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.
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.
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.
DES MOINES, IOWA — The Weitz Co. has been selected to build the $101 million Iowa Events Center Hotel at Fifth Avenue and Park Street in Des Moines. The Iowa Events Center Hotel will include a build-out of a 330-room convention hotel, which will be connected to the Iowa Events Center, a multi-venue convention center and entertainment complex. Weitz will work with Des Moines-area architectural and engineering firms to complete the project.
ANKENY, IOWA — NorthMarq Capital has arranged $7.3 million in refinancing for The Apartments at Prairie Lakes in Ankeny. The recently completed 92-unit multifamily property is located at 1603 Prairie Lakes Drive. Jason Kinnison of NorthMarq Capital’s Omaha office structured the fully amortizing 25-year term loan for the borrower through a life insurance company.
DES MOINES, IOWA — Lightstone Value Plus REIT III Inc. has acquired a 120-room Hampton Inn located at Des Moines International Airport for $10.9 million. The Hampton Inn is in close proximity to downtown Des Moines. The property will be placed under new management, which will be overseen by Lightstone’s hospitality division. This is the first acquisition for the public, non-traded REIT. The purchase further increases Lightstone’s footprint in Des Moines, adding to its 2013 purchase of SpringHill Suites by Marriott and Fairfield Inn & Suites by Marriott.
CEDAR RAPIDS, IOWA — T.W. Sather Co. Inc. has broken ground on the $9.7 million Kingston Village Apartments in downtown Cedar Rapids. The apartment complex located at 200 Diagonal Drive includes 64 units and features a mix of one-, two- and four-bedroom apartments. Amenities at the four-story property include management offices, a fitness center, a business center and community room. The project involved Section 42 financing from the Iowa Finance Authority (IFA), Iowa Economic Development Authority (IEDA), the city of Cedar Rapids and Bank Mutual. The project is part of major redevelopment efforts following the Iowa flood of 2008, a hydrological event that involved most of the rivers in eastern Iowa.
ANKENY AND GRIMES, IOWA — NorthMarq Capital’s Omaha office has secured refinancing of two multifamily properties located in Iowa totaling a combined $10.8 million. The properties include Tradition Pointe, a 72-unit apartment property located at 1103 S.W. 28th St. in Ankeny and Reserve at Glenstone, a 54-unit apartment property located at 3300 SE Glenstone Drive in Grimes. Jason Kinnison of NorthMarq arranged the 10-year loans with a 30-year amortization schedules. NorthMarq arranged financing for the borrowers, Tradition Pointe LLC and Glenstone Apartments LLC, through its seller/servicer relationship with Freddie Mac.
DAVENPORT, IOWA — Cronheim Mortgage has secured a $9.7 million bridge loan to fund the acquisition, renovation and lease-up of a 235,000-square-foot retail center in Davenport. JoAnn Fabric and Crafts Stores, Planet Fitness and Iowa Workforce Development anchor the center, which is 70 percent occupied. The property is located across the street from NorthPark Mall. The five-year bridge financing was structured to 80 percent of the project’s hard costs. David Turley and Janet Proscia of Cronheim Mortgage arranged the non-recourse loan. Cronheim’s private equity affiliate, Channel Funds, acquired the property in partnership with Madison, N.J.-based Capstone Group.
GRIMES, IOWA — Hubbell Realty Co. has begun construction on three new apartment buildings and a clubhouse at Meadowlark Place, an apartment community in Grimes. The third phase of expansion, totaling $9.3 million, is located at 1000 S.E. 11th St. The complex is undergoing another expansion with the addition of 90 apartment units, a second community clubhouse, a pool surrounded by expansive patio areas and 58 garages. Following the completion of construction, Meadowlark Place will feature two clubhouses that will both feature a 24-hour fitness center, theater room and community room. Meadowlark Place, a mixed-income project with both market rate and affordable housing units, includes one-, two- and three-bedroom apartment homes. The units feature in-unit washers/dryers, designer appliances, patios or decks, accent paint colors and spacious closets. Hubbell Construction Services is building the project. Meadowlark Place’s new apartment homes will be available beginning in spring 2015.