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NOTABLE TRANSACTIONS: Developer buys land for 5-story mixed-use project in Des Moines


Development of a five-story, mixed-use building at 13th and Mulberry streets in downtown Des Moines is inching forward.

13th & Mulberry Multifamily LLC, managed by Lloyd Cos. located in Sioux Falls, S.D., paid 13th & Mulberry LLC $900,000 for the nearly one-half-acre vacant lot at 1301 Mulberry St., Polk County real estate records show.

In a related action, 13th & Mulberry Multifamily LLC obtained a
$14.1 million mortgage on the property from Security National
Bank of Omaha. The mortgage was recorded on Dec. 27, the
same day the real estate transaction was recorded.

Lloyd Cos. and others have proposed building a five-story, mixed-use building on the site, which for years has been used for parking. The building would include underground parking and nearly 10,000 square feet of commercial space, according to information provided to the Urban Design Review Board in November 2021. Also

included would be 78 residential units spread over four stories. The apartments would range in size from studio to four-bedroom units.  

A building permit for the project has not yet been issued, a review of records shows.

(Architectural rendering above by Schemmer | Architecture – Engineering)

In other transactions:

Broadlawns Medical Center paid K&J Properties LLC $3.7 million for 25 acres of undeveloped land at 9300 Northpark Drive in Urbandale, real estate records show. The property is located between Northpark Drive and Interstate Highway 35-80, about one-half mile east of Northwest 100th Street. The transaction was recorded Dec. 27.

Absolute Farms LLC, located in Granger, paid Hardship Land LLC $3.4 million for 81 acres of farm ground in northwest Ankeny, records show. The land is generally located west of Northwest Weigel Drive and south of Northwest 36th Street. The transaction was recorded Dec. 28.

Four entities paid LJK Building LLC $1.66 million for property at 1450 28th St. in West Des Moines, records show. The entities that purchased the property includes Molar Madness LLC, Matt Endo LLC, Meder-Cowherd Endodontics LLC and Nash Industries LLC. The 1.7-acre parcel includes a 7,438-square-foot, one-story medical office building constructed in 1998. The property is valued at $1.66 million. The transaction was recorded Dec. 28.

Castle Apartments LLC, located in West Des Moines, paid 740 18th Street LLC $625,000 for property at 743 19th St. in Des Moines, records show. The property includes a three-story, 8,139-square-foot apartment building (pictured) that was constructed in 1890. The building includes 13 apartment units. The property is valued at $432,000. The transaction was recorded Dec. 28.

RCCRE One LLC, located in Des Moines, paid William McCool and Tamara McCool $3.25 million for property at 4600 Park Ave. in Des Moines, records show. The 6.4-acre parcel includes a 44,930-square-foot, one-story building constructed in 1978. MVP Sports is located in the facility. The property is valued at $1.34 million. The transaction was recorded Dec. 28.

HRC Woodmont LLC, managed by Hubbell Realty Co., has purchased 81 acres in northeast Des Moines, records show. HRC Woodmont paid the Judy Jennisch Revocable Trust $4.97 million for the property generally located about one-half mile south of East Douglas Avenue and east of East 43rd Court. The transaction was recorded Dec. 29.

DIG Iowa LLC, located in Hanrahan, La., paid Anderson Four LLC $3.4 million for property located near the northwest corner of Southeast 37th Street and South James Street in Grimes, records show. In July, the Grimes City Council approved a site plan that included a 200,000-square-foot warehouse and office space that was expected to be occupied by Donovan Marine Grimes that provides marine-related products and services. DIG Iowa and Donovan Marine Inc. obtained a $31.5 million mortgage on the property from First Horizon Bank, located in New Orleans, records show. The mortgage and real estate transaction were both recorded on Dec. 29.

MidAmerican Energy Co. acquired two parcels of land in late December. The utility, headquartered in Des Moines, paid Airport Development LC, managed by Knapp Properties, $1.65 million for property located south of Thornton Avenue west of Southwest 56th Street in Des Moines, records show. The nearly 11-acre parcel is undeveloped. MidAmerican Energy also paid Lemar Koethe $851,620 for about 11 acres located south of Veterans Parkway in West Des Moines. Both transactions were recorded Dec. 30.

Wildcard Properties LLC, located in Ames, paid AHC Woodland LLC $1.44 million for properties at 700, 701 and 703 Monona Ave. in Des Moines, records show. The properties each include three-story apartment buildings constructed in the early 1970s. The transaction was recorded Dec. 30.

HPS 28 LLC, located in Grimes, paid Philip Watson Jr. and Cynthia Watson $1.53 million for property at 1413 N.W. Polk City Drive in Polk City, records show. The property includes 7.5 acres on which eight buildings are located, most of which are warehouses in which boats and other equipment are stored. The property is valued at $2.15 million. The transaction was recorded Dec. 30.



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