Iowa

NexCore Group Opens 37,800 SF Health Clinic in Council Bluffs, Iowa

by Kristin Harlow June 14, 2019

COUNCIL BLUFFS, IOWA — Healthcare real estate developer NexCore Group has opened the 37,800-square-foot CHI Health Clinic Valley View in Council Bluffs. A ribbon cutting ceremony took place on Thursday, May 30, and the facility opened to patients on Monday, June 3. Services provided at the 60-room clinic include behavioral health, women’s services, pediatrics, urology, dermatology, diabetic education, radiology, ultrasounds and physical therapy. Darland Construction Co. served as general contractor.

June 14, 2019

Acquisitions Iowa Midwest Retail

Hanley Investment Group Arranges Sale of Two-Tenant Retail Building in Sioux City, Iowa

by Alex Tostado May 21, 2019

SIOUX CITY, IOWA — Hanley Investment Group Real Estate Advisors has arranged the sale of a two-tenant retail building in Sioux City for an undisclosed price. Starbucks and Qdoba Mexican Eats occupy the property. The 5,002-square-foot building sits on a one-acre lot. Jeff Lefko and Bill Asher of Hanley represented the seller, N3 Real Estate. A family trust based in Orange County, Calif. purchased the asset. The cap rate was 6.3 percent.

May 21, 2019

Development Iowa Midwest Retail

Hy-Vee to Open at Business Park Development in Urbandale, Iowa

by Kristin Harlow May 10, 2019

URBANDALE, IOWA — Hy-Vee Inc. will open a “Fast & Fresh” store at Prairie Tower Business Park in Urbandale. The West Des Moines-based supermarket chain will also open an accompanying gas station and drive-up coffee shop. Prairie Tower Business Park is the latest of R&R Realty Group’s developments within the area. The 74-acre project will include retail and office buildings along Meredith Drive.

May 10, 2019

Iowa Loans Midwest Multifamily

Marcus & Millichap Arranges $3.6M Refinancing for Apartment Property in Iowa

by Kristin Harlow May 10, 2019

WAVERLY, IOWA — Marcus & Millichap Capital Corp. has arranged a $3.6 million non-recourse loan for the refinancing of Legacy Apartments in Waverly in northeastern Iowa. The 34-unit apartment property was newly constructed. The loan features a 15-year term, 30-year amortization schedule and a fixed rate of 4.52 percent. The borrower was a development group.

May 10, 2019

Healthcare Iowa Loans Midwest

Marcus & Millichap Arranges $15M Acquisition Loan for Medical Facility in Hiawatha, Iowa

by Kristin Harlow May 9, 2019

HIAWATHA, IOWA — Marcus & Millichap Capital Corp. has arranged a $15 million loan for the acquisition of an 80,000-square-foot medical facility in Hiawatha. Mercy Medical Hospital has a 20-year lease at the property while Wolf Eye Clinic has a 14-year lease. The five-year loan features a 30-year amortization schedule, a 70 percent loan-to-value ratio and a fixed rate of 4.58 percent. Borrower information was not disclosed.

May 9, 2019

Iowa Loans Midwest Multifamily

Arbor Provides $4.6M Refinancing for Multifamily Property in Bettendorf, Iowa

by Kristin Harlow April 22, 2019

BETTENDORF, IOWA — Arbor Realty Trust Inc. has provided a $4.6 million Fannie Mae loan for the refinancing of Townhomes at Highland Pointe in Bettendorf. Built in 2018, the 24-unit multifamily property features three-bedroom units. Michael Noll of Arbor originated the 30-year, fixed-rate loan, which features an 80 percent loan-to-value ratio.

April 22, 2019

Acquisitions Georgia Industrial Iowa Southeast

Americold to Acquire Cloverleaf for $1.24B, Including 22 Cold Storage Facilities

by Alex Tostado April 16, 2019

ATLANTA AND SIOUX CITY, IOWA — Americold Realty Trust has entered into a definitive agreement to acquire Cloverleaf Cold Storage from the company’s management and an investor group led by private equity funds managed by Blackstone. The purchase price was $1.24 billion. Atlanta-based Americold will acquire 22 cold storage facilities in nine states in the Midwest and Southeast, 21 of which are owned by Cloverleaf and one is managed by the company, totaling 5.2 million refrigerated square feet. Sioux City, Iowa-based Cloverleaf is the fifth largest cold storage provider in the United States. The company acquired competitor Zero Mountain in January. Bank of America Merrill Lynch and Goldman Sachs & Co. LLC are Americold’s financial advisors in the transaction, and King & Spalding LLP is its legal advisor. Wells Fargo Securities and Deutsche Bank Securities Inc. are Cloverleaf and Blackstone’s financial advisors, and Kirkland & Ellis LLP is their legal advisor.

April 16, 2019

Development Industrial Iowa Midwest

R&R Realty Completes 300,000 SF Warehouse in Grimes, Iowa

by Kristin Harlow April 2, 2019

GRIMES, IOWA — R&R Realty Group has completed a 300,000-square-foot speculative warehouse in Grimes, 16 miles northwest of Des Moines. Known as Prairie III, the building is the most recent addition to Prairie Business Park, an 800,000-square-foot development located near the intersection of Highway 141 and I-80. Two other warehouses have been completed and a fourth is planned. Each building has a clear height of 32 feet and an ESFR system.

April 2, 2019

Acquisitions Hospitality Iowa Midwest Wisconsin

HREC Brokers Sale of Three-Property Hampton Inn Portfolio in Iowa, Wisconsin

by Kristin Harlow March 18, 2019

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.

March 18, 2019

Acquisitions Illinois Indiana Iowa Michigan Midwest Minnesota Retail

A&G Realty Completes Auction of Several Properties Formerly Owned by The Bon-Ton Stores Inc.

by Kristin Harlow March 11, 2019

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 …

March 11, 2019

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