Krause Group has added another property to its real estate holdings in and around downtown Des Moines, Polk County real estate records show.

The group paid Medical and Professional Properties LLC $1.25 million for property at 1540 High St. (pictured) in Des Moines.

The two-story medical office building, with 13,864 square feet of space, was constructed in 1964. The property is valued at $667,000.

The transaction was recorded Jan. 3.

Krause Group, through its development arm Krause+, plans to build a multiuse sports stadium on undeveloped ground southwest of Des Moines’ central business core. In addition, Krause+ has released plans to redevelop an area west of 15th Street between High Street and Ingersoll Avenue. 

Included in the plans is the redevelopment of the former Crescent Chevrolet building at 555 17th St. Big Grove Brewery will be one of the building’s tenants. In addition, a 125-room, five-story hotel has been proposed on property just west of 15th Street. The property purchased by 1540 High Street LLC, which is managed by Krause Group, is in the block eyed for redevelopment.

“While we hope to incorporate [the recently purchased High Street property] into the plans for the Western Gateway development project, we do not currently have any specific plans for the property and do not anticipate any near-term changes to its current use,” Cait Suttie, a Krause Group spokesperson, wrote in an email.

Krause Group owns 12 properties in what’s referred to as the Western Gateway. To see the company’s holdings, click here.

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