Shenandoah, Iowa — Cleeman Realty Group has arranged the sale of Orchard Corners, a 50,000-square-foot shopping center located in Shenandoah. Hy-Vee anchors the property, which was 87 percent occupied at the time of sale. Other tenants at the center include Scooter’s Coffee and McDonald’s. Jeremy Scheer of Cleeman represented both the buyer and seller in the transaction.
Iowa, Montana, North Dakota, Nebraska and Wisconsin — Marcus & Millichap has brokered the sale of a 22-property portfolio occupied by Arby’s in the Midwest for $35.1 million. The net-leased assets are located in Iowa, Montana, North Dakota, Nebraska and Wisconsin. Drew Isaac and Brian Bailey of Marcus & Millichap represented the seller, an Arby’s franchisee. As part of the sale, new leases were executed for the properties. The buyer was undisclosed.
New York City — A&G Real Estate Partners will auction eight Party City leases in its capacity as real estate advisor to the retailer. These leases — which include locations in Georgia, Iowa, Illinois, Louisiana, Michigan, New York, Texas and West Virginia — come in addition to 12 Party City leases announced for auction by A&G in late February. Ranging in size from 7,500 to 28,000 square feet, 18 total leases remain open. This move is part of Party City Holdco Inc. (PCHI)’s financial restructuring, which is expected to be …
Tiffin, Iowa — The Ders Group LLC has broken ground on a two-story PinSeekers golf venue at the Park Place mixed-use development in Tiffin, about 20 miles south of Cedar Rapids. The 49,022-square-foot venue will feature 56 heated bays and Toptracer ball tracking technology, which uses high-speed cameras and computer algorithms to provide instant feedback on golf swings. The facility, which will be open year-round, also features 18 holes of mini golf, a full-service restaurant and two bars. Completion is scheduled for summer 2023. Innovative Construction Solutions is serving as …
Iowa City, Iowa — Colliers has brokered the sale of Iowa City Marketplace in Iowa City. The 237,594-square-foot shopping center is located along State Route 6 between Sycamore Street and Lower Muscatine Road. The property is 66 percent leased to 24 tenants such as Dollar Tree, Planet Fitness, Jo-Ann Stores, Marcus Theatres, Sally Beauty, Great Clips, McDonald’s and Panera Bread. El Warner, Charley Simpson and Jeffrey Wyatt of Colliers represented the seller, Core Pacific Advisors.
Sioux City, Iowa — JLL Capital Markets has arranged the $27.5 million sale of Lakeport Commons, a 202, 880-square-foot shopping center located in Sioux City. Amy Sands, Clinton Mitchell, Michael Nieder, and Marcus Pitts of JLL represented the seller, The RH Johnson Co. The center was 95 percent occupied at the time of sale by tenants including Aldi, Ross Dress for Less, Five Below, Old Navy, PetSmart, Michaels, Boot Barn, Shoe Carnival and Staples. The property is also home to a separately owned Kohl’s, which was not included in the …
Altoona, Iowa — New England Development has secured nine new retail tenants at the Outlets of Des Moines, which is located in Altoona. Now open are J. Crew Factory Outlet and Bizzy’s Boutique, a local retailer specializing in women’s, children’s and baby apparel. Opening this summer are Puma, Nautica, Aeropostale, Windsor, Forever 21 and rue21. Victoria’s Secret is scheduled to open this fall. New England Development completed Outlets of Des Moines in fall 2017.
Longwood, Fla. — Timber Development Corp. has sold three retail centers shadow-anchored by Walmart. Dispositions include a 40,000-square-foot retail property in Monroeville, Alabama, occupied by tenants including Dollar Tree, Shoe Show and Cato; a 37,000-square-foot center in Sioux City, Iowa, occupied by Cato, Dollar Tree, Gamestop, Great Clips and Sally Beauty Supply; and a 28,000-square-foot strip center in Huron, South Dakota, home to tenants including Maurices, Shoe Sensation and Verizon. The buyers and terms of the transactions were undisclosed. Timber Development Corp. is based in Longwood, Florida.
West Des Moines, Iowa — JRW Realty has arranged the $10 million sale of a 52,227-square-foot, single-tenant property occupied by Hobby Lobby in West Des Moines. Joel Staffilino and Christopher Thompson of JRW Realty arranged the transaction. Matthews Real Estate Investment Services represented the undisclosed seller in the transaction.
Ames, Iowa — NAI Legacy has acquired a newly built, 27,490-square-foot retail property occupied by Hy-Vee just outside of Ames for $6.8 million. The Hy-Vee | Dollar Fresh store serves as one of the grocer’s new concepts, which offers discounted products, perishable goods, meats and a pharmacy. This store concept is being developed in more rural Iowa locations, according to NAI Legacy, which acquired the asset from the developer, Embree Group.
