Iowa

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

Iowa Loans Midwest Multifamily

Dougherty Mortgage Arranges $3.8M Fannie Mae Loan for Multifamily Property in Davenport, Iowa

by Kristin Harlow December 12, 2016

DAVENPORT, IOWA — Dougherty Mortgage LLC has arranged a $3.8 million Fannie Mae loan for the acquisition of Castlewood Apartments in Davenport, part of the Quad Cities and located near the Illinois border. The 96-unit multifamily property offers two- and three-bedroom townhomes. The 16-year loan features a 30-year amortization schedule. In conjunction with the loan, tax credit equity will also be used to fund the moderate rehabilitation of the project. Dougherty’s Minneapolis office arranged the financing on behalf of the borrower, Davenport MAHC LLLP.

December 12, 2016

Iowa Loans Midwest Multifamily Student Housing

Grandbridge Finances $43.8M Construction and Renovation Loan for Student Housing Property in Iowa City

by Kristin Harlow November 28, 2016

IOWA CITY, IOWA — Grandbridge Real Estate Capital has arranged a $43.8 million first mortgage construction and renovation loan for a student housing property in Iowa City. The 24-month, interest-only loan was funded through one of Grandbridge’s specialty lending relationships. Property developer The Tailwind Group will convert an existing 400-unit market rate apartment complex into a 336-unit student housing community called Quarters at Iowa City. The property is located near the University of Iowa and Kirkwood Community College, and will open in August 2017. Brett Olson and Dick Riley of Grandbridge originated the transaction.

November 28, 2016

Iowa Midwest Retail

Mid-America Arranges $5.5M Sale of 137,389 SF Retail Center in Ottumwa, Iowa

by Kristin Harlow November 28, 2016

OTTUMWA, IOWA — Mid-America Real Estate Corp. has arranged the sale of Quincy Plaza, a 137,389-square-foot retail center in Ottumwa, southeast of Des Moines, for $5.5 million. The center is located at the southwest corner of U.S. Route 34 and North Quincy Avenue and is anchored by Hobby Lobby, Famous Footwear and Rent-A-Center. Ben Wineman and Carly Gallagher of Mid-America Real Estate Corp. were the exclusive brokers in the transaction on behalf of a fund managed by Cincinnati-based Phillips Edison. Eric Wohl of Hanley Investment Group represented the buyer, Albanese Cormier Holdings.

November 28, 2016

Iowa Midwest Multifamily Seniors Housing

MorningStar, Confluent Development Break Ground on Senior Living Community in West Des Moines, Iowa

by Kristin Harlow November 17, 2016

WEST DES MOINES, IOWA — Co-developers MorningStar Senior Living and Confluent Development have broken ground on MorningStar Senior Living at Jordan Creek in West Des Moines. Construction is expected to be complete in November 2017. Located at 60th Street and Village View, the 71,643-square-foot property will feature 85 suites for assisted living and memory care. The community will offer studio, one- and two-bedroom suites ranging from 340 to more than 1,200 square feet. Rosemann & Associates is the architect for the new development. Thoma-Holec Design is the interior designer.

November 17, 2016

Iowa Midwest Multifamily

Hubbell Realty Co. Begins Leasing at 5Fifty5 Townhomes

by Kristin Harlow November 11, 2016

WEST DES MOINES, IOWA — Hubbell Realty Company has begun leasing at 5Fifty5 Townhomes, located along the Raccoon River in West Des Moines. The $13 million project features a streetscape design that encourages residents to walk to nearby surroundings and local trails. The rental units introduce a new layout to the downtown area: an elevated three-story unit with two balconies off each side. Unit sizes include two- and three-bedroom floor plans with up to three bathrooms.

November 11, 2016

Industrial Iowa Midwest

The Opus Group Begins Leasing First Building at Corporate Woods Industrial Park in Iowa

by Kristin Harlow November 10, 2016

ANKENY, IOWA — The Opus Group has begun leasing the first building at Corporate Woods Industrial Park in Ankeny just north of Des Moines. Columbus, Ohio-based Power Distributors will lease nearly 70 percent of the 208,000-square-foot speculative industrial warehouse for its velocity distribution center. Located adjacent to Interstate 35, the facility is situated on 52 acres of land and features 32-foot clear heights. Corporate Woods is owned by a joint venture partnership between Opus Development LLC and Founders Properties LLC. Marcus Pitts, Justin Lossner and Jones Lang LaSalle of The Opus Group marketed the property for lease. Bob Bettendorf of The Bettendorf Co. represented Power Distributors in the leasing.

November 10, 2016

Industrial Iowa Midwest

Hubbell Begins Construction on 110,000 SF Distribution Center in Grimes, Iowa

by Katie Sloan October 26, 2016

GRIMES, IOWA — Hubbell Realty Co. has begun construction on the fourth industrial building at Grimes Distribution Center, located at 1300 SE Little Beaver Drive near Des Moines. The 110,000-square-foot facility will be identical to the three other buildings. Grimes Distribution Center 4, located minutes from I-80/35 via Iowa Highway 141, has the ability to accommodate tenant space requirements in 10,000-square-foot increments, complete with a 24-foot clear ceiling height. The building is scheduled to be ready for occupancy in June 2017. Similar to the first three buildings, Grimes Distribution Center 4 will contain eleven 10,000-square-foot bays that measure 50-by-200 feet. Each bay will feature a 9-by-10 foot dock, and four of the bays will have 16-foot drive-in doors. The building will be fitted with an early suppression fast response (ESFR) fire sprinkler system; a 480-volt, three-phase 2,500 amp electric service; and T-8 fluorescent lighting.

October 26, 2016

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