WAUKEE, IOWA — Bellomy & Co. has negotiated the sale of Waukee Storage Masters in Waukee, about 20 miles west of Des Moines. The sales price was not disclosed. The 64,517-square-foot self-storage facility features 462 climate-controlled units. The Class A property is located near Grand Prairie Parkway and I-80. Bill Bellomy, Michael Johnson and John Arnold of Bellomy & Co. represented the Waukee-based seller. The team also procured the buyer, StorageMart.
SIOUX CITY, IOWA — Newmark Knight Frank (NKF) has brokered the sale of Southern Hills Mall in Sioux City for $55 million. The 571,465-square-foot enclosed regional mall is located directly off I-29. The property was constructed in 1980 and renovated in 2007. Anchor tenants include AMC Classic Southern Hills 12, Barnes & Noble, J.C. Penney, Scheels Sports, Sears and Younkers. Thomas Dobrowski and Jeffrey Miller of NKF brokered the transaction. Washington Prime Group purchased the property.
ALTOONA, IOWA — New England Development has opened Outlets of Des Moines in Altoona. The region’s first outlet center features retailers such as ASICS, Nike Factory Store, Express Factory Store, francesca’s, LOFT Outlet, Converse, Tommy Hilfiger, Under Armour, Vera Bradley, Levi’s, Brooks Brothers and Le Creuset. A ribbon-cutting ceremony took place on Friday, Oct. 20. The construction phase created about 500 jobs and the outlet center is expected to generate an additional 800 jobs, according to New England Development. The development is expected to generate about $100 million in annual retail sales. The property is located at 801 Bass Pro Drive near I-80. A video recap of opening weekend can be found here.
DES MOINES, IOWA — Outlets of Des Moines has unveiled its tenant list leading up to the grand opening on Oct. 20. Notable tenants include Nike Factory Store, LOFT Outlet, Tommy Hilfiger, Bath & Body Works, Toys “R” Us Express, Under Armour, Famous Footwear and Levi’s Outlet Store. A list of retailers was announced each day last week, along with a $1,000 sweepstakes contest. By entering the contest on the shopping center’s Facebook page, shoppers will have the opportunity to win the $1,000 now through Sept. 21. New England Development is the project developer.
These are momentous times for the Cedar Rapids economy. On the jobs front, the unemployment rate for the Cedar Rapids area stood at 3.2 percent in May, even tighter than the national unemployment rate of 4.3 percent for the same period. Meanwhile, the housing market recorded its lowest inventory of housing on the market in two years with 1,482 active listings in June 2017, 540 less than June 2015. On average, the number of days that houses were on the market dropped from 87 to 62 in the last year-and-a-half, while the median house price increased to $166,646. The city has seen dramatic housing, commercial and industrial growth in the last several years. Municipal and business leaders are addressing several issues, including: • affordable housing for entry-level workers and those earning 30 to 50 percent of the area median income; • recruitment of workers to fill an abundance of job openings; • more recreational, retail and cultural opportunities to attract Millennials to the city to fill the job openings; • completion of the flood protection system to reinforce the confidence of developers in creating projects along the Cedar River. What follows is an update on the performance of the major …
DES MOINES, IOWA — Draper and Kramer Inc. has sold Capital Square in downtown Des Moines to Real Capital Solutions for $30.2 million. Designed by Skidmore, Owings & Merrill, the 454,619-square-foot office building is located at 400 Locust St. Draper and Kramer developed the eight-story building in 1983. Tenants include The Des Moines Register, RSM McGladrey, Life Care Services, BH Equities and Iowa State University. CBRE represented Draper and Kramer in the sale transaction.
COUNCIL BLUFFS, IOWA — Darland Construction Co. has completed a renovation of and addition to Gunn School, transforming the 90-year-old building into an affordable seniors housing property in Council Bluffs, a suburb of Omaha, Neb. Known as Linden Place, the 42,265-square-foot complex consists of 36 units. Sixteen of the apartment units are located in the renovated school, while the remaining 20 units are part of a new, two-story addition built on what was once the school’s basketball courts and playground. Gunn School was originally built in 1880 and then rebuilt on the same site in 1924. The school was originally slated to be torn down before Seldin Co. showed interest in rehabbing the building. The project was made possible through a series of community and economic development grants. Architecture One provided architectural services.
ANKENY, IOWA — Timberland Partners Investment Fund V has purchased Prairie Lakes in Ankeny for an undisclosed price. The 92-unit apartment community was built in 2013. Timberland Partners plans to remodel the clubhouse and add an outdoor community space with grill stations and seating areas as well as a dog park. Matt Bukhshtaber of CBRE represented the undisclosed seller. This represents the 10th and final acquisition of the fund, which now holds a grand total of 2,135 units.
While recently visiting a local Starbucks, I noticed an employee behind the counter with a tattoo in the shape of California. I decided to ask the barista if she was from the Golden State, and indeed she was. I asked what brought her to Des Moines, thinking she would say family or a love interest, but I was wrong. She had read and heard so much positive press about the Des Moines area that she decided to give it a shot. She started applying for jobs online and landed one with Wells Fargo, the largest employer in Des Moines. Working at Starbucks was her second gig. I asked if she lived in the suburbs. She replied, “Nope, I live downtown and work in the suburbs.” Population surge This anecdotal story is pretty common these days. Young people are flocking to Des Moines like never before. I have lived in Des Moines nearly 40 years, and never have I seen the growth we are currently experiencing. Much of it has to do with the quality of life. We don’t yet have a rush hour — we call it rush minutes. The cost of living is reasonable, and young people stand a …
ANKENY, IOWA — The Opus Group has broken ground on a 200,700-square-foot speculative industrial building in Ankeny, about 12 miles north of Des Moines. This is the second phase of development at Corporate Woods Industrial Park, a 50-acre site that consists of a fully leased 208,000-square-foot industrial warehouse and additional space for a third facility. The park offers immediate access to I-35 and I-80. The building will feature 32-foot clear heights, one drive-in door, up to 54 dock doors, ESFR sprinkler systems and 121 parking spaces. Completion is slated for May 2018. Opus Development Co. is the developer, Opus Design Build is the design-builder and Opus AE Group is the architect and engineer of record for the project. Marcus Pitts and Jeremy Spillman of JLL will market the property for lease.