ALTOONA, IOWA — Four national retailers are opening at Outlets of Des Moines this spring. American Eagle and Christopher & Banks are slated to open this month, followed by Michael Kors Outlet and Lucky Brand in May. The open-air outlet center, developed by New England Development and located at 801 Bass Pro Drive, opened last fall. The property will be home to approximately 42 retailers after these new additions.
DUBUQUE, IOWA — The DESCO Group has purchased Warren Plaza in Dubuque for an undisclosed price. A Hy-Vee grocery store anchors the 96,310-square-foot shopping center, which is 90 percent leased to additional tenants such as Super Cuts, Video Games Etc!, Miracle Ear and Great Dragon. The property is situated on 13 acres at 3500 Dodge St. Amy Sands, Clinton Mitchell and Jules Sherwood of HFF marketed the property on behalf of the seller, Brixmor Property Group. Christopher Knight of HFF arranged a fixed-rate loan on behalf of DESCO for the acquisition.
DES MOINES, IOWA — The Weitz Company has completed construction of the Hilton Des Moines Downtown. The 330-room convention center hotel spans 322,000 square feet. The $101 million project was financed with a mix of public and private money, according to the Des Moines Register. The Iowa Events Center Hotel Corp., a nonprofit established by Polk County in partnership with Bankers Trust, oversaw the project. The Waldinger Corp. and Baker Electric served as local subcontractors.
DES MOINES, IOWA — CBRE | Hubbell Commercial has brokered the sale of two apartment properties in Des Moines for $5.1 million. Properties in the 108-unit portfolio include Rosewood Apartments at 221 E. McKinley Ave. and Kenwood Apartments at 530 E. Kenyon Ave. Rick Krause and Cy Fox of CBRE | Hubbell represented the buyer, a California-based private investor. North Dakota-based Kenwood-Rosewood Apartments LLP was the seller.
COUNCIL BLUFFS, IOWA — NexCore Group, a national healthcare real estate developer, has begun construction of the new CHI Health Valley View Clinic in Council Bluffs near Omaha, Neb. The 37,800-square-foot clinic will replace an existing 9,000-square-foot facility, therefore quadrupling the size. The CHI Health Valley View Clinic will provide a variety of healthcare services under one roof, including primary care, behavioral health, women’s services, radiology, ultrasound, pharmacy and physical therapy providers. The property will feature 54 exam rooms and is slated to open in May 2019. The clinic is expected to provide a $10.4 million annual economic benefit to the area, according to NexCore. Darland Construction Co. is the general contractor and Leo A Daly is the architect.
SIOUX CITY, IOWA — The R.H. Johnson Company has purchased Lakeport Commons in Sioux City for an undisclosed price. The 282,708-square-foot shopping center is located at 5101 Sergeant Road. Completed in 2005, the property is 92 percent leased to tenants such as Gordmans, Best Buy, Staples, Michaels, PetSmart, Old Navy, Party City, Shoe Carnival and Dress Barn. Amy Sands, Clinton Mitchell and Jules Sherwood of HFF marketed the property on behalf of the seller, InvenTrust Properties Corp.
DES MOINES, IOWA — Bellomy & Co. has negotiated the sale of two Class A self-storage facilities in Des Moines. The sales price was not disclosed. One of the properties, Afford It Storage, includes 280 units spread across 36,150 square feet. Country Club Mini Storage features 170 units totaling 22,200 square feet. The facilities, located 5.6 miles apart, both feature a mix of climate-controlled and non-climate-controlled units. Bill Bellomy, Michael Johnson and John Arnold of Bellomy represented the Iowa-based seller. The team also procured the buyer, StorageMart, which operates more than 15 million square feet of storage in three countries.
MOUNT PLEASANT, IOWA — Colliers International has arranged the sale of a 4,159-square-foot building occupied by Hardee’s in Mount Pleasant for $1.8 million. The property is located at 905 E. Washington St., about 50 miles south of Iowa City. Jon Busse, Joe Crotty and Josh McFadyen of Colliers represented the buyer, Kuhn Family Trust. Justin Zahn of Commercial Investment Advisors represented the seller, 4 G Properties LLC. Westar Food, a Hardee’s franchise with 36 locations, leases the property.
DAVENPORT, IOWA — Dougherty Funding LLC has provided a $5.3 million loan for the construction of a Candlewood Suites in Davenport, part of the Quad Cities. The extended-stay hotel will include 71 rooms. Amenities will include a fitness room, business center, market pantry, guest laundry room, outdoor patio and barbecue area. Completion is slated for late summer 2018. CW Davenport LLC was the borrower. Loan terms were not disclosed.
IOWA CITY, IOWA — Berkadia has arranged a $46.5 million loan for the refinancing of The Quarters at Iowa City, an 892-bed student housing property. The development is located at 2401 Highway 6 East near the University of Iowa. The community features studio, two- and three-bedroom floor plans and amenities such as a resort-style pool, outdoor sand volleyball court, fitness center, game lounge, outdoor grill area and private shuttle to campus. Peter Benedetto and Aaron Moll of Berkadia arranged the two-year loan, which features a 75 percent loan-to-value ratio. Voya Investment Management provided the loan for the borrower, The Tailwind Group.