OTTUMWA, IOWA — Hobby Lobby has signed a lease for 55,000 square feet of retail space at Quincy Plaza, a 141,816-square-foot shopping center in Ottumwa. The retailer will occupy part of a former Kmart store beginning this fall. Other tenants at the shopping center include Famous Footwear, Rent-A-Center and Country Kitchen. Phillips Edison & Co. is the landlord.
CEDAR FALLS, IOWA, AND BIG RAPIDS, MICH. — Triad Real Estate Partners has arranged the sale of two student housing properties located in Iowa and Michigan. Dispositions included Venlo Place, a 264-bed student housing community located near Ferris State University in Big Rapids; and University Mills, a 481-bed student housing property located near the University of Northern Iowa in Cedar Falls. A Grand Rapids-based development company sold Venlo Place to Vision Real Estate Investment for $9.7 million. An undisclosed owner of student housing properties sold University Mills to a Minnesota-based private investment group for $16.4 million.
The historic flood of June 2008 is becoming a distant memory as the city of Cedar Rapids prepares for the dedication of the new Northwest Recreation Center, the last public facility to be completed as part of the flood recovery project. The dedication ceremony is slated for Thursday, Aug. 25. The recovery has led to a revitalization of many flood-impacted areas in the city, ranging from residential neighborhoods to the downtown business district. Now the momentum is turning toward several new projects: • This month, tenants will begin moving into the 11-story CRST tower downtown, which features 300 feet of the new flood protection system. • A 28-story, mixed-use tower is being proposed on city-owned property downtown. The development may contain retail, office, hotel and residential space led by Allen Development, an Iowa City developer. • Over 10 downtown housing projects are under construction that will create almost 400 new condo and apartment units, which will bring our core closer to a live-work-play environment. These projects are also putting vacant retail and office buildings to new uses. • The Czech Village-New Bohemia neighborhood continues to grow with historic buildings being renovated and repurposed while augmenting exciting new construction featuring retail, …
BETTENDORF, IOWA — Montecito Medical has acquired a three-story, 59,615-square-foot medical office building in Bettendorf for an undisclosed price. The Class A Terrace Park Professional Center was built in 2004 and is connected to the 139-bed Trinity Medical Center. Onsite specialties include orthopedics, OBGYN, wound care, MRI, neurology, family medicine, pain management and pediatrics. Lockard Development Inc. was the seller in the transaction.
BURLINGTON, IOWA — Marcus & Millichap has arranged the sale of Rosebush Gardens, a 36-unit assisted living community in Burlington, for $3.7 million. Burlington is located along the Mississippi River near the Illinois and Missouri border. A local private owner sold the property to a regional owner-operator. The 28,049-square-foot facility was built in 1999. It was 83 percent occupied at the time of sale. The price per unit was $102,778. Ryan Fleming, Eric Bell, Mark Myers, Joshua Jandris and Charles Hilding of Marcus & Millichap represented the seller in the transaction.
IOWA CITY, IOWA — The University of Iowa and Miron Construction have topped out Madison Street Residence Hall, a 12-story on-campus living and dining facility. The 311,000-square-foot development will deliver 1,049 new beds to the university in summer 2017. The property will also feature recreational and gaming space; multipurpose space; flexible study lounges; administrative offices and living units; a fitness center; community lounges; a full-scale dining facility; and future capability for an elevated courtyard. Harley Ellis Devereaux (HED) is the design architect, and Rohrbach Associates is the architect of record for the project.
IOWA CITY, IOWA — CA Ventures LLC, through its student housing arm CA Student Living LLC, has broken ground on RISE at Riverfront Crossings, a 575,000-square-foot, mixed-use development located near the University of Iowa in downtown Iowa City. The development will include a 15-story residential component with 332 market-rate apartments, 6,000 square feet of ground-floor retail and a 14-story, 151-room Hyatt Place Hotel featuring 25,000 square feet of Class A office space. When complete, the residential component will offer studio, one-, two- and three-bedroom fully furnished units. Community amenities will include a fitness center and yoga studio; a smart fitness kiosk that will provide virtual fitness programming; a club lounge with billiards and poker tables; a “Gameday Room” and theater; a business center with a study lounge; a 10,000-square-foot rooftop deck with an outdoor spa, Jumbotron and viewing area; and grilling stations with communal tables. The Hyatt Place Hotel will offer studio suites, each with separate living and sleeping areas, a large desk, an oversized sleeper sofa and a 42-inch television. Chicago-based Hartshorne Plunkard Architecture is the lead architect on the project, while Des Moines-based Beal | Derkenne Construction has been retained as general contractor. The development is scheduled for …
DES MOINES, IOWA — Hubbell Realty Co. will break ground July 28 on Edencrest at Beaverdale, an assisted living and memory care community in Des Moines. The community will feature 30 units each of assisted living and memory care. Development costs are estimated at $12 million. When completed, Senior Housing Management will operate the community. Edencrest at Beaverdale will be Hubbell’s third community, all located within the greater Des Moines area. The company is also planning to build two more Edencrest communities in the region.
COUNCIL BLUFFS, IOWA — Pine Tree LLC has purchased Metro Crossing Shopping Center in the Omaha suburb of Council Bluffs, Iowa. Dick’s Sporting Goods, TJ Maxx, Hobby Lobby, PetSmart, Bed Bath & Beyond, Dollar Tree and Ulta anchor the 299,578-square-foot shopping center. First developed in 2008 with additional construction phases occurring through 2015, the shopping center sits at the intersection of I-29 and Highway 275. George Good of CBRE brokered the acquisition and Bank of America provided financing. The name of the seller was undisclosed. Kimco Realty Corp. was the developer of the shopping center, according to the Omaha World Herald.
DES MOINES, IOWA — Des Moines-based BW GAS & Convenience Holdings LLC, an affiliate of Brookwood Financial Partners LLC, will acquire 21 convenience stores located in Iowa from Kum & Go L.C. The first three stores, located in Mason City, are being acquired this week, and the remaining 18 acquisitions will take place over the next four weeks. With these acquisitions, BW GAS & Convenience will own 31 stores in Iowa, and the company plans to acquire between 600 and 1,000 convenience stores throughout the United States over the next several years. In conjunction with the acquisitions, BW GAS & Convenience will begin rolling out a new national convenience store brand named Yesway, which will also be headquartered in Des Moines. BW GAS & Convenience plans to spend approximately $6.7 million to upgrade and remodel the stores that will be rolled into the Yesway portfolio, which will feature an expanded product assortment and food service offerings.