DES MOINES, IOWA — Dougherty Mortgage LLC has provided a $26.7 million Fannie Mae loan for the refinancing of Soll Apartments in Des Moines. Constructed in 2018, the 165-unit apartment complex rises four stories and includes 12,996 square feet of retail space. Amenities include a fitness center, community room, rooftop patio, pool and bike storage. The 15-year loan features a 30-year amortization schedule. 2301 Ingersoll LLC was the borrower.
As I have enjoyed writing in six previous August articles since 2013, we have seen Cedar Rapids, the 2014 “All-America City,” go from flood recovery in 2008 and 2016 to record levels of development. The city set a record for building permits in fiscal year 2018 of $375 million, which was $133 million over the previous year and $29 million more than the 2012 record by $29 million. Activity in fiscal year 2019 is estimated to be a very impressive $320 million. Flood protection system reached another milestone on Nov. 22, 2018, when the city and Army Corps of Engineers officially signed the agreement for $117 million of federal funds to allow the entire east side of the river flood protection system to be completed within five years. The west side is being funded through a state sales tax rebate program and 10 years of flood bonds to allow the entire $750 million flood protection system to be completed in the next decade. This year there are already four sections under construction with several additional portions being bid over the next several months. The flood protection system will not be just berms or walls that will block the view of …
URBANDALE, IOWA — The Urbandale Community School District has selected Stahl to construct a two-story, 118,000-square-foot elementary school. The $28 million building, located at 7110 Prairie Ave., will replace the existing Olmsted Elementary. In addition to classrooms, the building will feature a kitchen and cafeteria, gymnasium, administration area and auxiliary spaces. Urbandale’s new school is part of a $59 million bond referendum and long-term facilities plan for the district to meet the growing need for additional education space to accommodate children in pre-kindergarten through fifth grade. Once complete, the school will house up to 650 students. Completion is slated for May 2021. DLR Group is the architect.
MISSOURI AND IOWA — Disney Investment Group (DIG) has brokered the sales of five retail centers in Missouri and Iowa. Sales prices were not disclosed. The properties total 438,861 square feet and are 91 percent occupied on average. Major tenants include Aldi, Gerbes, County Market, Orscheln, Fresenius Medical, Dollar Tree and Dollar General. David Disney and Adam Crockett of DIG brokered the sales on behalf of the seller, a private investment partnership. The team also procured the buyers for each property.
IOWA — Stan Johnson Co. has brokered the sale of a four-building industrial portfolio across Iowa for $16.9 million. The properties total nearly 684,000 square feet and are leased to a subsidiary of Magna International Inc. The buildings include 408 and 411 Maplewood Ave. in Williamsburg, 403 S. 8th St. in Montezuma, and 1951 A Ave. in Victor. Rob Gemerchak and Jeff Hughes of Stan Johnson represented the seller, Granite REIT, a Toronto-based publicly traded real estate investment trust. New York-based GMS Equities purchased the portfolio.
WEST DES MOINES, IOWA — Marcus & Millichap has brokered the sale of Country Club Village Townhomes in Des Moines for $1.9 million. The 16-unit multifamily property is located at 1220 Office Park Road. Built in 1972, the rental property features two-bedroom units spanning 1,500 square feet. Ryan Spengler, Chris Collins and Evan Miller of Marcus & Millichap marketed the property on behalf of the seller and procured the buyer.
BETTENDORF, IOWA — The Cambria Hotels brand, franchised by Choice Hotels International Inc., has opened its first location in Iowa. The four-story, 112-room hotel is located at 5061 Competition Drive in Bettendorf within the Quad Cities. Amenities include a bistro, full-service bar, pool, fitness center and meeting space. Frontier Hospitality Group developed the hotel. There are currently more than 40 Cambria hotels across the U.S. The Bettendorf property is the first of seven Cambria hotels expected to open this summer.
IOWA — Eastern Union has arranged $17.9 million in acquisition financing for the Magna International portfolio, a collection of four automobile parts manufacturing facilities spanning 600,000 square feet throughout Iowa. Toronto-based Granite REIT America sold the portfolio to New York-based Beau Pere Real Estate LLC. Abe Kolman of Eastern Union arranged two loans with Bank of the West. The loan-to-value ratio was 75 percent.
DES MOINES, IOWA — StorageMart has expanded its facility located at 1800 E. Army Post Road in Des Moines. The self-storage property now includes two climate-controlled buildings with 155 units. Both buildings feature large drive-in loading bays. StorageMart also expanded the office area, which now offers a variety of packing and moving supplies. The expanded facility also includes 25 additional boat, recreational vehicle and car parking spots on newly paved lots.
DES MOINES, IOWA — Loja Real Estate has acquired Water Tower Place in Des Moines for $52 million. The community shopping center is anchored by Whole Foods Market and Best Buy. Other tenants include buybuy Baby, Famous Footwear, Marshalls and Ulta. Located at 4100 University Ave., the asset spans nearly 400,000 square feet. Pegasus Investments represented the undisclosed seller in the transaction.
