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.
MASON CITY, IOWA — Anchor Housing Development has completed construction of Legacy Manor of Mason City II, a 48-unit affordable seniors housing community, in Mason City, approximately 120 miles north of Des Moines. WNC, a California-based real estate investor, provided $5.9 million in low-income housing tax credit (LIHTC) equity to fund the development. Legacy Manor of Mason City II is a three-story, elevator-serviced building comprised of two-bedroom apartment homes with approximately 800 square feet of space for residents aged 55 and older. Daniel Tonnesen was project developer for the development, which took one year to complete.
BETTENDORF, IOWA — Isle of Capri Casinos Inc. has opened the $60 million land-based Isle Casino Hotel Bettendorf, which is located seven miles northeast of Davenport. The casino, which relocated 223 feet from a riverboat gaming facility, features roughly 1,000 slot machines, 19 table games, a bar and two restaurants, Farmer’s Pick Buffet and Keller’s Express. An additional restaurant, Keller’s American Grill, will open later this year. The new 35,000-square-foot casino is accompanied by over 500 hotel rooms and more than 40,000 square feet of convention space. Kraus-Anderson Construction was the general contractor, and Hnedak Bobo Group Inc. was the architect of record.
GRIMES, IOWA — The Opus Group has completed the construction of the Gateway Industrial Center, an 182,000-square-foot industrial warehouse and office facility in Grimes, approximately 15 miles northwest of Des Moines. The speculative facility is already 100 percent leased to tenants such as Owens & Minor, American Contract Systems and Laser Resources. Gateway Industrial Center, which is situated on 16 acres, features an ESFR sprinkler system, 23 dock doors, two drive-in doors and 32-foot clear heights. Opus Development Co. and Founders Properties LLC own the Gateway Industrial Center.
OMAHA, NEB. — Omaha-based Scooter’s Coffee has acquired Coffeesmiths, a coffee company with three locations in the Cedar Rapids metro area. Scooter’s will own and operate the three locations at 7037 C Ave. NE, 2300 Edgewood Road SW and 690 Marion Blvd. Scooter’s will rebrand the coffee shops throughout the summer and began offering its menu items June 13. Scooter’s operates more than 135 stores in 15 states and plans to open 40 new locations by the end of the year.
WASHINGTON AND MUSCATINE, IOWA — Marcus & Millichap has arranged the sale of All-American Care of Washington and All-American Care of Muscatine, both skilled nursing facilities in Iowa, for $7.3 million. The facilities are located approximately 40 miles apart from each other in the southeast corner of the state, near the Illinois border. Mark Myers, Ryan Fleming and Joshua Jandris of Marcus & Millichap represented the seller, a husband and wife partnership exiting the nursing home business. The buyer was a private owner/operator out of the Northeast. All-American Care of Washington, a 90-bed facility on 5.2 acres, sold for $3.1 million. All-American Care of Muscatine, a 100-bed facility on 3.9 acres, sold for $4.1 million. Both facilities were built in the 1970s and renovated in the 1990s and 2000s. The combined sales price equates to approximately $38,000 per bed.
CARTER LAKE, IOWA — Capital One has provided a $6 million adjustable-rate Fannie Mae loan to refinance a 329-space manufactured housing community in Carter Lake, approximately six miles northeast of Omaha, Neb. The undisclosed borrower will use the loan proceeds to retire an existing loan, complete capital improvements and purchase new homes. Lakeside Mobile Home Community was constructed in 1973 and 1974 and features a swimming pool, playground, clubhouse, outdoor basketball court and a storm shelter. The loan features a seven-year term and 30-year amortization schedule. Damon Reed of Capital One originated the transaction.
IOWA CITY, IOWA — Dougherty Funding LLC has closed an $11.7 million acquisition loan for a 248-unit affordable apartment property in Iowa City. A majority of the units at Iowa City Pheasant Ridge Apartments were covered under a project-based Section 8 Housing Assistance Payment contract. The property was built in 1971 and recently underwent $700,000 worth of improvements such as new furnaces, roofing, kitchen cabinets, countertops and appliances. Iowa City Leased Housing Associates II LLLP was the borrower. Dougherty served as the lead lender and servicer for the loan.