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AcquisitionsIowaMidwestMultifamilySouth Dakota

IRET Sells 970-Unit Multifamily Portfolio in Iowa, South Dakota for $78M

by Kristin Harlow

SIOUX CITY, IOWA AND SIOUX FALLS, S.D. — IRET has sold a 10-property, 970-unit multifamily portfolio in Sioux City and Sioux Falls for $78 million. Monarch Investment and Management Group purchased the three Sioux City properties, which total 444 units. The communities were built between 1970 and 1998. Monitor Finance acquired the seven Sioux Falls properties, which total 526 units. They were completed between 1985 and 2000. At the time of sale, the occupancy for the entire portfolio was 93 percent. Mox Gunderson, Dan Linnell, Josh Talberg, Adam Haydon and David Gaines of JLL represented IRET in the sale.

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AcquisitionsIowaMidwestMultifamily

Four Mile Capital Acquires Multifamily Community in Waukee, Iowa for $25M

by Kristin Harlow

WAUKEE, IOWA — Four Mile Capital has acquired The Bricks Waukee East, a 216-unit multifamily community in suburban Des Moines, for $25 million in an off-market transaction. Completed in 2017, the property sits on 9.2 acres and features one- and two-bedroom units. Amenities include a pool and fitness center. BH Management will manage the property. The buyer received a nonrecourse, fixed-rate mortgage loan from Luana Savings Bank. Four Mile Capital now owns about 450 units in the Des Moines metro area. The seller was undisclosed.

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IowaMidwestOffice

Ruan Cos. Taps Transwestern to Manage 750,000 SF Des Moines Office Portfolio

by Kristin Harlow

DES MOINES, IOWA — Transwestern Commercial Services has been awarded the property management assignment for the headquarters of Ruan Cos. in Des Moines. Ruan is a family-owned trucking and logistics company. The assignment includes 750,000 square feet of office space across Ruan Center and Two Ruan Center, located at 666 Grand Ave. and 601 Locust St., respectively. This marks Transwestern’s entrance into the Des Moines market. Micah Larmie, Bonnie Boden and Pete Miceli of Transwestern’s Midwest asset services team will provide management and building engineering services for the two properties. General Manager Jona Schmidt of Transwestern will be onsite to directly oversee operations. Built in 1975, the 24-story Ruan Center is situated in the city’s central business district.

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Data CentersDevelopmentIndustrialIowaMidwest

CyrusOne Breaks Ground on 60,000 SF Data Center in Council Bluffs, Iowa

by Kristin Harlow

COUNCIL BLUFFS, IOWA — CyrusOne, a data center REIT, has broken ground on a data center at 4700 Gifford Road in Council Bluffs. The first phase of the facility is slated for occupancy in fall 2020. Upon full buildout, the site will feature 24 megawatts of total power available across the roughly 60,000-square-foot property.

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AcquisitionsIowaMidwestRetail

Marcus & Millichap Brokers $1.2M Sale of Property Net Leased to Dunkin’ in Des Moines

by Kristin Harlow

DES MOINES, IOWA — Marcus & Millichap has brokered the sale of a 2,168-square-foot property net leased to Dunkin’ Donuts in Des Moines for $1.2 million. The building is located at 3611 SE 14th St. Zach Turner, Scott Wiles, Craig Fuller and Erin Patton of Marcus & Millichap represented the seller, a limited liability company. Ray Germain of Marcus & Millichap’s Las Vegas office secured the buyer, a limited liability company. The sales price represents a cap rate of 6.59 percent.

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AcquisitionsIowaMidwestMultifamily

Marcus & Millichap Brokers $2.5M Sale of Apartment Building in Iowa

by Kristin Harlow

ELDRIDGE, IOWA — Marcus & Millichap has brokered the $2.5 million sale of Deercreek Apartments in Eldridge, north of Davenport and part of the Quad Cities metro area. Built in 1973, the 54-unit property is located at 1 Parkview Drive. David Orton of Marcus & Millichap’s Indianapolis office marketed the property on behalf of the seller, a partnership. Orton also secured and represented the buyer, a limited liability company.

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IndustrialIowaLoansMidwest

NorthMarq Arranges $2.7M Refinancing for Industrial Building in Urbandale, Iowa

by Kristin Harlow

URBANDALE, IOWA — NorthMarq has arranged a $2.7 million loan for the refinancing of a 52,550-square-foot industrial building in Urbandale. The property is located at 11000 Justine Drive. Steve Ruff and Josh Larsen of NorthMarq arranged the 10-year loan, which features a 20-year amortization schedule, on behalf of borrower Johnstone Supply. A life insurance company provided the loan. Proceeds will be used to fund existing improvements and provide financing for the construction of an 8,000-square-foot addition.

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IllinoisIowaLoansMidwestMultifamily

Maverick Commercial Arranges $12.7M First Mortgage for Four Manufactured Housing Communities in Illinois, Iowa

by Kristin Harlow

SPRINGFIELD, ILL. AND DES MOINES, IOWA — Maverick Commercial Mortgage Inc. has arranged a $12.7 million first-mortgage loan on behalf of MHPI Inc. for a portfolio of four manufactured housing communities located in Springfield, Ill. and Des Moines. The portfolio includes a combined 303 pad sites. The three Springfield communities were built within the last 15 years. The community in Des Moines features a clubhouse, swimming pool, community room and small self-storage facility. Benjamin Kadish of Maverick arranged the seven-year, fixed-rate loan with an undisclosed national lender. Proceeds paid off the existing lender and paid for closing costs. Arnold Weinberg of Much Shelist represented MHPI.

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DevelopmentHealthcareIowaMidwest

R&R Realty to Build 13,867 SF Health Clinic for UnityPoint in Urbandale, Iowa

by Kristin Harlow

URBANDALE, IOWA — R&R Realty Group (R&R) will develop a 13,867-square-foot, build-to-suit health clinic for UnityPoint Clinic in its Center Pointe business Park in Urbandale. Slated to open in fall 2020, the clinic will offer urgent care, a sports medicine and concussion center along with physical therapy services. Located at the junction of 100th Street and I-80/35 in Urbandale’s Urban Loop, Center Pointe Business Park will contain more than 1 million square feet of office and retail space once completed. UnityPoint is a West Des Moines-based health system.

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IowaLoansMidwestMultifamilySeniors Housing

NorthMarq Arranges $12.5M Refinancing for Seniors Housing Property in Bettendorf, Iowa

by Kristin Harlow

BETTENDORF, IOWA — NorthMarq has arranged a $12.5 million loan for the refinancing of The Fountains Independent Living in Bettendorf. The seniors housing property is located at 3728 Thunder Ridge Road. Jason Kinnison of NorthMarq structured the loan with an immediate funding of $8.5 million and a construction component in the amount of $4 million, which will be used to complete an addition to the property. The borrower was not disclosed.

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