IOWA AND WISCONSIN — HREC Investment Advisors has brokered the sale of a three-property Hampton Inn portfolio in Iowa and Wisconsin. The portfolio included a 135-room hotel in West Des Moines, a 122-room hotel in Appleton and a 119-room hotel in Brookfield. Denver-based Walker Reynolds acquired the select-service portfolio. HREC represented the seller, affiliates of The Raymond Group and North Central Group, both headquartered in Madison, Wis.
ILLINOIS, IOWA AND MICHIGAN — Real estate advisory and brokerage firm A&G Realty Partners has announced the results of its Jan. 28 bankruptcy auction of the final department store properties formerly owned by The Bon-Ton Stores Inc. The stores, located in the Midwest, formerly operated under the Bergner’s Carson’s, Younkers, Elder-Beerman and Bon-Ton names. In Coralville, Iowa, a home furnishings retailer acquired the 98,458-square-foot Younkers at Coral Ridge Mall. Mall owner Abbell Associates purchased the 165,000-square-foot Younkers at Merle Hay Mall in Des Moines. Mall owner Brookfield Properties acquired the 128,000-square-foot Carson’s at Spring Hill Mall in Dundee Township, Ill., as well as the 150,081-square-foot Younkers in Grandville, Mich. Mall owner Simon Property Group purchased the 125,000-square-foot Bergner’s at White Oaks Mall in Springfield, Ill. In Indiana, the Economic Development Corp. of Wayne County purchased 100,000-square-foot Elder-Beerman in Richmond. HOM Furniture acquired the 46,660-square-foot Bon-Ton at Lewistown Mall in Lewistown, Pa. Two Herberger’s stores in Minnesota were removed from the auction. In late January and early March, A&G completed private sales on two other store properties from the Bon-Ton portfolio. This includes the sale of the former Younkers building at Miller Hill Mall in Duluth, Minn. Buyer Essentia Health plans …
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Rubenstein Properties Sells 28 Industrial Properties for $197M
LITTLE FALLS, N.J. — Rubenstein Properties has sold 28 industrial properties totaling more than 5 million square feet across six states for $197 million. Bernards Township, N.J.-based Silverman Group acquired 27 buildings for $183 million. Properties are located in New Jersey, Connecticut, Massachusetts, Iowa, Indiana and Alabama. The portfolio was 95.8 percent leased at the time of the sale. Locations include: New Jersey 10 Park Place, Butler; 20-21 Wagaraw Road, Fair Lawn; 39 Avenue C, Bayonne; 101 E. Main St., Little Falls; 114 Beach St., Rockaway; and 1578 Sussex Turnpike, Randolph, N.J. (units 2 through 5). Connecticut 20, 50 and 80 Utopia Road, Manchester; 118 Sanrico Drive, Manchester; 135 Sheldon Road, Manchester; 428 Hayden Station Road, Windsor; Alabama 207 Jacintoport Blvd., Saraland. Indiana 2190 Summit St., New Haven, Ind. Further details about the properties were not disclosed. In addition, a tenant occupying 1055 Crossroads Blvd. in Muhlenberg Township, Pa., acquired the asset for $14 million. “The properties are all strategically located within infill locations in order to take advantage of consistently improving industrial leasing fundamentals and increasing demand with extremely limited supply,” said Brian Fiumara, executive vice president of CBRE. “Rubenstein Properties’ portfolio provided the buyer with an exceptional opportunity …
SIOUX CITY, IOWA — The Warrior Hotel and neighboring Davidson Building in downtown Sioux City will undergo a $73 million restoration. A groundbreaking ceremony took place on Tuesday, Feb. 5. The 10-story hotel and six-story building are slated to open in the fall of 2020 as The Warrior Hotel and Davidson Apartments. Marriott will operate the hotel as an Autograph Collection hotel. Both the Davidson and The Warrior properties, built in 1913 and 1930, respectively, have been vacant for the past 40 years. They are listed on the National Register of Historical Places. Restoration of St. Louis is leading the renovation. BSI Contractors Inc., FEH Architects and Checkmate Design are also project partners. Funding for the project was supported by nearly $18 million in assistance approved by the Iowa Department of Economic Development, including $16.5 million in historic tax credits and $5 million in the form of loans and grants from the city. When completed, The Warrior will feature 148 guest rooms. The Davidson Apartments will house an additional 56 hotel rooms on the second through fourth floors, 20 apartment units, two lofts and street-level commercial space.
TIFFIN, IOWA — The Ders Group is underway on the development of Park Place in Tiffin, about 10 miles west of Iowa City. The $275 million mixed-use development will be situated on 400 acres. In addition to retail and office space, plans call for approximately 2,000 apartment units and 200 single-family lots. The Ders Group, headquartered in Coralville, Iowa, acquired all of the land in 2016. The developer completed infrastructure construction last fall. Andersen Square, a city center, is the main attraction of Park Place. Phase I includes five buildings with first-floor commercial space and five floors of apartment units above. Completion is slated for summer 2020. Phase II includes six more buildings. The initial phase of commercial space is 75 percent pre-leased. Tenants include fast food retailers, local restaurants, a regional gas station, bank, health club and live entertainment restaurant.
SPENCER, IOWA — Dougherty Mortgage has provided a $6.9 million Fannie Mae loan for the refinancing of Windcrest Village in Spencer in northwestern Iowa. The 87-unit apartment property includes laundry facilities, a fitness center and children’s playground. The 12-year loan features a 30-year amortization schedule. Windcrest Village LLC was the borrower.
WEST DES MOINES, IOWA — R&R Realty Group has opened its new headquarters at Westfield Campus, a 180,000-square-foot, multi-tenant office property in West Des Moines. The campus includes two 80,000-square-foot buildings connected by Westfield Commons, a meeting space with conference areas, a coffee shop, fitness center and rooftop terrace. R&R occupies the entire second floor of the north building for approximately 25,000 square feet. Joining R&R at the office property are several other businesses whose spaces are currently under construction. Tenant names will be disclosed at a later date. R&R is a full-service real estate company serving Iowa and Nebraska.
DES MOINES, IOWA — Forever 21 is scheduled to open on Saturday, Dec. 15 at the Outlets of Des Moines in Iowa. The store will feature a section for men, women, girls, plus-size apparel and accessories. This is the eighth store to open at the outlet center this year. Developed by New England Development, Outlets of Des Moines features stores such as Old Navy Outlet, Nike Factory Store, Tommy Hilfiger, Under Armour and Express Factory Outlet. The 300,000-square-foot property opened in October 2017.
CLIVE, IOWA — Carter Validus Mission Critical REIT II Inc. has purchased the Clive Healthcare Facility for $23.5 million. The 58,156-square-foot property is situated on one acre in Clive, about 10 miles east of Des Moines. Constructed in 2008, the facility is fully leased and anchored by an ambulatory surgery center. The seller was not disclosed.
ANKENY, IOWA — Stahl has been awarded the construction management contract for a new 101,403-square-foot elementary school in Ankeny. Construction of the $20 million project is expected to begin in March 2019. The new school will serve 750 students in grades K-5. FRK Architects + Engineers is the project partner. Completion is slated for June 2020. Funding for the school came from an $18 million bond referendum approved by the community in February 2018.