Local investment firm buys Normandy Plaza
KATHY A. BOLTEN Jun 13, 2019 | 1:03 pm
1 min read time204 wordsAll Latest News, Business Record Insider, Real Estate & Development
The real estate management arm of Bernau Capital, a West Des Moines investment firm, has bought the Normandy Plaza strip shopping center at 1960 Grand Ave. in West Des Moines for $5.6 million, documents filed with the Polk County Recorder’s Office show.
The shopping center, built in 1986, sits on 5 acres and includes three buildings with a total of 54,846 square feet of retail space, according to the Polk County assessor. Among the center’s tenants is Chicken Coop Sports Bar and Grill.
The center was assessed in 2019 at $4.88 million.
Bernau Capital’s Aterra Real Estate Holdings is the property’s buyer. The holding company, according to its web site, owns and manages more than 80 commercial and multi- and single-family properties in Iowa and the Upper Midwest.
Bernau Capital’s offices are also located on Grand Avenue in West Des Moines, near Normandy Plaza.
“It’s something we’ve looked at for some time,” said Brenda Jackson, the investment firm’s director of commercial real estate. “We’re not changing anything” about the center, she added.
The purchase of Normandy Plaza was completed on May 29, documents show.
The property’s previous owners were Normandy Partners LLC, NPC LLC and Friedl Pfeifer Aspen Real Estate Trust, records show.