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.
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.
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.
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.
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.
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.
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.
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.
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.
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.