Iowa

Mid-America Brokers Sale of 187,068 SF Shopping Center in Cedar Rapids, Iowa

by Kristin Harlow June 20, 2017

CEDAR RAPIDS, IOWA — Mid-America Real Estate Corp. has brokered the sale of Northland Square in Cedar Rapids. The sales price was not disclosed. Built in 1994, the 187,068-square-foot shopping center is located at the southeast corner of Collins Road and C Avenue. Kohls and TJ Maxx anchor the center. Other tenants include Barnes & Noble, Office Max, Old Navy, Famous Footwear and Hallmark. Joe Girardi and Ben Wineman of Mid-America brokered the transaction on behalf of the seller, a public REIT. A private investment firm purchased the property.

June 20, 2017

Iowa Loans Midwest Multifamily

NorthMarq Arranges $4.4M Loan for Refinancing of Multifamily Property in Cedar Rapids, Iowa

by Kristin Harlow June 8, 2017

CEDAR RAPIDS, IOWA — NorthMarq Capital has arranged a $4.4 million loan for the refinancing of Cypress Pointe Apartments in Cedar Rapids. The 108-unit multifamily property is located at 211 1st Ave. Jason Kinnison of NorthMarq arranged the loan with a life insurance company. The borrower was not disclosed.

June 8, 2017

Healthcare Iowa Midwest

Opus Begins Construction of Science Building at Northwestern College in Orange City, Iowa

by Kristin Harlow May 10, 2017

ORANGE CITY, IOWA — The Opus Group has begun construction of a new 61,750-square-foot Health and Natural Sciences building at Northwestern College in Orange City. The building will be the new home of the school’s biology, chemistry and nursing departments. The project will include lab spaces, featuring simulation suites that replicate hospital and clinical settings for nursing students. Additional classrooms will include moveable tables and exam rooms to allow for hands-on training. The building will also feature energy-efficient mechanical and electrical systems, including a specialized cooling system that makes ice overnight when utility rates are lower and uses the ice to cool the facility throughout the day. The building is slated for completion in summer 2018. Opus Design Build LLC is the construction manager for the project, HGA is the design architect and Cannon Moss Brygger Architects is the architect of record.

May 10, 2017

Iowa Loans Midwest Multifamily

Dougherty Mortgage Arranges $11M Acquisition Loan for Apartment Property in Des Moines, Iowa

by Kristin Harlow April 12, 2017

DES MOINES, IOWA — Dougherty Mortgage LLC has arranged an $11 million loan for the acquisition of Willow Park Apartments in Des Moines. The apartment property, which consists of 300 units, was built in 1976 and renovated in 2000. The 10-year Fannie Mae loan includes a 30-year amortization schedule. Dougherty’s Minneapolis office arranged the loan for the borrower, Willow Park Partners LLC.

April 12, 2017

Healthcare Iowa Kansas Midwest Missouri Multifamily Nebraska Seniors Housing

Blueprint Brokers $82M Sale of 18 Skilled Nursing Facilities in the Midwest

by Kristin Harlow April 7, 2017

CHICAGO — Blueprint Healthcare Real Estate Advisors, a Chicago-based brokerage firm, has negotiated the sale of 18 skilled nursing facilities located throughout the Midwest for $82 million. The portfolio included nine properties in Kansas, six in Missouri, two in Iowa and one in Nebraska. The specific names and locations of the properties were not disclosed. The regional portfolio comprises 1,843 total licensed beds and generated approximately $110 million in revenue on a trailing basis at the time of sale. Most of the facilities are situated in suburban neighborhoods, while several of the centers were in secondary markets within driving distance from Kansas City. The seller, a publicly traded owner-operator, was looking to exit the Midwest region to create a tighter geographic density for its properties, as well as focus on hospital partnerships. The buyer is Illinois-based Cascade Capital Group, which went through several rounds of bidding. The sale includes an undisclosed level of HUD mortgage debt and two leased assets. The sales price equates to $45,000 per bed. Ben Firestone, Christopher Hyldahl and Michael Segal of Blueprint structured the transaction.

