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NOTABLE TRANSACTIONS

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Market District building sold for $1.2 million

Stapek Partners LLC of Des Moines paid Grdn LLC $1.2 million on Jan. 15 for a 156-year-old building at 112 S.E. Fourth St. in Des Moines’ Market District, Polk County real estate transactions show.

The Garden Nightclub, a gay nightclub and show bar, is located in the building, records show.
The three-story structure was originally built in 1874. The building has been remodeled and updated at least eight times since 1988, records show. The structure was valued at $280,000 in 2019.

The city of Des Moines in September released a proposed redevelopment plan for the 260-acre Market District, an aged industrial area roughly bounded by East Walnut Street, East 14th Street, Scott Avenue and the Des Moines River.

In December, JSC Properties LLC, led by developer James Cownie, released a proposal to redevelop a 30-acre portion of the Market District, located roughly north of Martin Luther King Jr. Parkway between the Des Moines River and East Sixth Street. The building bought by Stapek Partners is in the JSC Properties study area.

 
 
 

Other transactions include:

Drakeman LLC, based in Waterloo, paid Kingman Apartments LLC $925,000 on Jan. 15 for a 15-unit apartment building at 3205 Kingman Blvd., records show. Kingman Apartments LLC had bought the structure last July for $750,000. The property was valued at $608,000 in 2019.

C&C Real Estate LLC of West Des Moines paid Spider Monkey LLC of North Liberty $1.8 million on Jan. 15 for a commercial building at 465 Center Place S.W. in Altoona, records show. The building, constructed in 2006, was valued at $773,000 in 2019. A Pizza Ranch restaurant is located in the 4,514-square-foot brick building. Charles and Christine Korte are listed as managers of C&C Real Estate, Iowa secretary of state records show.

Flummerfelt Eagle Pointe LLC of Ames paid Joanne Stevens and Thomas Jackson $2 million on Jan. 8 for 38.5 acres on the west side of Indianola Avenue about one-half mile south of Army Post Road, records show. The farm ground, zoned mobile home residential district, was valued at $45,830 in 2019.

J.E.S. Investments LLC paid Topsoil Farms US LLC $925,000 for 4.7 acres at 1225 S.E. Laurel St. in Waukee on Jan. 13, Dallas County real estate transactions show. The ground, classified as commercial, was valued at $290,890 in 2019.