker of CBRE represented the East Coast-based seller. California-based Canyon View Capital was the buyer.
GRIMES, IOWA — Covetrus has signed a lease to relocate its operations to an 80,000-square-foot distribution center at Prairie Business Park in Grimes, a northwest suburb of Des Moines. The animal health technology and services company is expanding its footprint by 27,000 square feet. From its new location, Covetrus will serve veterinarians and their practices across several states. Austin Barrett of Savills represented Covetrus. R&R Realty Group owns the property.
AMES, IOWA— A joint venture between ARTISAN Capital Group and EOS Residential Investors has acquired Union on Lincoln Way, a 537-bed student housing community located near the Iowa State University campus in Ames. Built in 2018, the property offers 177 fully furnished units in studio through five-bedroom configurations. Shared amenities include a swimming pool, fitness center, business center and study rooms. The development also features 11,000 square feet of retail space. Haverkamp Properties has been tapped to manage the community, which will be rebranded 2700 Lincoln. Improvements to the property’s amenity and common spaces are planned by the new ownership. Peter Katz of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller, Greystar. The acquisition involved Freddie Mac financing.