April 7, 2017

Industrial Iowa Midwest

Binswanger Negotiates Sale of 160-Acre Land Site in Davenport, Iowa

by Kristin Harlow March 24, 2017

DAVENPORT, IOWA — Binswanger has arranged the sale of a nearly 160-acre land site in Davenport for an undisclosed price. Sterilite Corp. purchased the land from the Greater Davenport Redevelopment Corp. Sterilite, a manufacturer of plastic storage containers, plans to build a new manufacturing and distribution center on the site. The center, slated to open in early 2018, will employ approximately 500 employees. As part of the transaction, the Scott County Board of Supervisors and the City of Davenport will provide a multimillion-dollar incentive package for moving to the Quad Cities. Tim O’Callaghan and Larry Spinelli of Binswanger arranged the sale on behalf of Sterilite. The team also helped negotiate the incentive package.

March 24, 2017

Illinois Indiana Iowa Michigan Midwest Missouri Ohio Retail Wisconsin

A&G Realty to Manage Sale of 58 MC Sports Leases in Midwest

by Kristin Harlow March 22, 2017

MELVILLE, N.Y. — A&G Realty Partners will handle the sale of 58 MC Sports leases in seven states across the Midwest following the retailer’s Chapter 11 bankruptcy filing. The locations range in size from 11,000 to 46,000 square feet. The stores are located in Iowa, Illinois, Indiana, Michigan, Missouri, Ohio and Wisconsin. Bids are due no later than the close of business on Friday, April 7. MC Sports filed for Chapter 11 bankruptcy protection on Feb. 14 in the U.S. Bankruptcy Court, Western District of Michigan, Grand Rapids. A joint venture between Tiger Capital Group and Great American Group is currently conducting the going-out-of-business sale.

March 22, 2017

Iowa Midwest Retail

Pinnacle Arranges $1.3M Sale of Dollar General Portfolio in Iowa

by Kristin Harlow March 22, 2017

WAPELLO AND WILTON, IOWA — Pinnacle Real Estate Advisors LLC has arranged the sale of a net leased Dollar General portfolio in Iowa for $1.3 million. The portfolio consists of two properties located at 702 U.S. Highway 61 in Wapello and 1200 W. 5th St. in Wilton. Both buildings were constructed in 2004. Each of the leases feature over seven years remaining on the current term. Zach Wright and Jeff Johnson of Pinnacle represented the seller, a Midwest-based developer. A high-net-worth investor based in the Midwest was the buyer.

March 22, 2017

Iowa Midwest Multifamily Student Housing

Opus Completes Construction of Student Housing Building at Iowa State University

by Kristin Harlow February 3, 2017

AMES, IOWA — The Opus Group has completed construction of Geoffroy Hall, a 193,000-square-foot residence hall on the Iowa State University campus in Ames. The building consists of eight stories and 784 beds. Totaling 392 rooms, the student housing building also includes an activity room, study areas and community spaces on each floor. “Front porch” spaces serve as areas for residents to socialize and meet in groups. Opus Design Build LLC was the design builder while Opus AE Group LLC served as architect, structural engineer and interior designer.

February 3, 2017

Iowa Midwest Retail

NAI United Arranges Sale of 40,000 SF Retail Building in Sioux City, Iowa

by Kristin Harlow January 13, 2017

SIOUX CITY, IOWA — NAI United LLC has arranged the sale of the Z Building in the Lakeport Commons power center in Sioux City. The sales price was not disclosed. The 40,000-square-foot structure is one of the buildings that makes up Lakeport Commons. Tenants at the shopping center include GAP Outlet, Buffalo Wild Wings, Maurices, Portrait Innovations, David’s Bridal, Regis, Peachwave, Game Lair and A La Mode. Dick Salem of NAI United brokered the transaction on behalf of the seller, Z Building LLC. Sam’s Property LLC purchased the center and hired NAI United Management to manage the Z Building.

January 13, 2017

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