Iowa

CSRT’s new 11-story corporate headquarters in downtown Cedar Rapids

In the April 2014 edition of Heartland Real Estate Business, I pointed out that the recovery from the historic 2008 flood was nearing completion in Cedar Rapids, a city of approximately 129,000 residents. The last of the damaged city facilities, a recreation center in the Time Check neighborhood on the city’s northwest side, has been demolished. Taking its place will be a new 17,000-square-foot recreation center currently under construction. In July, the Cedar Rapids City Council approved the $600 million flood protection system alignment on both sides of the Cedar River; all the flood system funding plan is now in place, except for the federal appropriation of $78 million pending approval in Congress. Three sections of flood protection are complete or under construction. The National Civic League recognized this feat in 2014 when it named Cedar Rapids as a recipient of the All-America City Award, which recognizes communities that overcome citywide challenges and achieve uncommon results. (The National Civic League is a nonprofit organization that advocates for transparency, effectiveness, and openness in local government.) The city’s strong recovery following the devastating flood in 2008 is evident by the accolades it has received from a variety of media outlets and interest …

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WEST DES MOINES, IOWA — R&R Realty Group has completed the development of Sierra Pointe Apartments, a luxury community located at 7171 Woodland Ave. in West Des Moines. Sierra Pointe features an on-site saltwater pool, walk-in closets, underground heated parking, plus free Internet access. The 127-unit, three-story building is located in a convenient area near hospitals, churches, medical offices and Jordan Creek Town Center, a regional mall.

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AMES, IOWA — Hunt Mortgage Group has provided a $6.4 million Fannie Mae loan for the acquisition of a student housing property in Ames. Located on the campus of Iowa State University, South Meadow Apartments features 148 one-bedroom units, 15 two-bedroom units and 19 three-bedroom units. On-site amenities include common laundry areas, courtyards and parking. The property is 100 percent occupied and fully pre-leased for the 2015-2016 school year. South Meadow Co-Op Inc., backed by Daniel Joseph, Hagan Brown and David Raisner, was the borrower. The 7-year loan features a 30-year amortization schedule.

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CEDAR RAPIDS, IOWA — NorthMarq Capital has arranged the $5 million refinancing of Stonegate Apartments, a 108-unit multifamily property located at 4200 Armar Drive SE in Cedar Rapids. Jason Kinnison of NorthMarq arranged the fully amortizing, 23-year loan on behalf of the borrower through an undisclosed life insurance company. Stonegate Apartments was built in 2003 and offers two-bedroom/two-bath units.

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IOWA CITY, IOWA — NorthMarq Capital has finalized $7.1 million in refinancing for Legacy Pointe, an assisted living facility in Iowa City. Jason Kinnison of NorthMarq Capital’s Omaha regional office arranged the 35-year, fully amortizing loan through its FHA/HUD platform for the undisclosed borrower.

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DES MOINES, IOWA — Dougherty Mortgage LLC has closed a $7.7 million HUD 213 loan for the construction financing of Vintage Park Cooperative of Beaverdale, a senior cooperative property in Des Moines. The 40-year HUD 213 loan was arranged for borrower Vintage Park Cooperative of Beaverdale. The property will feature 54 market-rate units with one-level floor plans with nine-foot ceilings, outdoor decks or patios and large walk-in closets. Additionally, the property will feature a fitness center, workshop, multi-purpose room, clubroom and garden plots for gardening.

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GRIMES, IOWA — R&R Realty Group has completed the development of Prairie Business Park I, a 260,000-square-foot Class A industrial facility in Grimes. Situated at the southeast corner of S. James Street and SE 37th Street, the facility features ESFR sprinklers and 32-foot clear heights, which increase pallet capacity by 20 to 25 percent compared with 26-foot clear height facilities. Plans for a second warehouse facility in Prairie Business Park are underway. Realty Marketing Group is serving as the listing agent for the business park.

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AMES, IOWA — The Opus Group has added two tenants to The Foundry in Ames. Starbucks Coffee and Barefoot Campus Outfitter both signed leases for ground-floor space at the 53-unit student housing complex. Slated to open in fall 2015, Starbucks will occupy 2,000 square feet and Barefoot Campus Outfitter will occupy 3,500 square feet. The developer broke ground on The Foundry last fall. Slated to open this August, the project’s residential space is 100 percent pre-leased with 1,900 square feet of retail space still available. Chris Thomason and Steve Scott of NAI Optimum represented Opus in both transactions. Boh Kurylo of The Lerner Company represented Starbucks and Ryan Davenport of Scott Brown Commercial represented Barefoot Campus Outfitter in the deal.

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CENTERVILLE, IOWA — The Boulder Group has brokered the $2 million sale of a single-tenant Orscheln Farm & Home property in Centerville. The 26,710-square-foot property is located at 23680 Highway 5 Orscheln. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Midwest-based private real estate company,. The buyer was a Midwest-based private investor that purchased the property in a 1031 exchange. Orscheln Farm & Home has approximately 18 years remaining on its lease that features 9.5 percent rental escalations every five years. This recently constructed property is a relocation of a previous Orscheln store. Orscheln Farm & Home has 172 locations across the United States and supplies agricultural goods for farm, home, ranch and suburban customers.

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ANKENY, IOWA — The Opus Group plans to develop a 208,252-square-foot speculative industrial office and warehouse facility in Ankeny. The building will be the first built in the master plan for Corporate Woods Industrial Center, a 50-acre site that will accommodate up to three buildings totaling 600,000 square feet. The warehouse will offer 32-foot ceiling heights, ESFR sprinkler systems, LED lighting, up to 50 dock doors and 115 parking spaces with room for expansion. The building will be able to accommodate single- or multi-tenant occupancy. Construction will begin this month with completion scheduled for fall 2015. A joint venture partnership between Opus Development Co. LLC and Founders Properties LLC will own the property. Opus Development Co. will be the developer, Opus Design Build will be the design-builder and Opus AE Group will serve as the architect and engineer of record. Marcus Pitts and Justin Lossner with JLL will market the property for lease.

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