Des Moines Office Market Is on the Rebound

By Chris Curran and Mark Mills, R&R Realty Advisors Would you rather earn more money or have a more flexible work/life balance? Before the pandemic, many employees gave the latter as their answer. But the amount of money employees claimed they would forego wasn’t exactly peanuts. According to a pre-pandemic study by career site Joblist, the average employee was willing to give up around $10,000 per year to have better work/life balance.  Fast forward to the present day and employees …

Greater Des Moines Retail Market Is on Track for Fast Recovery

By Christopher Stafford, Cushman & Wakefield The Greater Des Moines retail market continues to emerge from the pandemic and is quickly regaining its footing from the closures and challenges experienced by many retailers, restaurants and businesses alike. Despite a few setbacks, occupancy rates and rents have generally held steady.  Consumer spending is surging and according to a WalletHub study, Iowa’s COVID-19 recovery is the quickest in the nation, earning a total score of 75.25 out …

Colliers Provides $12M Loan for Refinancing of Apartment Complex in Mason City, Iowa

MASON CITY, IOWA — Colliers Mortgage has provided a $12 million Fannie Mae loan for the refinancing of The River in the northern Iowa town of Mason City. Constructed in 2020, the 133-unit property includes both apartment units and townhome units. Amenities include a fitness center, indoor bike storage, underground parking, a lounge, community room and dog wash. The 10-year loan features a 30-year amortization schedule. The River Mason City LLC was the

NorthMarq Originates $9M Acquisition Loan for Multifamily Property in Dubuque, Iowa

DUBUQUE, IOWA — NorthMarq has originated a $9 million Freddie Mac loan for the acquisition of Radford Place Apartments in Dubuque, a city in eastern Iowa along the Mississippi River. The 108-unit, three-story property was built in 2010. Dan Trebil and Bill Mork of NorthMarq’s Minneapolis office structured the 10-year loan, which features two years of interest-only payments followed by a 30-year amortization schedule. The borrower was

Phoenix Investors Acquires 364,000 SF Manufacturing Facility in Iowa City

IOWA CITY, IOWA — Phoenix Investors has acquired a 364,000-square-foot manufacturing and distribution center in Iowa City for an undisclosed price. The property is located at 2500 Highway 6 East. Phoenix acquired the asset from International Automotive Components, which used the facility for manufacturing of various automotive parts. The property features 19 loading docks, three drive-in doors and clear heights ranging from 25 to 37 feet. Phoenix now owns more than 2 million square feet of …

JLL Arranges $54M Sale of Industrial Portfolio in Eastern Iowa

IOWA CITY AND CEDAR RAPIDS, IOWA — JLL has arranged the sale of a 1.4 million-square-foot industrial portfolio in Iowa City and Cedar Rapids for $54 million. The Class B portfolio, currently 80 percent occupied, consists of five buildings that were constructed in the early 2000s. Three properties are in Iowa City at 2561, 2570 and 2610 Independence Road. The others are in Cedar Rapids at 5404 and 5507 Ely Road. Marcus Pitts, Justin Lossner, Michael Minard and Austin Hedstrom of JLL …

Metro Crossing Shopping Center Sells in Council Bluffs, Iowa

COUNCIL BLUFFS, IOWA — Metro Crossing Shopping Center in Council Bluffs has sold for an undisclosed price. The property spans 309,811 square feet. It was 96 percent occupied at the time of sale by 57 tenants, including Dick’s Sporting Goods, PetSmart, Kohl’s, Hobby Lobby, Old Navy and TJ Maxx. Ember Grummons of Investors Realty represented the buyer, Bridge 33 Capital. CBRE represented the seller, a partnership between Walton Street Capital and Pine Tree

Annex Group to Develop 180-Unit Affordable Housing Community in Cedar Rapids

CEDAR RAPIDS, IOWA — The Annex Group has unveiled plans to develop Union at Wiley, a 180-unit affordable housing community in Cedar Rapids. Located at 4227 21st Ave. SW in Linn County, the $31.8 million project will include one-, two- and three-bedroom floor plans for residents who earn up to 60 percent of the area median income. Amenities will include a clubhouse, gaming area, playground and fitness center. Completion is slated for May 2022.The project team includes Sebree Architects, …

BDC Group Moves into New 25,000 SF Headquarters in Hiawatha, Iowa

HIAWATHA, IOWA — BDC Group Inc. has moved into its newly constructed headquarters at 1525 Ketelsen Drive in Hiawatha, a northern suburb of Cedar Rapids. The 25,000-square-foot facility features a mix of office, warehouse and flex space. The property will enable BDC to consolidate its Iowa operations teams from multiple facilities in Cedar Rapids. Erica Seelman of GLD Commercial represented BDC throughout the site selection process and lease negotiations. BDC, otherwise known as Building …

Boulder Group Brokers $1.2M Sale of Restaurant Property in Des Moines

DES MOINES, IOWA — The Boulder Group, a net-lease investment brokerage firm, has brokered the sale of a restaurant property occupied by Fazoli’s in Des Moines for $1.2 million. The 3,350-square-foot building is located at 3600 Merle Hay Road. Randy Blankstein and John Feeney of Boulder represented the seller, an undisclosed investment firm based in Texas, in the transaction. A Midwest-based investor was the buyer. Fazoli’s, an American fast-casual restaurant chain, has more than 10 years …

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