ALTOONA, IOWA — Old Navy Outlet is set to open at the Outlets of Des Moines this fall. The men, women and kids clothing retailer will occupy 12,000 square feet. New England Development is the developer behind the 300,000-square-foot outlet center, which is located at 801 Bass Pro Drive near I-80. Current retailers at the property include LOFT Outlet, Nike Factory Store, Express Factory Outlet, Tommy Hilfiger and Under Armour.
When hearing the names Apple, Microsoft, Google and Facebook, one’s mind might automatically shift to the Silicon Valley: the West Coast mecca of technology and computing. But you can find those same companies in the corn and soybean fields of Iowa. The state has become synonymous with state-of-the-art data centers for these familiar technology companies and others. When I recently attended a Society of Industrial and Office Realtors (SIOR) conference in Austin, Texas, I was asked by many of my peers what is happening in Iowa. I casually referenced this impressive list of technology companies and I began to field questions from inquisitive industry professionals. Why Iowa, they ask? “Simple,” I say. “Affordable, renewable energy and lower cost, abundant water.” In August 2017, Apple announced its plans to purchase 2,000-plus acres in Waukee, a western suburb of Des Moines. The technology giant will construct the first phase of its 400,000-square-foot, cloud-based data center and the center’s power consumption will be 100 percent fed by renewable fuels, primarily wind energy provided by Mid-American Energy. The announcement of this landmark project drew so much attention that Apple CEO Tim Cook joined Governor Kim Reynolds for the announcement, stating his excitement for the …
AMES, IOWA — Arrimus Capital has sold the 518-bed Stadium View in Ames for $44 million. The Class A student housing property is located adjacent to Iowa State University. The property, which features 197 units with a mix of two-, three- and four-bedroom floor plans, is currently 99 percent occupied and more than 80 percent pre-leased for the 2018-2019 academic year. Amenities include a fitness center, clubhouse, study lounge and fire pit. Arriumus used a Delaware Statutory Trust to sell the property to 1031 exchange buyers who otherwise might not have been able to purchase it on their own, according to the company. The buyer was not disclosed. Arrimus acquired the asset in December 2017.
CRESTON, IOWA — Condor Hospitality Trust Inc. is under contract to sell its 121-room Super 8 hotel in Creston, about 70 miles southwest of Des Moines, for $5.1 million. The transaction is expected to close in the third quarter. Condor is a REIT based in Maryland that specializes in the investment and ownership of select-service, extended stay and limited-service hotels. The company currently owns 17 hotels in nine states.
BETTENDORF, IOWA — The Boulder Group has arranged the $4.7 million sale of a single-tenant property net leased to Walgreens in Bettendorf near Davenport. The 14,490-square-foot property is located at 830 Middle Road near a Home Depot, Hobby Lobby and Hilton Garden Inn. Walgreens has more than five years remaining on its lease, which expires in December 2023. Randy Blankstein and John Feeney of The Boulder Group represented the buyer, a Midwest-based 1031 exchange investor. A Northeast-based real estate fund was the seller.
BETTENDORF, IOWA — PMZ Realty Capital LLC has arranged a $13 million permanent loan for the Hilton Garden Inn Bettendorf/Quad Cities. The 115-room hotel, built two years ago, includes a fitness center, business center and 2,400 square feet of meeting and event space. The loan will provide the undisclosed borrower with proceeds to start on two new hotel projects, according to Peter Berk, president of PMZ. The lender was not disclosed.
COUNCIL BLUFFS, IOWA — The Noddle Companies and the Iowa West Foundation hosted a topping out ceremony for River’s Edge, a 21.3-acre mixed-use development in Council Bluffs. The development, master planned by Noddle, is located on the riverfront near downtown Omaha. Construction includes two office buildings, two mid-rise condominium towers as well as apartment and townhouse units and other mixed-use buildings. Completion is slated for December 2018. The Iowa West Foundation is a non-profit organization.
ALTOONA, IOWA — Fashion retailer Lucky Brand has opened at the 300,000-square-foot Outlets of Des Moines in Altoona. The 5,500-square-foot store is the first Iowa location for the retailer, according to the Des Moines Register. Lucky Brand will carry vintage-inspired denim, apparel and accessories for men and women at the new location. New England Development opened the Outlets of Des Moines in October 2017. Lucky Brand joins tenants such as Nike Factory Store, LOFT Outlet, Brooks Brothers, Converse, Tommy Hilfiger and Vera Bradley.
CEDAR RAPIDS, IOWA — Ross Holdings LLC, a telemarketing company, has signed a 5,260-square-foot office lease in downtown Cedar Rapids. The company will occupy the space on the skywalk level of the 15-story Plaza 425 building. Kirk Hiland of NAI Iowa Realty Commercial brokered the lease transaction. Panda Investments Inc. is the property landlord.
CEDAR RAPIDS, IOWA — NorthMarq Capital has arranged a $7.7 million loan for the refinancing of Wheatland Club Apartments in Cedar Rapids. The 144-unit apartment property is located at 5617 Muirfield Drive SW. Jason Kinnison of NorthMarq arranged the 23-year loan, which is fully amortized. A life insurance company provided the loan.