Jordan Creek Town Center attracts investor from New York City
A shopping mall that sits on 200 acres of land and has more than 900,000 square feet of retail space is not only attracting shoppers from Greater Des Moines. It’s attracting out-of-state property investors too.
New York-based Stonemar Properties LLC is a real estate investment and management company that invests in shopping centers across the United States. The recent growth in West Des Moines has attracted the property investment firm to invest next to the Jordan Creek Town Center. Stonemar Properties owns Bridgewood Plaza, a 50,000-square-foot retail center at the corner of Bridgewood Boulevard and South Jordan Creek Parkway.
The small shopping center is 83 percent occupied.
Although Bridgewood Plaza is the smallest retail center Stonemar Properties owns, CEO Jonathan Gould said his company has found success in this market. He pointed to Aviva Plc and Wells Fargo & Co.’s new campuses as signs of a strong area for retail investment.
“Being next to a 2.2 million-square-foot mall was a big attraction plus the fact that I hadn’t been aware of how strong the area was as an insurance headquarters,” Gould said. “There were very good demographics, a highly educated work force and new homes coming in. It was everything you look for.”
Gould, who started in the business by selling property in Manhattan’s central business district, was in town to check with tenants and investors. His company has invested in properties in 21 states all near regional shopping centers such as Jordan Creek Town Center.
“What surprised us were how many jobs there were here, how many corporations were based here and what a large work force there was here,” Gould said. “What surprised me on a more personal basis is that it was a more sophisticated area than people have in the back of their mind.”
Gould said he is always looking to expand near “super regional centers” but didn’t have any initial plans to make future investments in the area.
“I think the aesthetics of this center and the area had an effect on us as well. It was above average,” he said. “If you go anywhere around the county you’re not going to see this level of architectural design, so that was a major positive.”