DES MOINES, IOWA — Ross Dress for Less plans to open two new stores in greater Des Moines on Saturday, Oct. 13. The store at Southridge Mall on the South Side of Des Moines will span 22,000 square feet. The West Des Moines store will span 25,000 square feet and be located within the Water Tower Place shopping center. With these new openings, Ross will operate six stores in Iowa and a total of 1,470 locations nationwide.
CORALVILLE, IOWA — In two separate transactions, CBRE has arranged the sales of a Comfort Inn & Suites and a Quality Inn in Coralville, a suburb of Iowa City. The sales prices were not disclosed. The 62-room Comfort Inn & Suites is located at 214 W. 9th St., while the 55-room Quality Inn is located at 209 W. 9th St. Douglas Johnson of CBRE represented the undisclosed sellers. Two different investment groups purchased the assets.
DAVENPORT, IOWA — Quantum Real Estate Advisors Inc. has brokered the sale of a gas station occupied by Hy-Vee in Davenport for $855,000. The single-tenant property is located at 3850 Elmore Ave. A Davenport, Iowa-based private investor was the buyer. A southern California-based acquisition and development company was the seller. Chad Firsel of Quantum represented both parties in the sale. Hy-Vee has approximately 1,200 fuel stations across the Midwest.
DUBUQUE, IOWA — Marcus & Millichap has brokered the sale of Country Inn & Suites Dubuque for an undisclosed price. The 69-room hotel, built in 2000, is located at 1315 Associates Drive in eastern Iowa. Jon Ruzicka and Jake Erickson of Marcus & Millichap marketed the property for sale and procured the buyer. Neither the buyer nor the seller was disclosed.
KEOKUK, IOWA — CBRE Hotels has arranged the sale of the Hampton Inn in Keokuk, the southernmost city in Iowa near the border of Illinois. The sales price was not disclosed. The 63-room hotel is located at 3201 Main St. Hotel amenities include an indoor pool, business center, fitness facilities and small meeting space. Douglas Johnson of CBRE represented the undisclosed seller. H K Corp. was the buyer.
DAVENPORT, IOWA — 7G Distributing has opened its new 112,000-square-foot corporate headquarters and distribution center in Davenport. The beer distributor serves eastern Iowa with brands such as Anheuser-Busch and Crown Imports. The facility features a solar array on the roof. Other building features include red accented walls, exposed ceilings and a large-scale company logo painted on two sides. HDA Architects was the project architect and Kraus-Anderson was the contractor. 7G Distributing owns the building.
INDIANOLA, IOWA — NorthMarq Capital has arranged a $4.5 million loan for the refinancing of Linden West Apartments in Indianola, about 20 miles south of Des Moines. The 96-unit apartment property is located at 1203 W. 2nd Ave. Jason Kinnison of NorthMarq arranged the 10-year loan, which features a 30-year amortization schedule. A life insurance company provided the loan. The borrower was not disclosed.
In a series of citywide events on June 13, the city of Cedar Rapids celebrated the recovery efforts from the historic flood of 2008 that crested that day 10 years ago. The events also remembered those that lost so much in the residential and business community. Many are still impacted by this natural disaster. As I have previously noted in past articles, the city’s recovery efforts have been nationally recognized, including: • All-America City Award in 2014 from the National Civic League, which recognizes communities where citizens work to identify and overcome citywide challenges and achieve uncommon results. • Phoenix Award in 2018 from the American Planning Association for outstanding achievement and innovation relating to environmental and community issues in the NewBo District redevelopment after the 2008 flood. • In July, Cedar Rapids ranked No. 13 on WalletHub’s list of the “Best-Run Cities in America.” The study compared the operating efficiency of 150 of the largest U.S. cities. But more than the above recognition, Cedar Rapids city government, businesses and citizens joined together to use temporary flood projection of earthen berms and sand filled defensive (Hesco) barriers to hold back a major flood event in September 2016, limiting damage to …
MASON CITY, IOWA — Marcus & Millichap has arranged the sale of the Quality Inn & Suites in Mason City in northern Iowa for an undisclosed price. The 60-room hotel is located at 410 5th St SW. Jake Erickson of Marcus & Millichap brokered the transaction with assistance from Barry A’Hearn. Neither the buyer nor the seller were disclosed.
CLINTON, IOWA — Dougherty Mortgage LLC has provided a $5.7 million HUD-insured loan for the refinancing of Village Cooperative of Clinton. The 44-unit seniors housing property was constructed in 2013. All units are restricted to persons age 62 and older. The HUD 213/223(a)(7) loan is fully amortized over 40 years. The refinancing lowered the interest rate and resulted in reduced annual debt-service payments for the borrower, according to Dougherty.