SIOUX CITY, IOWA — United Commercial has arranged the sale of two industrial buildings in Sioux City for $14 million. NorAm Holdings LLC acquired the two assets from ILP I LLC. The buildings are located at 2401 and 2501 Expedition Court. The facility at 2401 Expedition Court was built in 1998 and offers 213,086 square feet of warehouse and distribution space and 5,314 square feet of professional office space. The building sits on 11 acres and features parking for 22 cars, 24-foot clear heights, 14 dock doors and one drive-in door. The property at 2501 Expedition Court was built in 2001 and offers 200,700 square feet of warehouse and distribution space and 25,606 square feet of professional office space. This asset is situated on 12 acres and has parking for 66 cars, 24-foor clear heights, 18 dock doors and one drive-in door. XPO Logistics occupies both buildings. Beau Braunger of United Commercial represented the buyer and seller in the transaction.
SIOUX CITY, IOWA — Senior Living Investment Brokerage has arranged the sale of Countryside Nursing & Rehab, a 222-bed skilled nursing facility, and Four Seasons Countryside Estates, an independent living community, for a combined $3.1 million. The two properties are located a half mile from each other in Sioux City, near the Nebraska border. The buyer was Ide Management Group, an Indiana-based owner-operator expanding its footprint in Iowa. The seller was a public REIT looking to divest the non-core asset. Countryside Nursing & Rehab is 68,457 square feet and sits on 8.5 acres. It was originally built in 1965 and most recently renovated in 2003. Four Seasons Countryside Estates includes 45,553 square feet of space and sits on 5.4 acres. It was built in 1936 and renovated in 1986. Ide will invest in updates to the skilled nursing portion of the portfolio to help improve a low occupancy rate of 35 percent. Ryan Saul and Jeff Binder led the SLIB team in the deal.
AMES, IOWA — Pierce Education Properties (PEP) LP has purchased South Duff Community Park, an off-campus student housing community serving Iowa State University students in Ames, for $21.3 million. The seller was undisclosed. KeyBank Real Estate Capital provided debt financing of $11.4 million. South Duff Community Park is a 490-bed, 192-unit mixed-use community located just south of the Iowa State campus with studio, one-, two-, three-, four- and five-bedroom units, each with bed-to-bath parity, full-size appliances including washers and dryers in every unit, balconies and open green space with an adjoining 10-acre pet park. PEP plans to add large, flat-screen TVs and designer furniture packages in every unit. PEP will also introduce a shuttle service to and from campus. Community amenities include enclosed garage stalls, a 24-hour fitness center, basketball courts, free tanning salon and high-speed Internet. Iowa State University, which enrolls more than 34,400 students, has experienced a 23 percent growth in enrollment over the past five years.
URBANDALE, IOWA — Lifespace Communities Inc. will break ground on a $9 million redevelopment project for Deerfield Retirement Community, a continuing care retirement community in Urbandale, a Des Moines suburb. The expansion will add new living options and health services, including new models of assisted living and memory care. Currently, Deerfield only offers skilled nursing and independent living. Milwaukee-based AG Architecture is the designer for the redevelopment project, and Minneapolis-based Weis Builders is the contractor. Construction is scheduled for completion by summer 2016.
CEDAR FALLS, IOWA — Cohen Financial has closed a $17 million refinancing loan for a 136,956-square-foot retail center located in Cedar Falls for a subsidiary of Midland Atlantic. East Viking Plaza is anchored by Scheels, a sporting goods store, and is shadow anchored by Target. Dan Rosenberg of Cohen Financial arranged the 10-year CMBS loan with Goldman Sachs Commercial Mortgage Capital.
ANN ARBOR, MICH. , COLUMBIA, MO., AND AMES, IOWA — The Opus Group has completed the development of three luxury, off-campus student housing projects. The projects are ArborBLU near the University of Michigan in Ann Arbor; District Flats near the University of Missouri in Columbia; and The Foundry near Iowa State University in Ames. Opus Development Co. was the developer, Opus Design Build was the design builder, and Opus AE Group was the architect and structural engineer of record for all three projects. Minneapolis-based Elness Swenson Graham Architects Inc. was the design architect for The Foundry and District Flats, and J. Bradley Moore & Associates was the design architect for ArborBLU. All three of the luxury apartments feature a variety of amenities including fitness centers, study lounges, clubrooms, garage parking, tanning and other shared community spaces. Residents of the new buildings will also have access to in-unit washers and dryers, granite countertops, stainless steel appliances and flat-screen televisions in the fully furnished apartments. ArborBLU was built on top of an existing Pizza House restaurant, which stayed open throughout construction. The 13-story student housing complex features 242 beds. In addition to the amenities described, the building also has a rooftop terrace …
CEDAR RAPIDS AND MERION, IOWA — NorthMarq Capital has secured a $1.8 million refinance loan of three multifamily properties located in Iowa. The three properties include a combined 64 units. Westcove Apartments, Kimberly Square and Residence on 11th are the three communities that were refinanced. The transaction was structured with a fully amortizing 20-year term. All other details of the transaction were undisclosed.
DES MOINES, IOWA — Dougherty Mortgage LLC has closed a $3.2 million Fannie Mae loan for Hillcrest Group LLC for the acquisition of Hillcrest Apartments. The 90-unit apartment complex is located in Des Moines. The 10-year loan, which includes a 30-year amortization schedule, was arranged by Dougherty Mortgage’s Minneapolis office.
AMES, IOWA — Vesper Holdings has acquired a 540-bed student housing community in Ames, which is 35 miles north of Des Moines. University Plains was built in 2001 and is located near Iowa State University. The property is comprised of 12 three-story residential buildings and a clubhouse spread across a 10-acre site. Vesper purchased University Plains from a group of tenant-in-common owners. The property was acquired through an off-market transaction for $18.5 million. Vesper plans to execute $2 million worth of renovations. Amenities include a swimming pool, hot tub, fitness center, computer center, game room, study area, tanning beds, volleyball court, basketball court, and location on the University shuttle route. The property is currently 99 percent occupied. Vesper Holdings is a privately held real estate investment firm based in New York City.
BELLE PLAINE, IOWA — Binswanger has brokered the sale of a manufacturing facility located at 200 Industrial Park Blvd. in Belle Plaine, approximately 87 miles east of Des Moines. The 107,070-square-foot property, formerly a Benco Manufacturing facility, sold to Frontier Natural Products Co-op for an undisclosed price. The natural and organic food products wholesaler and distributor plans to use the facility as a food processing and distribution site. Gerry Norton and Jake Thomas of Binswanger’s Minneapolis office represented the seller, Granite REIT, in the transaction.